The Central Bank of Iberia (CBL) says banks operating in the country show ‘strong capital and liquidity positions and profitability.’
The bank, in its second quarter 2014 report, also said the Capital Adequacy Ratio (CAR) for Liberian banks stands at more than double the CBL requirement and at over 23percent is comparable to capital adequacy in other countries.
The CAR is 10 percent of commercial banks total deposit paid to the Central Bank of Liberia, according to the report, a copy of which was sent the Liberia News Agency Monday.
The report added that the industry’s balance expanded by 9.4 percent to L$75.5 billion over the previous quarter and by 20.7percent over the same period last year.
It added that total loans and advances also grew by 6.3 percent compared to the previous quarter and 31.4 percent as compared to last year.
Meanwhile, the Central Bank says total capital increased by 17.7 percent to $11.0 billion, compared to the previous quarter and 30.9 percent from June 2013.
Also, according to the report, 72.1 percent of the value of broad money available in the economy was denominated in US dollars while 27.9 percent was denominated in Liberian dollars.