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The Central Bank of Liberia (CBL) announced on Thursday, January 23, 2020, that a team of experts from Kroll has arrived in the country to begin a program of technical assistance. The technical assistance program includes putting in place a transparent and accountable system for procuring a limited run of additional Liberian Dollar banknotes. Through this process, the Central Bank of Liberia will provide the Liberian people with easier access to cash that they need to pay for school fees, health care and other essential products and services.
According to CBL, the Kroll team will support the CBL to undertake an open and competitive procurement process for additional banknote printing. The Kroll team will also work with the CBL to oversee, amongst other things, the secure shipment of the banknotes from the selected printer into the CBL’s vaults, and to monitor the distribution of the banknotes into the banking system and broader economy. Over the longer-term, the Kroll team will assist the CBL to enhance its institutional capability, internal controls and governance structure and overall operations, so that the CBL can more effectively perform its core functions of managing Liberian Dollars and creating the necessary monetary stability for broad-based, inclusive economic growth.
Speaking after meeting the Kroll team in Monrovia, the Executive Governor of the CBL, Hon. J. Aloysius Tarlue said, “It is important that the Liberian people have confidence in the CBL and the entire banking system so that they can use the banks to transact business We will therefore provide Kroll all the support it needs—including access to relevant information and key personnel—to ensure that it gives us the best advice for addressing the problems it identified last February and thereby help us win the trust and confidence of the Liberian people.”
Kroll, is recognized as a global leader in risk mitigation, investigations, compliance, cyber resilience, security, and incident response solutions, and is the author of the February 2019 analytic report on Liberia’s previous procurement of new banknotes.