Foreign Ex-Bureau Backs CBL Reform

26 May 2011

Efforts by Central Bank of Liberia CBL to transform the foreign exchange sector and thereby bring it to an international standard has been welcomed and backed by authority of the Association of Foreign Ex-Bureau of Liberia.

Foreign Ex-Bureau Association of Liberia President, Mr. Lawrence Appleton in an interview in Monrovia Tuesday told this paper that the association membership will remain obedient to all regulations that govern monetary operations in Liberia, stressing that no one can fight the government.

He said members of the association will uphold government policy aimed at improving the money exchange sector of Liberia.

According to Mr. Appleton, CBL and the Association were now working tirelessly around the clock ensuring that the money exchange market is brought to standard that would be acceptable to international money ex-change practice.

The Liberian ex-change bureau sector, the association’s president said was working with the CBL authority for the issuing of new licenses to foreign ex-change bureaus as well as to have then transformed into a more former monetary sector which includes the construction of new exchange bureau structures in Liberia.

Phase one of the transformation process which is ongoing at the CBL, Mr. Appleton said, the foreign ex-change activities in Monrovia and throughout the country has been proliferated by street money ex-changers and mishit money ex-change structure that needed to be improved under the new CBL regulations for the association’s members.

Mr. Appleton indicated that the new CBL monetary policy for foreign Ex-change bureaus will include the auditing of foreign ex-change bureaus, the copying of sales and purchase records daily as well as the construction of modern bureau structures to avoid people showcasing money on every street corner in the country.

The association’s president, Mr. Appleton concluded by stressing that Dr.  Mills Jones and the Central Bank of Liberia authority along with association will act firmly to ensure that street money exchangers under the new regulations leave the streets and be place into reputable structures that meet the regulations of the CBL.

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