Central Bank Deputy Governor Musa Dukuly said the lack of commercial banks in five of Liberia’s fifteen political subdivisions contributes to the country’s devastating state of the economy.
Speaking on Wednesday April 14 at the Edward Wilmot Blyden Intellectual Forum organized by the Press Union of Liberia (PUL), Dr Dukuly said the lack of banks in some rural areas of the country has significantly affected the circular flow of the economy.
According to him, the impression of a new family of banknotes is important but not sufficient, adding that other complementary actions are necessary.
The vice-governor of the CLB names at the same time the financial digitization, the decentralization of the CBL, the micro-economic development and the management of the money which should be printed as sufficient complementary actions necessary to revive the economy of the country.
He specifies that the printing of 48.7 billion new banknotes will be done within three years, noting that a first 35.8 billion will be printed.
Also speaking, Movement for Progressive Change (MPC) political leader Simeon Freeman attributed the state of the economy to lack of confidence in the banking sector.
Mr. Freeman noted that lack of confidence in the banking system prompts business owners and operators to make personal savings from home.
He calls on the CLB to give up printing new families of banknotes and invest more in financial digitization.
For his part, PUL Vice President Daniel Nyankonah praises economists for their high level of professionalism and hard work as they strive to get the Liberian economy back on track.