Liberian NewsUncategorised

CBL says TEMT that managed US$25M mop-up stabilized the FX rate

(Last Updated On: )

-As it gives thumbs up to outgoing Gov. Patray’s leadership

The caretaker head of the Central Bank of Liberia (CBL) has said there is now stability in the foreign exchange market and significant changes have been made in the country’s economy as a result of the work of the controversial Technical Economic Management Team (TEMT).

The TEMT, which is responsible for charting the country’s fiscal and monetary policies, has been supervised by Finance Minister Samuel D. Tweah and the recently resigned CBL Governor Nathaniel Patray.

TEMT implemented the discredited US$25 million mop-up exercise, which was intended to control the hike in the exchange rate between the Liberian and US dollars, but since the exercise the rate has reached an unprecedentedly high level, with the current rate being LD210-one USD.

Former CBL Governor Nat Patray

International and local investigations into the administration of the US$25 million mop-up exercise discovered gross discrepancies, with many instances of a large chunk of the millions of USD being dished out to non-existent FX institutions and in many cases producing no receipts.

But the Deputy CBL Governor for Economic Policy, who has been appointed by President George Weah as Officer in charge pending the appointment of a new Executive Governor, put a rather positive spin on the work of the TEMT last Friday during a farewell program for the outgoing Governor.

Dr. Musa Dukuly noted: “your leadership on the Technical Economic Management Team (TEMT), working with your colleagues, brought significant changes in the economy, especially the stability in the exchange rate during July-December 2018,” a CBL press said over the weekend.

Deputy Governor Dukuly lauded Mr. Patray for his service to the Bank and country. “You are leaving the Bank, but not the Liberian economy,” Dr. Dukuly said.

He also praised the outgoing governor for initiating several reforms during his tenure, including the development of the new monetary policy framework of the CBL, which he said would mark an important shift in the monetary policy strategy and decision-making at the Bank.

According to Dr. Dukuly also commended Governor Patray for strengthening the foreign exchange auction system; and development of the national financial inclusion strategy.

The effectiveness of these policies, Deputy Governor Dukuly noted, would require broader consultations and policy driven research.

“We will remember your exuberant effort exerted to get Liberia back into the IMF program, and leading the process of the amendment of the CBL Act to strengthen governance of the Bank and the financial sector,” Dr. Dukuly said.

The outgoing Executive Governor expressed thanks and appreciation to the President for the opportunity to serve the country as Governor of the Bank. 

He also thanked the staff of the Central Bank of Liberia and other stakeholders for the cooperation accorded him during his tenure as Executive Governor.  He urged the staff to cooperate and show commitment to whomever would be named as his successor.

Governor Patray, who previously worked with erstwhile National Bank of Liberia, now Central Bank of Liberia as an executive official, was appointed by President George Manneh Weah in July 2018, following the resignation of Hon. Milton A. Weeks.

Mr. Patray was retired as Executive Governor of the Bank.

He formally broke the news to the CBL staff last Friday, October 25, 2019 during a general staff meeting at the Bank’s headquarters on Ashmun Street in Monrovia.

The CBL press release said Mr. Patray informed the staff that he was leaving the post in keeping with an arrangement with the President and a resolution approved by the Board of Governors of the Bank.

The occasion was also attended by the Deputy Governor for Operations, Madam Nyemadi D. Pearson and representatives of the Board of Governors, Mr. James B. Dennis and Ambassador Timothy E. Thomas. They praised the outgoing Governor for his leadership during his tenure as Governor and called on the staff to remain dedicated and committed to uplift the standards of the CBL.

You Might Be Interested In

Cllr. Gongloe Global Movement Wants Pres. Weah Send Injured Protesters Abroad For Treatment

News Public Trust

Police Say Cement Truck Driver Faces Multiple Charges And Sent To Court In Fatal St. John City Crash

News Public Trust

Reporter Beaten Up By Soldiers In Guinea

News Public Trust