Following his confirmation hearing last week, the Liberian Senate on Monday voted to confirm Mr. Jolue Aloysius Tarlue as the new Central Bank of Liberia Executive Governor.
Mr. Tarlue’s appointment came just two weeks after the resignation of former Governor Nathaniel R. Patray, III, who resigned on October 24, 2019.
The President named Mr. Tarlue on Friday, November 8, 2019 following a “comprehensive” vetting process by a team of experts, which he [the President] had set up.
Mr. Tarlue will now lead a team of other governors in revamping the CBL to tackle Liberia’s economy that lies in complete “toilet state”.
Four members of the Senate Banking and Currency Committee voted for his confirmation while two opposed his nomination as the Bank’s Executive Governor.
When Central Bank of Liberia Executive Governor-designate appeared at the Liberian Senate for confirmation hearing last Thursday, he left lawmakers in a mixed mood. J. Aloysius Tarlue told the senate how he would fix the crumbling Liberian banking sector during the hearing but there were also some concerns about conflicting information on his CV.
When asked about his plans to lead the CBL during the hearing, he said “My vision, as governor, will be to rebuild confidence in the CBL and the banking sector as a whole in the next five years.”
He continued: “This will be done through the banking sector, as a whole, in the next five years. This will be done through reforms aimed at improving governance, ensuring technical soundness in policies, and achieving financial sustainability of the CBL and above all ensures that the CBL is focused on carrying out monetary policies that seek to keep inflation low, stabilize the exchange rate, as well as ensure that Liberia had enough foreign exchange buffers.”
In further comments during his confirmation hearing, he told senators that no amount of policy crafting and announcement will prove effective unless depositors trust the banking process.
He said customers will have confidence when they take their money to the bank, and they can get it back anytime they want.
Who is Tarlue?
Jolue Aloysius Tarlue, Jr., is a Kean University Masters in Public Administration, with 17 years of solid quality compliance experience, enforcing standards in a range of global financial institutions, mainly in the United States.
In late 2018, President Weah appointed Tarlue as Chairman of the Liberia Electricity Regulatory Commission (LERC). Tarlue oversaw the standing up of the electricity regulator, mobilizing a pool of technicians recruited through a stringent competitive process.
With the staff, Tarlue turned to identifying power providers in the country through the conduct of an Operators Census. Just this month, he led a stakeholder validation session of the draft regulations of the LERC’, namely, The Administrative Procedure Regulations, Electricity Licensing Regulations, Licensing Handbook and Micro Utility Licensing Regulations.
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