The Monetary Policy Committee (MPC) of the Central Bank of Liberia (CBL) has held its final meeting of the year to assess the macroeconomic conditions in both the domestic and global economies, using the results to guide its decision on appropriate policy stance and policy rate to influence macroeconomic conditions for the up-coming quarter.
Addressing a press conference over the weekend on behalf of the Acting Executive Governor and Chairman of the MPC, Henry F. Saamoi, the Acting Deputy CBL Governor for Operations, James Wilfred, said following the deliberations on the economic assessment of quarter three 2024 the committee noted that the moderation in global headline inflation, resilient global growth and increases in price of gold, palm oil and rubber, coupled with the decline in rice and petroleum prices, were favorable development for the Liberian economy. The committee welcomed the quarterly growth estimates for the economy, and acknowledged the projected moderation in domestic headline inflation in quarter four.
At the end of the meeting, the committee decided, in line with its mandate and in support of safeguarding the financial sector, as well as maintaining macroeconomic stability, to lower the Monetary Policy Rate (MPR) to 17.0 percent, consistent with expectation of moderation in consumer prices and stable exchange rate; and to maintain the reserve requirement ratios of 25 percent and 10 percent for Liberian and US dollars, respectively, until the next quarter’s assessment.
The committee then reassured the public that they will continue to monitor developments in both the domestic and global economies in accordance with their mandate and implement policies that enhance the macroeconomic stability of the Liberian economy.
