Liberia: CBL dedicates the first regional treasury center in Gbarnga
MONROVIA – The services of the Central Bank of Liberia (CBL) will be improved and more inclusive, following the establishment of a regional Cash Hub in Gbarnga, Bong County. The Cash Hub, CBL’s flagship project to modernize financial centers, will be inaugurated on Friday, December 10, 2021 at 12:00 p.m. in Gbarnga, Bong County. This hub will serve as a model for subsequent treasury hubs to be built in other parts of the country.
The dedication ceremony is expected to be celebrated by His Excellency Ambassador George Manneh Weah, Sr., President of the Republic of Liberia, in the presence of Members of the Cabinet, the Chairs of the House and Senate Banking Committees, the Chairman of the Association of Liberian Bankers and International Partners. Local county officials are also expected on the occasion.
The Cash Hub is the first of four construction treasury hubs across the country and contains a banking room for processing liquidity requests from commercial banks and other regulated financial institutions in rural areas of the country to improve the CBL’s cash flow distribution capacity in the economy and national payment system infrastructure. It will also facilitate the provision of services to the government and its agencies, including the collection of revenues and the payment of salaries.
CBL Executive Governor J. Aloysius Tarlue, Jr. said, âThe location of the Cash Hub in Gbarnga, Bong County is ideal for accessibility due to its central location in Bong County. It will attract banking institutions to rural areas as it will address one of the main challenges facing commercial banks operating in rural areas regarding the movement of funds between branches of commercial banks and their head office in Monrovia, especially during the rainy season â.
Operators with huge cash flow, such as gas stations, department stores and merchants, will also have easy access to their funds in commercial banks, as these banks will now be able to deposit and withdraw to their accounts at the CBL Hub.