MONROVIA, LIBERIA-The Central Bank of Liberia (CBL) says its attention has been drawn to a story in the media, inquiring as to whether taxes had gone missing from the Government of Liberia’s Consolidated Account at the Bank.
The CBL, in a release issued Monday, November 16, 2020, said all taxes mobilized by the Liberia Revenue Authority (LRA) are paid into the Transitory Accounts at Commercial Banks consistent with the Public Financial Management Law, and eventually moved into the Government’s Consolidated Account held at the Bank.
The CBL said the process is exclusively done under the transparent and accountable mandate of the Finance Ministry and the LRA.
It said the Transitory Accounts are issued for the LRA and Commercial Banks.
The Bank, in the release, said at the end of every reconciliatory period and in support of proper accountability, a routine validation is done between the LRA and Commercial Banks (excluding the CBL) to confirm that all funds collected and placed in the Transitory Accounts are appropriately handled in line with the policy.
CBL reiterates that it has no statutory control over the operational functioning of the Transitory Accounts at the Commercial Banks, and have no control over the movement of cash from the Consolidated Account of Government, unless by a formalized instruction from the Finance Ministry.