Pres. Weah Cuts Ribbons for CBL First Regional Hub in Central Liberia

GBARNGA – President George Manneh Weah has said the dedication of the Central Bank of Liberia’s first regional cash hub in Bong County is a way of decentralizing his government.

The $40,000 cash hub built by the CBL is one of four to be established in rural Liberia to function as a fully-fledged branch of the CBL.

It will also provide minimum banking services to commercial banks and the general public, including the collection of government revenues and the provision of other payment services for the government.

The Liberian leader said he was delighted that under his regime, citizens of the central region can now have access to Central Bank of Liberia outside of Monrovia.

President Weah said the CBL’s  regional cash hub will help in minimizing the suffering citizens have endured in the central region when in accessing their own cash from various banking institutions in the region.

President Weah, at the same time, assured citizens of the region that his government will continue to undertake the needed development that will improve their living conditions in the country.

Speaking at the ceremony, Central Bank Governor, Aloysius J. Tarlue, said the idea behind the construction of the new regional cash hub is to create access to cash in other to alleviate the difficulties citizens have been facing when it comes to bank’s transaction in the County.

Tarlue also disclosed that since 1975 this is the first of its kind for the bank to establish a branch outside of Monrovia.

He said CBL’s regional cash hub will strengthen the  movement of cash in the region, where those from neighboring counties will not have to travel to Monrovia to transact with the CBL.

“This cash hub will help the government in collecting revenue in the country,” he said.

Tarlue said over the years citizens in the region have been hugely challenged in obtaining cash from various commercial banks, especially classroom teachers and health workers in the region.

Additionally, Governor Tarlue revealed that other sub branches of the CBL will be constructed in different parts of the country, maintaining that the one in Gbarnga is the second biggest next to the one in Monrovia.

Also speaking at the dedicatory ceremony, Finance and Development Planning Minister Samuel D. Tweah Jr. extended commendations to the leadership of the CBL for their farsightedness in constructing the CBL regional cash hub in Bong County. Minister Tweah said the bank will help to alleviate the financial difficulties citizens from the central region have been facing in the county.

Minister Tweah said quite recently the board of CBL has kept the policy rate at 20% and the rate of inflation is around 7%, adding that at 20% of CBL’s rate means that when they invest one million Liberian dollars they will be earning two hundred thousand Liberian dollars a year.

In remaks, the Bong County Legislative Caucus Chair and Representative of Electoral District #7, Joseph Papa Kolleh extended commendations to the CBL for selecting Bong County for the construction of the regional cash hub.

The Bong County lawmaker said the construction of the CBL regional cash hub will be helpful to teachers who have been waking up as early as 3:00AM just to get their salaries from the LBDI in the county.

The Bong County Legislative Caucus’ chairman assured the government of Liberia that citizens of the County will not do any act that will be counterproductive to the successful operation of CBL regional cash hub.

The ceremony was attended by cross section of citizens including the Minister of State for Presidential Affairs, Nathaniel McGill, Internal Affairs Minister Varney A. Sirleaf, Minister Samuel D. Tweah, members of the Bong County Legislative Caucus, local leaders from the central region and International partners,  amongst others.

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