Photo Credit: CBL

MONROVIA – March 16, 2019: The Vice Chairman of the Association of African Central Banks (AACB) Bureau for West Africa, the Executive Governor of the Central Bank of Liberia (CBL), Hon. Nathainel R. Patray, III, was in Dakar, Senegal last week attending the AACB Bureau Meetings. The Executive Governor was accompanied at the meeting by the Deputy Governor for Economic Policy, Dr. Mounir Siaplay; the Executive Director of Research, Policy and Planning, Mr. Mussah A. Kamara; the Senior Advisor of the CBL on Multilateral Affairs, Mr. Micheal B. Ogun; and the Senior Director for Communications, Mr. Cyrus W. Badio. The AACB Bureau meetings discussed and approved the following reports:


1. Draft report on the AACB Symposium, held on 8th August in Sharm El Sheikh, Egypt;

2. Draft report on the 41st Ordinary Meeting of AACB Assembly of Governors, held on 9th August 2018 in Sharm El Sheikh, Egypt;

3. Information on the establishment of the African Central Bank (ACB);

4. Progress report on the implementation of the African Monetary Cooperation Program (AMCP);

5. Progress Report on the implementation of the African Monetary Cooperation Program (AMCP);

6. Information on the presentation to the Specialized Technical Committee of the African Union Commission (AUC) of the reports of the Experts Group on the refinement of the convergence criteria, as well as a monitoring framework and a peer review mechanism for macroeconomic convergence;

7. Report on the experiences and initiatives of AACB member central banks in the development of FinTech and cybersecurity;

8. Sub-themes on the Continental Seminar for the year 2019;

9. Sub-themes for the AACB Symposium for the year 2019;

10. Activities of the Community of African Banking Supervisors (CABS);

11. Initiative by the Central Bank of Egypt: AACB goes paperless in meetings and conferences;

12. Proposal by the Central Bank of Egypt: Guidelines for the computation of the convergence criteria;

13. The Contributions to the AACB 2019 budget;

14. Accession of Central Bank of South Sudan to the AACB;

15. Workshops on the development of an inter-regional payment integration framework and an integrated inter-regional mobile payment strategy;

16. Request by Bank Al-Magrib to involve the AACB in future editions of the high-level regional symposium on Financial Stability;

17. Cooperation with the Federal Reserve Bank of New York; and

18. Cooperation with the European Central Bank.


All of the draft reports were developed at meetings held in Sharm El Sheikh, Egypt, August 2018. Participants included Governors of AACB, experts, and technical committee members. The deliberations and recommendations of the Technical Committee along with decisions of the Bureau will be published at a later date.


The AACB Bureau meeting being held in Dakar is in preparation for the Assembly of Governors of AACB Annual Meeting scheduled for August this year in Kagali, Rwanda. The CBL currently serves as the Vice Chairman of the West African Bureau to the Bank of Sierra Leone. Among its many activities, the AACB is tasked with the mandate to implement the African Monetary Cooperation Programmme (AMCP) aimed at creating a common central bank and monetary union in Africa under the African Union Economic Integration Programme.


Executive Governor Patray has, meanwhile, briefed the African Central Bank Governors on current developments at the CBL concerning the recently released reports by Kroll, a USAID-sponsored International Firm and the Presidential Investigation Team (PIT), set up by the Liberian Government regarding the alleged disappearance of $16 billion of newly printed Liberian dollar banknotes. The CBL Executive Governor reaffirmed an earlier pronouncement by the CBL that no L$16 billion was missing. Executive Governor Patray assured fellow Governors of a timely resolution of the L$16 billion controversy to allow the Government of Liberia to continue its focus on macroeconomic stability and economic development of Liberia.


On the sidelines of the meeting, Governor Patray on March 12, 2019 met with Mr. Michael Schetzel, head of International Affairs and Strategy of the Federal Reserve Bank of New York. Mr. Schetzel lauded the CBL for the collaboration which has existed between the Federal Reserve Bank of New York and the Central Bank of Liberia over the years. “We continue to work very well with your staff and would like to continue the collaboration” the FED official noted. Accompanied by the Manager of Account Relations, Madam Susmitha Thomas, the New York Federal Reserve Bank official expressed the hope that the relationship between his institution and the CBL would be enhanced.


Responding, CBL Executive Governor, Honorable Patray, assured the Federal Reserve Bank of New York of CBL’s continued cooperation as the Bank works to implement its programs in keeping with its mandate. Governor Patray lauded the FED and US Treasury Department for the technical support both institutions continue to provide for the CBL and the Financial Intelligence Unit of Liberia (FIUL) in strengthening the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) regime in Liberia. Such support, Governor Patray noted has helped to enhance the capacity of the CBL in the implementation of measures against money laundering, countering financing of terrorism and human trafficking in Liberia. Governor Patray made particular reference to cyber risks and illicit money transfer, which he noted must be tackled head-on. “With your help, we believe the threat can be minimized,” Governor Patray emphasized.