Regulatory Alerts2004-03-23
Regulation Concerning Interest Rate Determination
The Central Bank of Liberia issued Regulation No CBL/SD/01/2004 to mandate market-determined interest rates and charges for all banking institutions operating in the country. The regulation imposes a two-year cap of 25 percent per annum on effective interest rates, eliminates minimum and maximum limits on deposit accounts, and requires financial institutions to conspicuously display their complete schedule of fees and commissions. Institutions failing to display the required schedule face a daily fine of L$10,000, and the regulation takes full effect upon its publication in the official gazette.
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