Regulatory Alerts2016-12-23
Regulations on Payment of Inbound Money Transfers
The Central Bank of Liberia issued Regulation No. CBL/RSD/004/2016 to standardize inbound money transfer payments across licensed financial institutions. The regulation mandates a 25 percent Liberian Dollar and 75 percent United States Dollar payment split, requiring institutions to apply the CBL's published selling exchange rate and surrender USD proceeds within five working days. Financial institutions must submit weekly compliance reports, conspicuously display applicable exchange rates, and face administrative fines of at least 100,000 Liberian Dollars for violations effective December 1, 2016.
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