0

‘Work for Single Liberian Currency Regime Begins 2019’

first_imgNathaniel Patray, Executive Governor, Central Bank of Liberia-CBL Gov. PatrayCentral Bank of Liberia (CBL) Executive Governor, Nathaniel Patray, said that the Bank under his leadership, together with the Ministry of Finance and Development Planning (MFDP), will in 2019 commence work with the Legislature and other stakeholders on a revised framework for de-dollarization to revert to a single Liberian currency regime.Patray told the Senators during his recent confirmation hearing that several policy measures would be carried out in 2019, under the Bank’s medium-to-long term policy measures.Under those policy measures, Mr. Patray said the CBL will work with the Legislature on Export Proceeds Repatriation Law to ensure regular and constant flow of foreign exchange in the economy, and by extension increase the supply of foreign exchange in the economy.The CBL and MFDP, Governor Patray promised, will work with the Legislature to introduce new banknotes to replace the existing one with a uniform family of banknotes; that the Government of Liberia (GoL) will be encouraged to invest in critical infrastructures such as roads, electricity, rule of law, and enforcement of property rights that promotes diversification.He said the GoL through the ministries of Finance and Development Planning, Agriculture, Commerce and Industry, and the CBL should develop a value chain around agricultural output to stimulate domestic production, income generation, and employment.Speaking further to members of the Senate Committee on Banking and Finance, Governor Patray underscored the need for GoL through MFDP, CBL, the National Investment Commission and the Ministry of Commerce to initiate a strategy to invest in the actualization of the Special Economic Zones to encourage domestic manufacturing in the economy.As for price and broad exchange rate stability, Governor Patray said this “will remain the CBL’s major goal, and apart from the goal mentioned, the CBL will work with other GoL’s stakeholders to recognize a number of other economic goals, including economic efficiency to achieve the maximum fulfillment of wants using the available productive resources; economic freedom to guarantee that businesses, workers and consumers have a high degree of freedom in their economic activities.”Other economic goals the CBL intends to take, according to Governor Patray, includes bringing about equitable distribution of income to ensure that no group of Liberians faces stark poverty, while others enjoy extreme luxury.He named some of the goals as providing economic security for those who are ill, disabled, handicapped, laid off, aged, or unable to earn minimal level of income; and to carry on a balance of trade to seek a reasonable overall balance with the rest of the world in international trade and financial transactions.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

0

Venezuelan aircraft released following probe

first_imgThe Venezuelan aircraft which was detained earlier this month, following an investigation by the Guyana Civil Aviation Authority (GCAA), has been released.On Wednesday it was revealed that the investigation has been completed, and legal advice was obtained upon the submission of some necessary documents.The investigation unit involved the Customs Anti-Narcotics Unit (CANU), the Criminal Investigations Department (CID), the Guyana Defence Force (GDF), and the GCAA, along with security officials.According to the Police, the pilots and a senior official of the Venezuelan Embassy, on behalf of the foreign nationals detained, assisted and cooperated fully in theThe Venezuelan aircraft that was detained and now releasedinvestigations.The Police also revealed that the data plate was subsequently located by the investigative team on the very aircraft, and the log book was also found which indicated that the aircraft had been in operation since 2014.In addition, all outstanding documents which were required were submitted to the investigators, who later confirmed that they were authentic and confirmed by the GCAA.The Police said there consequently was no reason to further detain the aircraft, and as such, it was released.It was reported that the plane landed in Guyana at the Cheddi Jagan International Airport (CJIA) with a fake registration number, and the Data Plate which contained vital information was missing.Based on reports received at that time, the private chartered flight, which is suspected to be registered in Venezuela, landed on July 9 at about 15:20h.However, in keeping with security postures and intensified collaboration with the management of the various units operating at the CJIA, ranks (CANU) were alerted, and conducted a preliminary inspection of the aircraft, during which certain irregularities were discovered.Guyana Times understands that the registration number of the aircraft raised eyebrows, since another aircraft was carrying the same number. As such, the matter was reported to the CANU headquarters and orders were given for the aircraft to be detained.The Police had stated that after enquiries were made, it was revealed that the pilots and passengers were invited to Guyana by one Michael Brassington, who was at the airport to receive them.Brassington and the four passengers reported to the Criminal Investigations Department (CID), while the two pilots arrived in the company of agents of CANU. Two of the passengers and the pilots were Venezuelan.last_img read more