MONROVIA – The Board of Governors of the Central Bank of Liberia (CBL), during its November 17, 2020 sitting, approved to retain the monetary policy rate of 25.0 percent in the previous quarter. Monetary policy rates in advanced economies remained stable at 0.25 percent and 0.10 percent in the United States and the United Kingdom, respectively. On the regional front, monetary policy rates in most countries of the West African Monetary Zone (WAMZ) remained stable, except in Nigeria, where the rate was lowered. In quarter 3, the banking industry generally remained stable, despite the rise of non-performing loans by 4.4 percent above the regulatory tolerable limit. Currency outside the banking system rose by 8.2 percent to L$20.83 billion, while currency in the banking system declined by 15.4 percent to L$1.27 billion during the period.

Source: Front Page Africa November 24, 2020 05:57 UTC