CBL Rejects Allegation Of Unauthorized Withdrawal From The Bank


The Board of Governors and management of the Central Bank of Liberia (CBL) has refuted a Spoon live talk show claim on August 31, 2023, alleging unauthorized withdrawals of funds from the CBL.

   The CBL rejected the allegation as untrue, and outlined steps in the encashment of checks as part of its procedures, processes and controls to avert unauthorized disbursement: ensures the availability of funds, verifies signature, seeks confirmation from issuer, approval of authorized signature and encashment of check.

   “Given these steps, under no condition or circumstances can a single individual authorize the encashment of checks or withdrawal of any funds outside the aforementioned procedures,” the CBL management said in a statement.

   “Secondly, the bank is apolitical and does not subscribe to the abnormal practices as insinuated by the Spoon talk show.

   “Thirdly, Liberia is under the IMF program, and the Fund [International Monetary Fund] requests daily data, in addition to the CBL’s internal and external auditors who vet and validate transactions to ensure that CBL operates within the confines of international best practice,” the CBL management observed.

   “CBL therefore condemns the allegations spurted out as they have no iota of truth and are part of a grand design orchestrated to bring the CBL into public disrepute.

   “The CBL once again assures the Liberian people of its unflinching commitment to building a strong and credible financial system,” the statement continued.

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