Central Bank to be decentralized

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Date: 
07/19/2012

Central Bank to be decentralized
By: House Press Bureau
Another bill to amend part II, Section 6: 1, 2 and 3 of the Act Establishing the Central Bank of Liberia was also passed into law. The committees on Banking and Currency as well as Ways, Means and Finance and the Judiciary advised plenary to pass the proposed bill into law. The bill is sponsor by Nimba County District 9 Representative Hon. R. Matenokay Tingban.
Part two, Section 6: 1 of the Act establishing the central Bank of Liberia call for the Central Bank to have its head office in Monrovia, Liberia, and May establish branches within Liberia. By this clause, the central Bank is not under mandate to decentralize its programs and services.
Unfortunately, a branch of the Central Bank is yet to be established in any county.
The sponsor of the bill expressed his conviction that if the bill is passed into law, the Bank will establish branches in other counties in order to afford citizens the opportunity to economic growth and development.