Regulatory Alerts2005-01-01
Central Bank of Liberia Directive on Lending to Delinquent Borrowers
The Central Bank of Liberia has issued a directive prohibiting commercial banks from extending further credit to borrowers with debts past due ninety days or more until full repayment or a regulator-approved plan is established. Banks must verify all credit applications exceeding L$50,000 against a central delinquency database and document the check in each approved credit file. The directive takes immediate effect and mandates strict compliance with existing credit regulations, imposing minimum fines of L$100,000 per infraction for non-compliance.
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