CBL Executive Governor Patray Steps Down


(MONROVIA, October 25, 2019): The Executive Governor of the Central Bank of Liberia (CBL), Honorable Nathaniel R. Patray, III, has retired as Executive Governor of the Bank. The decision was announced Friday, October 25, 2019, by Governor Patray during a general staff meeting at the CBL. Honorable Patray informed the staff that he was leaving the post in keeping with an arrangement with the President and a resolution approved by the Board of Governors of the Bank.


The outgoing Executive Governor expressed thanks and appreciation to the President for the opportunity to serve the country as Governor of the Bank.  He also thanked the staff of the Central Bank of Liberia and other stakeholders for the cooperation accorded him during his tenure as Executive Governor.  He urged the staff to cooperate and show commitment to whomever would be named as his successor.


Hon. Patray who previously worked with erstwhile National Bank of Liberia, now Central Bank of Liberia,  as an executive official,  was appointed by President George Manneh Weah in July 2018, following the resignation of Hon. Milton A. Weeks.


The Deputy Governor for Economic Policy, Dr. Musa Dukuly has been named as Officer-In-Charge, pending the appointment and subsequent confirmation of a new Governor for the CBL.


In remarks, Deputy Governor Dukuly lauded Honorable Patray for his service to the Bank and country. “You are leaving the Bank, but not the Liberian economy,” Dr. Dukuly said. He lauded the outgoing governor for initiating several reforms during his tenure, including the development of the new monetary policy framework of the CBL, which he said  would mark an important shift in the monetary policy strategy and decision-making at the Bank.


Dr. Dukuly also commended Governor Patray for strengthening the foreign exchange auction system; and development of the national financial inclusion strategy. The effectiveness of these policies, Deputy Governor Dukuly noted, would require broader consultations and policy driven research. “We will remember your exuberant effort exerted to get Liberia back into the IMF program, and leading the process of the amendment of the CBL Act to strengthen governance of the Bank and the financial sector,” Dr. Dukuly recalled, adding, “your leadership on the Technical Economic Management Team (TEMT), working with your colleagues, brought significant changes in the economy, especially the stability in the exchange rate during July-December 2018.”


The occasion was also attended by the Deputy Governor for Operations, Madam Nyemadi D. Pearson and representatives of the Board of Governors, Mr. James B. Dennis and Ambassador Timothy E. Thomas. They praised the outgoing Governor for his leadership during his tenure as Governor and called on the staff to remain dedicated and committed to uplift the standards of the CBL.