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New Regulations Introduced to Ensure Transparency and Accountability at Liberia’s Central Bank
Governors Must Declare Interests Before Discussing Matters
In a bid to ensure transparency and accountability, the Liberian government has introduced new regulations that require Central Bank governors to declare their interests before discussing matters related to their work. According to Section 3 of the new Act, any governor who may have an interest in a matter being discussed by the Board of Governors must disclose it at the commencement of the discussion.
This move is aimed at preventing conflicts of interest and ensuring that decisions made by the Central Bank are impartial and in the best interests of the country. Additionally, Section 4 of the Act has prohibited governors and other officers of the Central Bank from accepting gifts or favors if they would compromise their impartiality.
- Prohibits governors and other officials from accepting gifts or favors that could influence their decisions
- Prohibits anyone with family, business, or financial connections to governors or other officials from giving them gifts or favors
Oath of Fidelity and Secrecy for Central Bank Officials
Section 18 of the Act has mandated that all governors, officers, employees, and agents of the Central Bank take an oath of fidelity and secrecy. This oath is aimed at ensuring that officials maintain confidentiality regarding sensitive information they may come across in the course of their duties.
- Prohibits former officials from disclosing non-public material information or using it for personal gain
- Allows officials to disclose sensitive information under certain circumstances, such as with the consent of the person involved or in the interest of national security
Penalty for Breach of Confidentiality
Section 18 (4) of the Act has imposed severe penalties on anyone who breaches confidentiality. Governors and other officials found guilty of disclosing confidential information could face fines ranging from L$200,000 to L$250,000 or imprisonment for up to 12 months.
New Regulations on Currency Issuance
Section 20 of the Act has introduced new regulations on currency issuance. The law prohibits anyone other than the Central Bank from issuing coins, banknotes, or any documents payable to bearer without prior approval.
- Failure to comply with this provision could result in fines and imprisonment
- Requires the Central Bank to arrange for the printing of banknotes and minting of coins, as well as ensure their security and safekeeping
Currency Reserve Inventory Management
Section 21 of the Act has tasked the Central Bank with directly administering the currency reserve inventory and developing plans to meet the country’s currency requirements. The law also requires the bank to publish its accounts and financial statements in a timely manner.
- Gives the Central Bank power to withdraw banknotes and coins from circulation, subject to certain conditions and procedures
- Requires the bank to maintain accurate records of its withdrawals and deposits
These new regulations are aimed at strengthening the country’s financial system and ensuring that the Central Bank operates in a transparent and accountable manner.