Monrovia, Liberia (PANA) - Liberian President George Manneh Weah Friday named Jolue Aloysius Tarlue as Executive Governor of the Central Bank of Liberia (CBL), an official statement from the presidency said.
Tarlue replaces Nathaniel R. Patray, who retired on October 24, 2019.
Tarlue is expected to lead a team of deputy governors and others in restructuring the Central Bank of Liberia to tackle Liberia’s challenging economy.
With the economy rocked by high inflation, low revenue generation, poor prices of raw materials (iron ore, rubber, timber, among others) on the world market and massive unemployment, Tarlue will have the headache of joining other members of the technical economic team (TEM) in piecing together policies and strategies to battle the fast declining financial and economic situation in the country.
The new governor’s immediate concern will be the literally empty vaults at nearly a dozen commercial banks, something financial analysts attribute to lack of confidence in the banking system.
The incoming CBL chief worked with a number of top notch banks and other financial institutions in the United States of America, including J.P. Morgan Chase, BNY Mellon N.A., Deutsche Bank, Merrill Lynch and HSBC Bank N.A. amongst many other executive level financial establishments.
Tarlue holds an MPA (specializing in Public Policy) from Kean University, New Jersey (USA) and BA in Political Science from the King University in Bristol, Tennessee (USA).
But the nominee is a relative stranger to the local banking system and this could very well be his first big time stint in the Liberian banking sector.
Prior to his appointment by President Weah, Tarlue was Chairman, Board of Commissioners of the Liberia Electricity Renewable Commission.
Tarlue’s appointment is subject to confirmation by the Liberian Senate, the upper House of the National Legislature (Parliament).
However, by Liberian standards, it is a foregone conclusion that the president’s nominee is the new Governor of the Central Bank.
-0- PANA PTK/RA 8Nov2019