IPNews-Monrovia: Central Bank of Liberia (CBL) Deputy Governor-Designate for Operations says the Bank is ensuring that newly printed LRD$ 4 billion (Four Billion Liberian Dollars) is in circulation on the Liberian market.

Appearing Tuesday for confirmation proceedings before the Senate’s Banking and Currency Committee, Madam Nyemadi D. Pearson stated that the amount printed is insufficient for the transactional market.

According to Madam Pearson, there are currently LRD$ 21 billion in circulation with huge sum of mutilated banknotes on the market which requires urgent attention.

Madam Pearson said the continued depreciation of the current mutilated banknotes  now makes the newly printed Four Billion Liberian Dollars grossly insufficient to address the issue of mutilated banknotes on the market.

She further indicated that the CBL is doing everything possible to ensure that the mutilated banknotes currently in circulation are withdrew from the market into the CBL.

According to enterprising Liberian professional,  ‘the return of the mutilated banknotes on the Liberian Market will grossly undermine efforts of the CBL to get the mutilated notes off the market.

Madam Pearson at the time called for the printing of additional notes in five, ten and fifty denomination to replace the existing mutilated ones.

“Senators, the amount printed is small, so you will feel the impact of the new money” she noted.

The nominee pointed out that if confirmed she will work to implement effective operational policies to sustain the already gains by the bank.

Madam Pearson promised that she will also work with the current management team at the Bank to ensure CBL continue to operate  credible budgets, follow all requisite and statutory policies to procure currency and institute efficient commercial banking operations across the country.

The former Managing Director, Liberia Petroleum Refinery Company, pledged to support the management team of the CBL to sustain the relatively stable macroeconomics climax.

Touching on achievements as Acting Governor for Operations, the nominee revealed that the current Team at the CBL has ensured the outsourcing of the internal audit function to lend credibility to the internal control processes of the bank, a prior action which was much demanded by the IMF and other financial institutions.

Additionally, Pearson said the CBL supported the government of Liberia efforts in negotiating a new IMF-support program to Liberia.

The Deputy Bank Governor-designate also told the Committee that as Acting Deputy Governor, she has closely worked with her colleagues to ensure that the CBL comply with all commitments under the IMF program, including monetary policy that will promote macroeconomics stability, Governance of the bank and internal controls, as well as strengthening the Country’s international reserves position amongst others.

Madam Nyemadi D. Pearson holds a MBA in Financial Management with emphasis on marketing from Strayer University, Rockville, Maryland, USA in 2011.

She also holds BA in Business Management from the United Methodist University in 2006 and other certificates to include but not limited to:
Certificate in Leadership Decision, Marketing Optimizing Organizational Performance, Harvard University, MA-USA
The nominee has a Diploma in Procurement from the Liberia Institute of Public Administration;
Certificate, Corporate Planning and Management-Effective Techniques and Coaching and Goal Setting for High Performance Smart Concept Technology, Houston, Texas, 2014;
Certificate, Banking and Finance, Logan University 2006;
Certificate, Customer Service, Ecobank Ghana LTD. 2007;
And Certificate, Computer Applications, Global Computer Institute, Teshie Nunga, Ghana, 2002.
Prior to her appointment as Deputy Central Bank Governor for Operation, Madam Pearson served as:
Managing Director,  Liberia Petroleum Refinery Company February 2018 to June 2019; Special Assistant- President, Republic of Liberia 2019; Deputy Director- General Support Services Department, Central Bank of Liberia, 2016 to 2017; Acting Chief of Office-Interim President/ CEO National Oil Company of Liberia, 2015; Training and Development Manager/ Scholarship National Oil Company of Liberia 2012 to 2015; Counselor Staff Assistant, Embassy of the Republic of Liberia, USA 2010 to 2012 and Banking Supervisor/ Ecobank, Liberia, 2006 to 2010.

Other positions include:
Officer Manager/ Ministry of Commerce and Industry, 2003 to 2006.

Meanwhile, the Senate committee is expected to forward its findings and recommendations to the Plenary of the Senate for action within the coming days.