Amended Regulation on Banking Hours 2016

THE
LIBERIA OFFICIAL
GAZETTE
PUBLISHED BY AUTHORITY __________________________________________________________________________________ VOL. XV MONDAY, MARCH 23, 2016NO. 23 ___ E X T R A O R D I N A R Y The Government of the Republic of Liberia announces that the Central Bank of Liberia (CBL), pursuant to its mandate under the Central Bank of Liberia Act of 1999 and its authority under the Financial Institutions Act of 1999, and specifically consistent with
Section 55 of the said Central Bank of Liberia Act of 1999 and
Section 39 of the Financial Institutions Act of 1999, has issued on
March 23, 2016, its Regulation No. CBL/RSD/001/2016 revising CBL/SD/01/2013 herein under:
REGULATION CONCERNING
BANKING HOURS
BY ORDER OF THE PRESIDENT
MARJOHN KAMARA
MINISTER OF FOREIGN AFFAIRS
MINISTRY OF FOREIGN AFFAIRS
MONROVIA, LIBERIA
MARCH 23, 2016

1
REGULATION CONCERNING BANKING HOURS
Pursuant to Section 36 and Section 39 of the New Financial Institution Act of 1999, the Central Bank of Liberia (CBL), herewith declares, sets forth and regulates as follows:

1. The regular banking hours for all banks operating in Liberia shall be as
   follows:
   For banks in Monrovia and its environs:
   Mondays through Fridays………………9:00 A.M. to 2:00 P.M.
   Saturdays……………………………………….9:00 A.M. to 12:00 P.M.
   In the case of Saturdays, the Head Office of the bank shall be open to the public for the time indicated above; while opening of branches in Monrovia shall be optional. For branches in areas outside of Monrovia and its environs:
   Mondays through Fridays ……………….9:00 A.M. to 1:00 P.M.
   Saturdays………………………………………..Optional
2. Licensed banks may, with prior consent and/or notification to the
   Central Bank, adopt earlier opening hours and extend closing hours later than designated in this regulation.
3. No bank shall, without the prior approval of the CBL, close its doors to
   the public during the working hours and days designated in this regulation or as may otherwise be designated by the CBL.
4. Any private business which falls due on any day or at any particular
   hour on which a bank is not open to the public shall be deemed to fall due on the next working day.

2
5. December 31 each year shall be declared ‘Non-Banking Day’ to allow
the banks conclude their end of year activities and close their books. This means that the banks shall not be open to the public on that day. Effective Date This regulation shall take effect immediately upon publication in Official Gazette, and shall remain in force until otherwise advised by the Central Bank of Liberia. Issued this ____dayofMarch 2016 in the City of Monrovia, Republic of Liberia. BY ORDER OF THE PRESIDENT Marjon Kamara MINISTER OF FOREIGN AFFAIRS MINISTRY OF FOREIGN AFFAIRS MONROVIA, LIBERIA DATE: March 23, 2016