CBL Burnt US$61.8million on Operation

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    The Central Bank of Liberia (CBL) operated a budget of US$35.5 million in 2018 and spent US$61.8million on its operation, its published annual report for 2018 shows.

    “Total expenditure for the year amounted to L$9.7 billion compared with L$5.0 billion in 2017,” it said.

    “This increase was attributed to a 25.9 percent depreciation of the Liberia dollar against the UnitedStatesdollar, fromL$125.45/US$1.00in2017toL$157.88/US$1.00 in2018,operating and capital expenditures in the face of expanding activities of the Bank and write-off of unsupported assets.

    This means the Bank spent US$26.5 million more than what it budgeted.

    “The budget was based on interest income on loans and advances to GOL, interest on placements abroad as well as service fees and commission which were used as sources of income inflows in addition to the Bank’s own reserves to cover operating expenses and other non-recurrent and capital expenditures, the Bank said.

    “The CBL’s un-audited Income Statement as at end-November 30, 2018, revealed gross income of L$1.95 billion compared with L$ 1.3 billion in 2017. “