The new Mission Director for the United States Agency for International Development (USAID), Jim Wright, Friday August 6, 2021, paid a courtesy call on the Executive Governor of the Central Bank of Liberia (CBL), J. Aloysius Tarlue, Jr.
Welcoming the new USAID Mission Director, the CBL Executive Governor lauded the partnership between USAID and the Bank and expressed reassurance of heightening collaboration with USAID. The CBL Executive Governor also lauded USAID for its continued assistance, with specific reference to the technical assistance of USAID in the procurement and delivery of the L$4 billion in 2020 to help ease the liquidity squeeze in the country. “When USAID hired Kroll, and Kroll came in to help us, the process was smooth, and there was no noise,” the Governor recalled.
Briefing the new USAID Mission Director further, Executive Governor Tarlue reiterated the inception of decentralization efforts from the CBL through establishment of a cash hub in Gbarnga, Bong County, that is nearing completion and passionately urged the Mission to consider support for the construction of additional three hubs in the rural areas, where there are limited banks.
Six (6) of the fifteen (15) counties, many of which have mining communities, are without banks, the Executive Governor indicated. The establishment, Governor Tarlue added, will not only encourage more banks to establish branches in those counties, but also lessen the burden commercial banks face in transporting cash from Monrovia to leeward counties as well as drastically reduce the cost of doing business for them.
In response, the new USAID Mission Director, accompanied by Deputy Mission Director, Rebekah Eubanks, commended Executive Governor Tarlue and his team with expression of delight for the progress that has been made on the currency reform process and technical assistance provided by his institution in achieving a very successful operation. He expressed optimism and confidence in the ability of the CBL to manage the process.
Friday’s meeting was also attended by the Deputy Governor for Operations at the CBL, Nyemadi D. Pearson, and Deputy Governor for Economic Policy, Dr. Musa Dukuly. Buttressing the Executive Governor, the Deputy Governors re-emphasized the need for USAID to consider support to the establishment of additional cash hubs throughout the country.