The Executive Governor of the Central Bank of Liberia (CBL), Nathaniel Patray, has emphasized the need for collective efforts in remedying the high depreciation of the Liberian dollar and ensuring price stability of basic commodities in the country.
“Based on the projected global and domestic economic indicators, the Liberian dollar is expected to face further pressure during 2019/2020, unless strong policy measures, including monetary and fiscal policies and structural reforms are implemented,” Patray stated.
He, however, called on relevant stakeholders and government ministries to work with the CBL in ensuring that these policies are implemented in order to revive the Liberian dollar.
“Such polices coordination are vital among key government ministries, some of which include the Ministries of Finance and Development Planning; Commerce and Industry as well as the Central of Bank of Liberia,” Patray stated.
“It is important to note that the issues of exchange rate stability and price stability, in as much as they are monetary phenomena they are issues that require the collective efforts of all key stakeholders,” Patray stated.
The CBL Governor was speaking in Monrovia recently when he served as the key launcher of the CBL Economic Forum on Monetary Policy Formulation and Implementation.