MONROVIA – September 29, 2016: The Executive Governor of the Central Bank of Liberia (CBL), Mr. Milton A. Weeks, has expressed his willingness to work with the media to enhance its capacity. Governor Weeks described the media as a critical partner in national development which must be adequately trained and prepared to perform its role. The Governor offered to help support training opportunities for the media in areas covering the banking and finance sector to help broaden the media’s perspective of the sector. Governor Weeks was speaking Wednesday, September 28, 2016, when he held informal discussions with a number of media executives in Monrovia. He said the CBL will operate on the principles of transparency and fairness, and as such would encourage an open relationship between the media and the Central Bank.
Governor Weeks said he assumed his role at the CBL when the Liberian economy is undergoing difficult times owing to the effects of the global economic down-town, which has greatly affected the export earnings capacity of the country. “We are facing difficult times; the outlook is not that good; it will not be an easy ride going forth,” the CBL Governor cautioned. He said the CBL, along with other stakeholders, is taking all measures to address the situation, adding, “If we can’t jumpstart the economy, we will be facing relatively tough times.”
Governor Weeks informed the media Executives that his administration has set an ambitious strategic direction covering the next three years to improve the Bank’s overall performance and expand its capacity. The major pillars of the strategy, he indicated, include a reform of the Central Bank of Liberia, the reform of the financial system and the promotion of Financial Inclusion.
Commenting on the new denomination of banknotes to be issued soon, the Central Bank Governor said the printing of the new bank notes was necessary to the replace the high volume of mutilated notes in the system. Governor Weeks said as soon as there is adequate public awareness, the new bank notes would be issued.
Regarding the micro-loan scheme previously undertaken by the CBL, Governor Weeks disclosed that the CBL is reviewing the policy after which a decision would be made by the Bank’s Board of Governors regarding its future implementation. He pointed out, however, that payments on the loans have improved lately in spite of the slowdown owing to the Ebola epidemic.
The media Executives welcomed Wednesday’s informal interaction and commended the CBL Governor for the initiative. They urged Governor Weeks to continue such engagements to help bridge the communication gap between the CBL and the media.
Wednesday’s meeting was also attended by the CBL’s Deputy Governor for Economic Policy, Dr. Mounir Siaplay; the Director for Research, Policy & Planning, Mr. Jefferson S.N. Kambo; and the Chief of Staff in the Office of the Governor, Mr. Sylvester K. Thomas.
For further inquiries contact:
Cyrus Wleh Badio
Head of Communications
Central Bank of Liberia
Monrovia, Liberia