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2016-05-05

Amended Regulation on Banking Hours 2016

The Central Bank of Liberia issued this 2016 regulation to standardize operating hours for all licensed banks in Monrovia and surrounding areas, as well as branches outside the capital. The directive mandates Monday through Friday operations from 9:00 AM to 2:00 PM in Monrovia and until 1:00 PM elsewhere, with Saturday hours set at 9:00 AM to 12:00 PM for head offices and optional for branches, while designating December 31 as a mandatory Non-Banking Day. Banks may request earlier opening or later closing times with prior Central Bank approval, and any private business obligations falling on closed days automatically shift to the next working day upon immediate effect.

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Central Bank of Liberia

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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

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