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President Weah pushes to tackle poverty in Liberia

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President George Weah

Liberian President George Weah has said he would take measures to tackle rampant inflation and poverty, including injecting $25 million into the forex market and taking steps to bring more local cash into the formal banking system.

President Weah said in an address to the nation “I am fully aware of the negative impact of the declining exchange rate on the economic well-being of the Liberian people, and the serious hardship that this is beginning to cause”.

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“We believe a more aggressive enforcement of monetary policy should go a long way to … address the problem,” including giving the central bank stronger powers to regulate money changers and banks, he said.

Weah said the injection of dollars would help mop up some excess Liberian dollars, adding that 90 percent of local cash in circulation was being held outside the formal banking system, where there was no oversight.

 A former soccer World Player of the Year, Weah took office at the start of 2018 on a promise to stamp out corruption and end economic misery for millions of Liberians.

Civil wars in the small West African country killed hundreds of thousands of people between 1989-2003. As its economy was recovering, it was hit by falls in prices of its main exports, iron ore and rubber, and an Ebola outbreak from 2014 to 2016.

But the collapse in the currency since then has hit Liberians particularly hard, sparking protests by students.

Weah said the Liberian dollar had declined 25 percent over 2017 and a further 25 percent since January, blaming in part the end of Liberia’s U.N. peacekeeping mission in March, which had cut inflows of hard currency.

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Nigeria: CBN monetary policy rate remains at 14%.

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The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday left the Monetary Policy Rate unchanged at 14 per cent.

The CBN Governor, Mr Godwin Emefiele, announced the decision of the committee at the end of a two-day meeting held at the apex bank’s headquarters in Abuja.



He explained that all the eleven members of the committee that attended the meeting agreed to maintain the current monetary policy stance.

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He said apart from the MPR which was retained at 14 per cent, the committee also retained the Cash Reserves Ratio at 22.5 per cent.

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Also retained are the Liquidity Ratio which was left at 30 per cent; and the Asymmetric Window which was left at +200 and -500 basis points around the MPR.

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Motherland News

Nigeria: Council of State reaches final pegs new minimum wage at 27,000

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The National Council of State presided over by President Muhammadu Buhari has approved the sum of N27,000 as the new minimum wage.



The national council approved the sum during an ongoing meeting at the Presidential Villa in Abuja.

The meeting had in attendance former presidents like Olusegun Obasanjo, Goodluck Jonathan and the Senate President, Bukola Saraki, among others.

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