Le Guide Africain Des Marchés À Revenu Fixe

76 – Liberia S é n é g Tambacounda i BAMBOUK a n l Ba Banjul F Bako a y l MALI é Cap Ste-Marie GAMBIE m é Ségou er Kolda ig N G am bie a Ziguinchor b e Liberia G Cap Roxo 581 m C Bamako or u g b n Bissau a 1538 m fi l a Ile de Jeta Mf� B C ie 262 m DU TAMGUÉ b o é lde G r i Cana êba ubal m o n a g a G a FOUTA� B B G U I N E E � Tinkisso ARCHIPEL DES BIJAGÓS DJALON Bobo� 1245 m Labé BISSAU ing Sikasso Orango� af Dioulasso é B Grande Boké r 2006 At a Glance u o k Iles Tristao n GUINEE o K Mount� B U R K I N A � r Kavendou� N ige Population (mn) 3.4 1421 m Mamou Kankan FASO 1115 m 1117 m K o Kindia Faranah M m i L o lo é Population Growth (annual %) 2.2 1250 m ng o r é o a D M a y io u n ba Conakry s o e K i Odienné c 1108 m r c n ca l Official Language S a English Korhogo l e Mts� e k Bintimani� B tl B t o LOMA a i 1945 m n L R d a a Sankanbiaiwa� m Makeni Pic de Tio� m a 1709 m d 1443 m a Currency Liberian Dollar (LRD) n r a o B Freetown i l u e g e 1257 m e b M g Voinjama a GDP (Current US$ bn) 0.66 Cap Shilling B Baie�S I E R R A � N Yawri Kenema Mount� z Bo Mt� Nzérékoré Séguéla i a o Wuteve� Nimba� o n RA a 1752 m U Bouaké Iles Turtle LEONE M o 1380 m TO S GDP Growth (annual %) 7.7 or M fa a o U M L D s Ile Sherbro l ts s Man a u M Pointe Manna a n o d n t P a Sain r COTE D'IVOIRE Mts KPO Sanniquellie a GDP Per Capita (US$) 197 M Bouaflé Tubmanburg Gbarnga Daloa Mts BONG n o Robertsport u Dimbokro N FDI, net inflows (US$ mn) (2005) 194 Bensonville Kakata Yamoussoukro N z C i Cap Mesurado a v a l s l Monrovia to y s Agboville External Debt (US$ mn) 3,800 e C Zwedru D u be Buchanan Divo B S a a n C ss d River Cess Mts� a a O n m d External Debt/GDP (%) - a Baie du Cestos PUTU r T a E D Baie du Sino CPI Inflation (annual %) E Greenville Abidjan 8 S G Barclayville San-Pédro L 'I V O I R E R D E Exports of goods and services (% of GDP) - A Harper E IN Cap des� T E Palmes C O Gross Official reserves (in US$ bn) 0.046 S Gross Official Reserves (in month of imports) - O C E A N � UNDP HDI RANKing - Source: AfDB, IMF, UNCTAD, UNDP, UN PopulationATLANTIQUE� Division � LIBERIA 1. Overview of Financial System restructure under-capitalized banks. Furthermore, in GEOATLAS - Copyright1998 Graphi-Ogre As the internal strife in Liberia which crippled the 2006, authorities have signaled that there will be no 0 km 100 200 300 400 km growth of its financial system is over, the banking licenses issued to new banks until the non-performing sector is beginning to revive. The formal financial sector loans problem is worked on. Good progress has is centered on banking, of which 5 banks are mostly already been made in this regard, as the ratio of majority-owned by foreign companies. The Central non-performing loans to total advances has been Bank of Liberia (which replaced the National of Liberia estimated to have come down from 62% in 2003 to in 1999) regulates and supervises the banking sector. 18.4% of total advances in 2005. L Its key objectives include the safety and soundness In view of the asset quality situation, an additional of the Liberian banking system and the adoption and weakness in the Liberian banking system is that 80% implementation of strategies for distressed banks of the revenues of banks are generated predominantly resolution. from “fees” rather than “interest income”. The only local bank, the Liberian Bank for Development The challenges to the Central Bank of Liberia also and Investment (LBDI), is state owned. Foreign banks includes the weakness of the depositor confidence comprise the following: Ecobank Liberia Limited in the banking system as 80% of the money supply (a West African regional bank based in Togo with is held outside the banks and 50% of public cash is branches throughout West Africa). First International held in US dollars. Bank Liberia Limited, Global Bank Liberia Limited, and International Bank (Liberia). 2. Foreign Exchange The central bank is now working on plans and fresh The Liberian dollar (LRD) is a freely floating currency. initiatives to address the banking sector’s non- However, the USD is also a legal tender in Liberia performing loans. This is approached via efforts to and is used alongside the Liberian dollar. But, the two Liberia – 77 currencies are held for different purposes. While the 3. Key Contacts Liberian dollar is held for small purchases, especially • Central Bank of Liberia in the rural areas, and is used by the Government PO Box 2048, Corner of Warren and for payment of civil servants’ salaries, the US dollar Carey Street, Monrovia, Liberia is the medium of exchange in trade and financial Tel: +231-226-991/225-685/229-728 transactions. Except in 2004 when it strengthened Fax: +231-226-114 to LRD 47.00/1USD, the LRD exchange rate versus Web: www.cbl.org.lr the USD generally held around LRD 60/1USD. In the first quarter of 2007, it has however weakened to LRD 61.50/1 USD. The Liberian dollar’s depreciation in recent years is attributed to the rebound in imports of goods and services. LRD per unit of USD (Year End.) 80 60 40 2000 2001 2002 2003 2004 2005 Source: Bloomberg.

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