The Central Bank of Liberia (CBL) has issued a new regulation governing inward personal remittances received via money transfer institutions from abroad.
Under the regulation, payments of money transferred or money sent from abroad to a recipient in Liberia will now be made both in Liberian and United States dollars respectively.
Accordingly, recipients of money transfers sent from abroad will be paid 25 percent in Liberian Dollars and 75 percent in United States Dollars. The Liberian dollars payment will be made at the CBL published selling exchange rate prevailing on the date of the payment of the transfer to the recipient.
The exchange rate shall be conspicuously displayed on the premises of the financial institutions or paying agents of the financial institutions.
The regulationwill apply to all licensed financial institutions engaged in money transfer services, including Western Union, MoneyGram, Ria and similar services operating in the country. The regulation, however, will not apply to inbound money transfers credited directly into recipients’ accounts at commercial banks for example SWIFT transfers.
SOURCE: www.cbl.org.lr/ Africa Business Communities