The CBL was established on October 18, 1999 by an Act of the Legislature and it became functional in 2000, replacing the National Bank of Liberia (NBL). Portion of the act was amended in 2014. Several changes made by the joint committee and approved by plenary includes the “Autonomy of the central Bank.”Under this portion, the House called for CBL to be accountable to the Legislature through its [Legislature] oversight function. It shall, however, be accountable to the Legislature through its oversight function.”Another area under the Act that was amended is the portion that gives the CBL the exclusive authority to issue Liberian dollars and bank notes. On the issuance of Liberian banknotes and coins, the House amended Act gives the CBL the sole authority to issue all Liberian Dollar banknotes and coins but subject to Article 34-d of the Constitution.

Source: Front Page Africa June 04, 2020 08:45 UTC