The Central Bank is living up to its billing as the People’s Bank by extending membership of its Monetary Policy Committee (MPC) to individuals from the private sector and academia.
The new members will enrich the Committee with their private sector background and contribute to the making of more informed monetary policy decisions that will bring about price stability and accelerated economic growth.
It is hoped that by mid-July two individuals with good standing and unimpeachable characters will join the MPC, bringing its membership to seven. The new MPC members, coming from academia and the private sector, will have a master’s degree in Monetary Policy, Economics, Banking, or Finance, as well as a minimum experience of 10 most recent years in these areas.
To ensure the monetary policy decision process remains objective and void of political influence, the new members will not belong to any political party or be members of any of the three branches of Government. They will also not be officials or employees of a financial institution or beneficial owners of an equity interest in a financial institution.
CBL is now undertaking a recruitment drive and encourages those interested in contributing to monetary policy formulation to visit its website at https://cbl.org.lr/.
The establishment of a CBL Monetary Policy Committee is a recent development in fulfilment of Part IV, Section 17, Count 1 of the amended and restated CBL Act of 1999 that was approved by the National Legislature in October 2020. It calls for the establishment of a Monetary Policy Committee with the mandate of undertaking appropriate monetary policy decisions at regular intervals, with a view to ensuring price stability and economic growth.