LIBERIA: CBL Board Approves Financial Policy Decisions

The Board of Governors of the Central Bank of Liberia (CBL) has amended the regulation for the management of foreign exchange risk exposure and placement abroad.
 
The amendment, part of several policy decisions taken by the board in 2014, provides that the level of placement abroad by commercial banks, which was 50 percent of the foreign exchange deposits, be reduced to 40 percent to create incentives for the banks to deploy some of their US dollar liquidity domestically.
 
The board’s decision was contained in the CBL 2014 Annual Report to the Government of Liberia, according to the Liberia News Agency.
 
The board also approved the mobile money regulation, replacing the 2011 regulation to allow for the establishment of non-bank financial institutions for the purpose of providing mobile money services, the report indicated.
 
It said the board has approved a policy requiring banks to exercise flexibility in the restructuring of delinquent facilities and suspension of penal charges for facilities that fall in the dispensation category.
 
Among other policies, the board amended the regulation on dormant account and abandoned property, adding that the amendments are intended to strengthen the administration and internal controls regarding inactive dormant accounts and abundant properties held by banks.
LINA

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