The most significant amendments of the Act was in 2020 under the leadership of Executive Governor Aloysius Tarlue, Jr. The CBL Act of 1999 had not had any significant amendment until 2020. THE LOWDOWN: The CBL functions as an independent authority responsible for controlling, regulating and stabilising the monetary and banking structure of the country, and has authority to: issue legal tender banknotes and coins administer the currency laws and regulate the supply of money provide credit to bank-financial institutions on a discretionary basis and acts as fiscal agent for the government.ĭuring the year under review, the CBL celebrated the passage of the Amended and Restated Central Bank of Liberia Act of 1999. This is where agencies like the General Auditing Commission, the Financial Intelligence Unit and the Public Procurement Concessions Commission come in. However, Companies owned by the Government of Liberia are required to abide by ethical compass and must cope with being scrutinized in terms of their overall performance. During the course of the year under review, the government's overall objective with the management of the state-owned enterprises, as has been with the previous government, was to ensure long-term value growth and to specifically ensure the mandates of the entities and policy initiated by the government for SOEs are performed well.
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