Nyemade Pearson (left), before her confirmation hearing — CBL Deputy Governor-Designate tells Senators
Central Bank of Liberia (CBL) Deputy Governor-Designate for Operations says the Bank is ensuring that the newly printed L$ 4 billion is in circulation on the market. Appearing Tuesday for confirmation proceedings before the Senate Banking and Currency Committee, Madam Nyemadi D. Pearson however told Senators that the amount printed is not sufficient for the market.
According to her, there is L$ 21 billion in circulation with huge sum of mutilated notes on the market. This, she said, makes the L$4 billion grossly insufficient to address the issue of mutilated banknotes on the market.
She further indicated that the CBL is doing everything possible to ensure that the mutilated banknotes that come to the Bank does not go back in circulation. According to her, going back will undermine the efforts of the Bank to get the mutilated notes off the market.
Madam Pearson further called for the printing of additional notes in five, ten and fifty LRD notes to replace the existing mutilated ones.
“Senators, the amount printed is small, so you will not feel the impact of the new money” she noted.
The nominee pointed out that if confirmed she will work to implement effective operational policies to sustain the already gains by the bank.
Madam Pearson promised that she will also work with the current team at the Bank to ensure that the CBL continues to run credible budgets, follow all requisite and statutory policies to procure currency and institute efficient banking operations.
Madam Pearson has at the same time pledged to Support the management team of the CBL to sustain the relatively stable macroeconomics climax.
Touching on achievements as Acting Governor for Operations, the nominee revealed that the current Team at the bank ensured the outsourcing of the internal audit function of the CBL to lend credibility to the internal control processes of the bank, a prior action, she said was demanded by the IMF.
Additionally, Pearson said the CBL supported government’s efforts in negotiating an IMF-support program to Liberia.The Deputy Bank Governor-designate also told the Committee that, as Acting Deputy Governor, she closely worked with her Colleagues to ensure that the CBL complies with all commitment under the IMF program, including monetary policy that will promote macroeconomics stability, Governance of the bank and internal controls, as well as strengthening the Country’s international reserves position amongst others.Madam Pearson holds an MBA in […]
