Liberian Senate Confirms New Central Bank of Liberia Executive Governor

Mr. J. Aloysius Tarlue

The Liberian Senate on Monday voted to confirm Jolue Aloysius Tarlue as the new Executive Governor of the Central Bank of Liberia succeeding the outgoing Executive Governor, Nathaniel R. Patray.

Four members of the Senate Banking and Currency Committee voted for Mr. Tarlue confirmation with two opposing his nomination.

When Central Bank of Liberia Executive Governor-designate appeared at the Liberian Senate for confirmation hearing last Thursday, he left lawmakers in a mixed mood. J. Aloysius Tarlue told the senate how he would fix the crumbling Liberian banking sector during the hearing but there were also some concerns about conflicting information on his CV.

When asked about his plans to lead the CBL during the hearing, he said “My vision, as governor, will be to rebuild confidence in the CBL and the banking sector as a whole in the next five years.”

He continued: “This will be done through the banking sector, as a whole, in the next five years. This will be done through reforms aimed at improving governance, ensuring technical soundness in policies, and achieving financial sustainability of the CBL and above all ensures that the CBL is focused on carrying out monetary policies that seek to keep inflation low, stabilize the exchange rate, as well as ensure that Liberia had enough foreign exchange buffers.”

He promised Senators that when confirmed, his key priorities will be to promote independence of the Bank and also promised to review the Act that created the CBL and forward to the legislature for amendment.

In further comments during his confirmation hearing, he told senators that no amount of policy crafting and announcement will prove effective unless depositors trust the banking process.

He said customers will have confidence when they take their money to the bank, and they can get it back anytime they want.

He continued: “On the other hand too, commercial banks need to have the confidence also that when they take their money to the CBL, their depositors will be saved and they can get their money whenever they want it. For us to win back the confidence of depositors and by large the people of Liberia and international partners, the CBL must strengthen its safeguard mechanism and effectively enforce regulations and controls.”

Meanwhile, Senators were concerned about apparent conflicting accounts in Tarlue’s Curriculum vitae (CV), but he said they were minor oversight that should not overshadow the main issues.

In one account, his CV declared that in 1952 was the year of the birth while his year of birth in another part of the CV mentioned that he was born in 1962.

In other parts of the CV, he told members of the Senate Banking and Currency Committee that he worked as compliance analyst from 2004-2007 at the Merrill Lynch Bank and in the same CV worked as Compliance Analyst at the HSBC Bank NA from 2004-2007.

The Senators, despite the inconsistencies in the CV, went ahead with the confirmation hearing of Mr.Tarlue but refused to hold confirmation proceedings for Madam Nyemadi Pearson, who is the Deputy Bank Governor designate, because of ongoing legal proceeding involving Mr. Charles Sirleaf in whose position she is been nominated to.

Story Credit: PFA

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