LCUNA Appeals for Inclusion on CBL’s Weekly Forex Sale

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Members of the Liberian Credit Union Association (LCUNA) are appealing to the Executive Governor of the Central Bank of Liberia, Dr. Joseph Mills Jones to include them on the CBL weekly sale of foreign exchange auction in the country.

The leadership of the Union made the statement Saturday, May 24, at its Annual General Assembly in the port city of Buchanan where they bestowed honor upon Governor Jones for his numerous economy contributions towards the empowerment of Liberians.

Making remarks on behalf of the organization, the chairman of the Board of Director of LCUNA, J. Saye Biyie noted that the CBL’s weekly foreign exchange auction remains the principal policy instrument for affecting domestic markets in Liberia.

Mr. Biyie suggested that in order to improve the credit union sector,it was important to include credit union members on the foreign exchange lists, especiallyfor those that are doing international trade.

According to him,the credit union’s role is pivotal to the ongoing recovery of the Liberian economy.

The credit union, Mr. Biyie said,is also helping to buttress government’s efforts by providing economic opportunity to Liberians in the business sectors.

Also speaking, Baboukar Jeng, Manager of the Gambia Credit Union Movement (GAMCUM), expressed delight over the level of development that the organization has carried out in meeting the needs of Liberians after the civil conflict.

Mr. Jeng noted that improving of the business Sector and infrastructural development are key to the country’s needs.

“The business sector remains one of the cardinal areas for the development of any nation, and as such, Liberians should begin venturing in the sector,” he urged.

According to him, when this is done, the citizens will be in a better position to contribute to the national government as it strives to rebuild the lives of its people.

Mr. Jeng, however, called on the leadership of the Union to show good leadership to its members for the betterment of the association.

At the same time, the Gambia Credit Union Movement manager said that he is optimistic that the country will once more get on par with other countries due to the level of transformation taking place in every sector.

Receiving the honor on behalf of the CBL Governor, EL-Tumu Trueh, Director for Microfinance at the Central Bank of Liberia (CBL), lauded LCUNA for the honor and said that the Bank will continue to empower ordinary Liberians.

On the inclusion of LCUNA on the CBL weekly sale of foreign exchange auction, Director Trueh promised to convey their request to the Executive Governor.

According to Mr. Trueh, for the past years the CBL has been engaging the movement of the credit union activities to ensure that there is efficiency within the association.

He assured LCUNA members that the Bank would continue to provide better economic opportunity by lifting Liberians out of poverty.

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