‘Time for Full Audit of CBL’

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Grand Kru County Senator Albert Tugbe Chie is requesting the Liberian Senate to order the full audit of the Central Bank of Liberia (CBL).

“Now that the new banknotes have been printed and the new Governor is properly seated, we think it is time to begin a complete audit of the Central Bank of Liberia; we believe that this audit will enable us to fully understand and appreciate the financial soundness of the Central Bank as it positions itself to deal with challenging macro-economic issues, especially in the wake of rising exchange rates,” Senator Chie’s letter, dated February 20, noted.

The letter recalled the request by the Executive Branch of government to print new bank notes to service the national economy. “And as part of its due diligence process and public hearings, many Senators suggested that it would be appropriate and cardinal to get a full proper accounting of stock of bank notes that had been printed over the years as well as a stewardship of the Central Bank of Liberia before authorizing the printing of new bank notes,” the letter added.

However, as a result of the urgency of the matter and risk posed to the economy at the time, Senator Chie noted that the Senate plenary decided to approve the printing of new bank notes and ordered an audit in due course.

The communication from the chairman of the Senate Committee on Lands, Mines, Energy, Environment and Natural Resources further reminded his colleagues that during the confirmation hearing of the current Governor, many Senators again demanded an audit of CBL before said confirmation in order to understand exactly what he was inheriting.

“But in the interest of time to control the receding economy, it was decided by plenary that the Governor first be confirmed and the audit [would] take place thereafter; we now therefore propose that plenary requests the audit of the CBL in accordance with the Laws of Liberia and other regulations pertaining thereto,” the letter concluded.

The letter was voted on and sent to the Committee on Ways, Means and Finance and requested to report to plenary by next Tuesday.

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