Regulatory Alerts2019-01-30
Commercial Banks' Submission of Deposits at the Central Bank of Liberia
The Central Bank of Liberia mandates that all commercial banks fully sort United States and Liberian dollar deposits by denomination, separating usable from mutilated banknotes prior to submission. Mutilated United States dollar notes will not be credited to operational accounts until they are exported for replacement and returned as clean notes, with all associated costs borne by the commercial banks. The directive takes immediate effect and remains in force until further notice, with non-compliant institutions subject to supervisory sanctions.
CENTRAL BANK OF LIBERIA
OFFICE OF THE EXECUTIVE GOVERNOR
EG 0002025
Directive #CBL/RSD/DIR/001/2019 Concerning Commercial Banks’ Submission of Deposits at the Central Bank of Liberia
January 30, 2019
The Central Bank of Liberia (CBL) herewith issues the following directive regarding commercial banks’ banknote deposits with the CBL:
-
That all commercial banks’ deposits (United States & Liberian Dollars) shall be fully sorted by denominations and separated as Usable & Mutilated banknotes before transfer/submission to the CBL.
-
Absolutely NO mutilated United States Dollar banknote deposits shall be credited to any bank’s operational account with the CBL until they are exported for replacement and subsequently returned to the commercial bank’s operational account as clean banknotes. The cost of replacement, including shipment shall be borne by the commercial banks.
This directive takes immediate effect upon issuance and shall remain in force until otherwise advised by the CBL. Banks failing to comply with this Directive shall be subject to supervisory sanctions as may be determined by the CBL.
Signed: [Signature] Nathaniel R. Patray, III Executive Governor