Presidential nominee on the Central Bank of Liberia (CBL) Board, D. Sheba Brown, has justified before the Senate Banking and Currency Committee her qualification to serve as a member on the CBL board. Brown made the justification of her qualification Wednesday, July 19, 2023 when she appeared before the committee during a confirmation hearing on Capitol Hill.
Brown applauded President George M. Weah for appointing her as a member on the CBL board, a position she has served before diligently.
Nominee Brown told members of the Banking and Currency Committee that, during her time on the board, she played an important role in the development, review and approval of the three-year strategic plan of the CBL to guide the achievability of the bank’s objectives. According to her, the plan specifically seeks to achieve core objectives: domestic price and financial stability, payment and financial stability, payment system integration and digitization of Liberian economy, and rebranding and promoting the image of the CBL for financial and economic confidence.
“I supported the decision to change the monetary policy of the bank from exchange rate targeting to a more effective policy that reduces the pressure on the country’s limited reserves. So, today, we are using the monetary policy rate to manage Liberian dollar liquidity and keep exchange rate within tolerable level,” she explained.
Brown moreover emphasized on the strategy they implored during her stay at the CBL to improve the bank’s operational performance. Accordingly, Brown revealed that the action was an indicative of the request by the IMF as prior action for the co-sourcing of internal audit and reduction of the workforce.
The Chairman of the Senate Banking and Currency Committee, Senator Marshall Dennis, Grand Gedeh County, told the nominee that the committee takes note of her justification for her qualification for the post as member of the CBL board, and that she will be informed through the nominating authority following plenary’s decision.