In a decisive response to recent media reports alleging imminent collapse of two major banks, the Central Bank of Liberia (CBL) has firmly dismissed these claims as unfounded and harmful to public trust.
Today, the CBL released a statement condemning the article titled “Broke Banks?” as not only inaccurate but also detrimental to the stability of Liberia’s banking sector. The Central Bank expressed concern over what it described as irresponsible journalism that misrepresents the actual health of the banking system.
According to the CBL, such misleading reports could undermine public confidence, threatening the stability that has been carefully nurtured over time. The Bank emphasized that Liberia’s financial institutions remain solid, with liquidity and capital reserves comfortably exceeding regulatory standards.
The CBL reassured the public that all banks under its supervision are meeting stringent capital and liquidity requirements, reflecting their financial stability and resilience. It emphasized its unwavering commitment to safeguarding depositors’ funds and maintaining the integrity of the banking system.
The Central Bank also stressed its ongoing vigilance in monitoring financial institutions to ensure they adhere to rigorous regulatory standards designed to protect the economy.
In its statement, the CBL called on the media to uphold higher standards of responsibility in their reporting. It urged journalists to seek accurate information directly from the Central Bank before publishing potentially destabilizing claims.
The CBL highlighted the crucial need for accurate and responsible journalism, especially concerning sensitive issues like the financial sector. The Bank urged the public to disregard the erroneous information and rely on verified sources for accurate updates on Liberia’s banking system.
Concluding its statement, the CBL reaffirmed its commitment to transparency and the stability of the financial sector, which is vital for the nation’s economic health. The strong response from the Central Bank underscores the serious impact misinformation can have and emphasizes the need for responsible reporting that serves the public interest.
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