GBARNGA, Oct. 4 (LINA) – The Central Bank of Liberia (CBL) has embarked on a mechanism to improve the banking sector in Bong County and Liberia at-large.
Speaking in the County recently, three officials of the CBL, the Deputy Head of the Communication Unit, Mr. Francis Wilson, Senior Analyst and Head of the Financial Marketing Department, Wagbay Kendall, and the Supervisor of the Banking Department, Mr. James Gayflor, said the opening of individual bank accounts with commercial banks will help to improve the banking sector of the country.
CBL Senior Financial Analyst, Mr. Kendall, said the CBL Bill is an investment program people must be encouraged to take advantage of in order to safely keep their money, noting that this can be done by the purchase of the CBL Bill through the opening of an account with commercial banks.
He said if people begin purchasing the CBL Bill through the commercial banks, it will help to boost investment in the banking sector, curb the issue of mutilated banknotes, and money used to print new bank notes will be applied to other development projects, including the construction of roads and hospitals.
In 2019, the Central Bank of Liberia established branches in Bong, Nimba, Lofa and Grand Bassa counties, and encouraged the public to take advantage of the banking sector by opening accounts with commercial banks to purchase the CBL Bill, but financial experts at the bank have disclosed that the effort is yet to yield the desired results.
