LBDI CEO Applauds CBL

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LBDI CEO John B.S. Davies, III.jpg

 

The chief executive officer (CEO) of the Liberian Bank for Development and Investment (LBDI) has commended the Central Bank of Liberia (CBL) for reducing its United States dollars reserves requirements by banks from 22% to 15%. Mr. John B. S. Davies, III said the measure would create the necessary lending space for banks. “This decision by the CBL puts more resources in the hands of the banks for investment,” he said in an exclusive interview with our business desk in September. Mr. Davies, who is president of the Liberia Bankers’ Association (LBA), explained that there is a correlation between investment by banks and returns in term of impact on the economy. CBL’s Executive Governor, Dr. Joseph Mills Jones, had announced the reduction of United States dollars reserve requirements from 22% to 15%. Governor Jones noted that CBL already had a meeting with the commercial banks and gave them a clear message: “That the release of these resources is to support productive investments in key sectors of the economy. We mean productive investments, but not for consumption.” “We have done our math and do have the number in millions of USD that we are talking about,” the CBL boss stated.

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