PHOTO: Executive Governor Aloysius Tarlue speaking after being inducted
MONROVIA – Liberia’s inflation rate has dropped from double to single digit and public confidence in the Central Bank of Liberia has been restored, following past allegations of financial improprieties, CBL announced on Thursday.
This was disclosed as CBL’s Executive Governor, J. Aloysius Tarlue, Jr. and Deputy Governor for Economic Policy, Dr. Musa Dukuly, were on July 29, 2021 inducted into office, following their reappointment by the President and confirmation by the Liberian Senate.
(L-R) Executive Gov. Tarlue and Deputy Gov. Dukuly taking the oath of office
In the presence of the CBL Board of Governors, senior staff and invited guests, both were administered the CBL Oath of Fidelity and Secrecy, during which time they swore to preserve CBL’s confidentiality policy, a CBL press release says.
In his post-induction remarks, Executive Governor Tarlue thanked His Excellency President George Manneh Weah, Sr. for his reappointment and commitment to CBL’s operational independence as well as the Senate of the 54th National Legislature for the confirmation.
Executive Governor Tarlue said from December 2019, inflation had declined from 23% to 8.2% as of June 2021, an indication that the ‘CBL ship is now afloat’, having been rescued from ‘sinking’, low public confidence, low staff morale and serious allegations of financial improprieties.
He attributed CBL’s recent achievements to the support and commitment of the Board of Governors, the Deputy Governors and CBL staff.
Governor Tarlue also underscored the importance of the support and collaboration received from operators in the banking industry as well as Liberia’s development partners, the Ministry of Finance and Development Planning and other government agencies for CBL progress over the last 18 months.
Under his stewardship, Executive Governor Tarlue said the vision for the next five years would be three-fold:
- Maintaining the single-digit inflation that was achieved in June 202
- Building strong reserves to support at least three months imports; and
- Maintaining a stable exchange rate
Alongside these three strategic imperatives, Executive Governor Tarlue said CBL will revamp the payment system infrastructure, respond to technological innovations within the financial sector, and strengthen regulations and supervision of commercial banks to curb bad loans.
In his post-induction remarks, Dr. Musa Dukuly, the Deputy Governor thanked the President, H.E. Dr. George M. Weah for the confidence reposed in him for which he has served and will also serve as Deputy Governor for Economic Policy.
The Deputy Governor also spoke of the progress that has been achieved at the Bank over the last two years and said that would not have been achieved alone without collaborative support from the staff, Management team and Board; describing his re-appointment by the President as one which is not only in the interest of the CBL but the country.
He highlighted the challenging the macro-economic situation at the time, including wide volatility in the exchange rate, high inflation up to 30% and significant risk in the financial sector as well as the level of uncertainty in the economy. But with the support of the Board, the Management team and the senior staff, Dr. Dukuly noted, the situation has calmed.
“We still have a long way to go; we should not be complacent, given where we have come from and where we are. We have a lot to do. If we have to transform this economy, we must dedicate our time and effort to the work in our respective capacities, the Deputy Governor for Economic Policy urged. Dr. Dukuly concluded with a reassurance that he would continue to work with the Management Team, the Board of Governors, and senior staff to sustain the progress that has been made thus far.
CBL Gov and his deputy along with the bank’s Board
Also making remarks during the swearing-in ceremony, Hon. Charles Bright, the Economic Adviser to President Weah, welcomed the policy initiatives, which have been earmarked to be pursued. Mr. Bright renewed the President’s commitment to ensuring that the Bank remains independent outside of the influences of the Executive Branch of Government.
Mrs. Sheba Brown, a member of the Board who also serves as chairperson of the Board’s audit committee, pledged the Body’s fullest collaboration and cooperation for the enhancement and promotion of the Bank.