MONROVIA, LIBERIA-The Board of Governors of the Central Bank of Liberia (CBL) has agreed to support policies towards the Agriculture Sector.

The CBL said:” The decision is intended to boost domestic food production and contain prices in the medium term.”

CBL Executive Director Aloysius Tarlue said:” The move is also intended to strengthen Liberia’s balance of payment position, and consequently build the Country’s foreign reserve.”

The decision was contained in a communiqué released in Monrovia, on Monday, March 1, 2021, by Governor Tarlue following a meeting of the Board on February 25, 2021.

The latest policy action by the CBL comes after the Government repositioned agriculture as a top priority in its programs for 2021.

Meanwhile, the Board of Governor of the CBL has released new set of monetary policy decisions to ensure stability in the Liberian economy.

CBL Executive Director, Aloysius Tarlue, said:” The Board has decided to maintain the monetary policy rate at 25 percent for the next quarter of 2021.”

According to Governor Tarlue, the CBL will implement strategies that will encourage the use of digital payments to lessen the liquidity pressure within the banking system.

He explained that the CBL is strengthening its policies to enhance loan recovery and encourage commercial banks to restructure COVID-19 induced delinquent facilities to support financial stability.