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Home/Economy/Monetary Policy
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Economy · Monetary Policy

Monetary Policy

CBL rate decisions, reserve management, and central-bank actions shaping credit and the LRD.

54 stories matched from the TrueRate newsroom.

CBL Statistical Data · Monetary Policy

CBL benchmark rate and USD/LRD end-of-period exchange rate, sourced from the Central Bank of Liberia.

Policy Rate16.25%MPC · 2026-05
USD/LRD Rate183.93End-of-period · 2026-03

Chart showing USD to Liberian dollar end-of-period exchange rate over the past 24 months. Most recent rate: 183.93 LRD per USD.

Source: Central Bank of Liberia DataWarehousePro · Updated nightly

forex

From L$200 to L$184: How an 8% Currency Swing Is Reshaping Margins

The exchange rate fell 7.92% over the past year to L$183.93 per US dollar in March 2026, according to CBL data. For importers, the stronger currency means cheaper goods in local terms. For exporters and dollar-earners, it means thinner margins — a split that runs through every business that touches both currencies.

TrueRate · Jul 4, 2026

commodities

Gold Hit US$175 Million in March — Now Two-Thirds of All Exports

Gold exports reached US$175.13 million in March 2026, up 111.87% year-on-year, and now account for 66.52% of total monthly exports, according to CBL data. Combined with iron ore, two commodities make up 92.59% of export earnings — a level of concentration that turns a single global price move into a national-accounts event.

TrueRate · Jul 4, 2026

banking

Money Supply Hits L$299 Billion — Why Cash Is Up and Savings Are Down

Broad money reached L$299,356.37 million in March 2026, up 10.66% year-on-year, according to CBL data. But the composition is diverging: narrow money grew 7.86% in a single month while quasi money contracted 6.51%, signaling a liquidity preference shift with direct implications for bank lending and credit availability.

TrueRate · Jul 4, 2026

investing

13.11% to Borrow, 1.94% to Save: the Spread That Shapes Every Investment

The gap between what banks charge borrowers and what they pay savers widened to 11.17 percentage points in February 2026, according to CBL data. With inflation at 4.50%, every Liberian-dollar savings account is losing purchasing power — and depositors are responding by pulling money out.

TrueRate · Jul 4, 2026

business

Fuel Costs Jump 12% in One Month — Headline Inflation Reads 0.6%

The imported fuel price index rose 12.38% in March 2026 to its highest level in two years while the headline consumer price index climbed just 0.62%, according to LISGIS. For keke operators, market traders, and delivery businesses, the gap between official inflation and daily operating costs is the widest it has been in at least two years.

TrueRate · Jul 4, 2026

business

Rubber Output Drops 47% as Smallholder Farmers Bear the Cost

Rubber production fell to 3,476 metric tons in March 2026, down from 6,527 in February and nearly 30% below year-ago levels, according to LISGIS. For smallholder farmers paid by volume, the decline translates directly to lost income in a sector that now accounts for less than 3% of national exports.

TrueRate · Jul 4, 2026

business

A US$314 Million Import Bill: What a Two-Year High Means for Small Retailers

Goods imports rose 47.26% to US$314.08 million in March 2026, the highest monthly total in at least two years, while the trade balance swung from a US$13.98 million surplus to a US$50.80 million deficit in a single month, according to CBL data. For small retailers, more supply entering the market does not always translate to wider margins.

TrueRate · Jul 4, 2026

policy

VAT Set to Replace GST in Biggest Tax Overhaul in Years

The Liberia Revenue Authority is steering the country's biggest indirect-tax overhaul in decades: replacing the single-rate Goods and Services Tax with a multi-stage Value Added Tax. With tax revenue at US$59.46 million in March 2026 — a month when one-off non-tax receipts swelled total revenue to US$304.37 million — the shift is as much about broadening the tax base as changing the rate.

TrueRate · Jun 23, 2026

technology

EKAN Connect Wants to Turn Every Chat Into a Checkout

Liberian-founded EKAN International is building a platform that embeds payments, invoicing and escrow directly into encrypted conversations — betting that in Africa's mobile-first economy, the messaging thread is a better checkout lane than the banking app.

TrueRate · Jun 21, 2026

business

The Cost of Credit: Why Liberian Businesses Pay 13% to Borrow

At February 2026's average lending rate of 13.11%, a cookshop owner borrowing L$500,000 pays over L$65,000 a year in interest before touching principal. Inside the structural barriers — informality, weak collateral registries, slow default recovery — that price most small businesses out of formal credit.

TrueRate · Jun 20, 2026

business

Government Revenue Hits US$304 Million in March — What It Means for Businesses That Sell to the State

Total government revenue surged to US$304.37 million in March 2026, with tax receipts at US$59.46 million and total expenditure at US$136.57 million. For Liberian businesses that contract with government, the surge signals opportunity — but also the lumpiness that makes government a difficult customer.

TrueRate · Jun 14, 2026

business

Personal Loans Cost 16.16% — The Hidden Tax on Informal Entrepreneurs

The average Liberian-dollar personal loan rate stood at 16.16% in February 2026, three full percentage points above the commercial lending rate of 13.11%. For the thousands of micro-entrepreneurs who borrow on personal terms because their businesses lack the formalization to qualify for commercial credit, the gap is a structural penalty that caps growth before it starts.

TrueRate · Jun 12, 2026

business

China Buys US$134 Million of Liberian Exports After Near-Zero in 2024

Exports to China surged to US$134.19 million in 2025 from just US$0.61 million the year before — a jump so large it reshaped Liberia's trade geography overnight. The recovery echoes the US$146.26 million China bought in 2014 at the peak of the last iron-ore cycle, and it signals that a major commodity channel has reopened.

TrueRate · Jun 11, 2026

business

Banks Hold L$260 Billion in Deposits — Where Does the Money Go?

Liberian commercial banks held L$260,501 million in deposits included in broad money as of March 2026 — roughly US$1.42 billion at prevailing rates. Yet bank claims on the private sector grew just 1.1% over the same year. The deposits are piling up faster than banks are willing to deploy them.

TrueRate · Jun 10, 2026

business

Why Most Liberian Startups Never Get Past the First Year

Liberia's economy grew 4.57% in real terms in 2025, but the barriers to turning that growth into new businesses remain steep. Expensive credit, limited formalization, imported input costs and a narrow services sector define the startup environment.

TrueRate · Jun 9, 2026

analysis

A Two-Speed Economy: Minerals Race Ahead, Most People Don't

Mining surged past US$1 billion and gold and iron-ore exports boomed in 2025, while agriculture grew barely 1% and most Liberians work in sectors expanding far more slowly. The split defines who benefits from the country's growth.

TrueRate · Jun 6, 2026

analysis

Lumpy Taxes, Volatile Spending, Rising Debt: The 2026 Budget

Tax revenue ran between US$58 million and US$80 million in most months but spiked to US$304 million in March 2026, while spending swings wildly, capital investment is squeezed and debt has climbed past US$2.8 billion. The combination leaves Liberia growing but with little fiscal room to spare.

TrueRate · Jun 4, 2026

business

CBL Holds Policy Rate at 16.25% — What Businesses Should Know

The Central Bank of Liberia has held its monetary policy rate at 16.25% since October 2025 — down from 20% in mid-2024 but still elevated by historical standards. With headline inflation at 4.50%, real interest rates are strongly positive, and commercial lending at 13.11% remains expensive for most businesses.

TrueRate · Jun 3, 2026

economy

Bottlers Ramp Up 20% as Consumer Spending Holds

Beverage output rose 20.3% in the year to March 2026, to 4.0 million liters, one of the country's most established manufacturing lines. The growth points to resilient consumer spending and a broadening industrial base.

TrueRate · Jun 1, 2026

commodities

Cement Output Hits a Record as the Building Boom Rolls On

Cement output reached 89,000 metric tons in March 2026, a record in the monthly series and up 52.5% on the year, after rising for several straight months. The climb is a clear read on a building upturn.

TrueRate · May 30, 2026

analysis

Incomes Per Person Are Still Climbing Back to 2018 Levels

Real GDP per capita rose about 2.4% in 2025 and is up roughly 12.5% from its 2020 low, but still sits just below where it stood in 2018. The slow climb shows how population growth eats into headline gains.

TrueRate · May 27, 2026

economy

The State's Own Economic Output Barely Grew Last Year

The value of government services rose about 2.7% to US$169 million in 2025, the slowest-growing major part of the economy. Tight budgets and a heavy wage bill leave little room for the state's own contribution to output to expand.

TrueRate · May 25, 2026

commodities

Palm Oil Rebounds to US$173 Million After Volatile Years

Palm oil output was valued at about US$173 million in 2025, up nearly 8.8% on the year and well above its 2020 level, as a crop Liberia has long sought to scale shows signs of recovery. Smallholders and concessions both shape the outcome.

TrueRate · May 22, 2026

economy

Homegrown Steel Output More Than Doubles in a Year

Steel production rose to 4,267 metric tons in March 2026, up 162.3% from a year earlier, as a domestic industry geared to construction expands. The growth points to import substitution in building materials.

TrueRate · May 20, 2026

economy

Rice: The US$296 Million Staple With Outsized Political Weight

Rice output was valued at about US$296 million in 2025, down from US$350 million a year earlier, even as the grain remains the country's politically charged staple. Heavy import reliance keeps rice prices a perennial flashpoint.

TrueRate · May 17, 2026

commodities

Vast Forests, Idle Trade: Why Forestry Is Stuck

Forestry output from logs and timber was about US$18 million in 2025, below its 2020 level, while recorded round-log production sat at zero through early 2026. A sector with vast resource potential remains one of the economy's quiet underperformers.

TrueRate · May 15, 2026

banking

The Financial Sector Keeps Growing — but Not by Lending to Business

The financial-institutions sector expanded about 6.8% to US$161 million in 2025, a steady climb even as banks lent more to the government than to business. The sector's growth outpaces the credit reaching the private economy.

TrueRate · May 10, 2026

economy

Moving People and Data Grows Into a US$257 Million Business

The transport and communications sector grew about 7.8% to US$257 million in 2025, lifted by mobile services, logistics and the movement of goods. Its steady expansion underpins commerce across an economy where moving goods is costly.

TrueRate · May 7, 2026

economy

A Building Boom Pushes Construction Past US$270 Million

Construction output reached US$270 million in 2025, up about 8.9% on the year and nearly double its 2020 level, as cement production hit records. The building boom is one of the clearest signs of domestic investment beyond the mines.

TrueRate · May 5, 2026

analysis

Imported Goods Hold Steady; It's Local Prices That Are Rising

Imported-item prices were essentially flat over the year to March 2026, up just 0.1%, while domestic prices rose 5.8%. The split overturns the usual story and points to home-grown costs, not imports, as the live inflation risk.

TrueRate · May 2, 2026

economy

Eating Out Gets 15% Pricier — the Fastest-Rising Cost of All

Prices for restaurants and hotels rose 14.8% in the year to March 2026, the fastest of any major category and a heavy one at 17% of the basket. The climb reflects rising food, labor and energy costs feeding through to prepared meals and lodging.

TrueRate · Apr 30, 2026

economy

The One Bill That's Getting Cheaper: Phone and Data

Communication prices dropped 5.0% in the year to March 2026, one of the few categories getting cheaper, as mobile and data competition pushes costs down. The decline is a quiet dividend of Liberia's expanding digital economy.

TrueRate · Apr 27, 2026

economy

Why School Fees Make Education Costs Jump Once a Year

Education prices rose 3.2% over the year to March 2026, moving in a single step rather than gradually — the signature of fees set once a year. For families, the cost of schooling is a recurring strain in a country betting on its young population.

TrueRate · Apr 25, 2026

economy

Health-Care Costs Climb 6%, and Families Pay Out of Pocket

The health price index rose 6.1% in the year to March 2026, with a sharp mid-2025 spike, adding to the cost of care in a country where most medical spending is out of pocket. Health carries a 9% weight in the consumer basket.

TrueRate · Apr 22, 2026

economy

Keeping the Lights On Costs 6% More This Year

The cost of housing, water, electricity and fuels rose 6.1% in the year to March 2026, outpacing headline inflation. With shelter and utilities a fixed monthly burden, the increase squeezes household budgets that have little room to adjust.

TrueRate · Apr 20, 2026

economy

Taxpayers, Not Donors, Are Now Funding the Budget

Tax revenue totaled about US$187.3 million in the first quarter of 2026, holding near US$60 million a month, while grants recorded in the monthly data stayed at zero. The figures show a budget leaning almost entirely on what the country collects itself.

TrueRate · Apr 17, 2026

economy

The Public Payroll Eats a Large Slice of the Budget

Government salaries reached US$40.5 million in December 2025 and dominate recurrent spending, a wage bill that competes directly with investment and debt service. Containing it is among the hardest tasks in Liberian fiscal policy.

TrueRate · Apr 15, 2026

policy

Running Costs Crowd Out Investment in the National Budget

Capital spending collapsed to near zero in early 2026 before a US$50 million March outlay, while recurrent costs absorbed the bulk of the budget. The imbalance leaves little for the roads, power and water that growth depends on.

TrueRate · Apr 12, 2026

policy

Government Spending Lurches Month to Month, Bunching at Year-End

Total government spending ranged from US$33 million in January 2026 to US$193 million in December 2025, a volatility that complicates budgeting and service delivery. Recurrent costs dominate, leaving little that is steady or predictable.

TrueRate · Apr 10, 2026

economy

Public Debt Climbs to US$2.82 Billion as the Bill Mounts

Total government debt reached US$2.82 billion in December 2025, up 7.15% on the year, with external creditors holding nearly 58% of the stock. The rising burden narrows the fiscal room for a state already leaning on a handful of commodity exports.

TrueRate · Apr 5, 2026

economy

Inflation Cools to 4.50%, but the Core Tells a Tougher Story

Headline inflation slowed to 4.50% year-on-year in March 2026 as domestic food prices fell, capping a long disinflation from 2025's double-digit average. But core inflation held near 6% and imported fuel jumped 12% in the month, leaving the Central Bank with reason for caution.

TrueRate · Apr 3, 2026

policy

Money Supply Swells 11% While the Central Bank Holds Steady

Broad money reached L$299.4 billion in March 2026, up 10.66% year-on-year, while the Central Bank held its policy rate at 16.25%. Reserve money surged 31% — fast enough to bear watching against the inflation goal — even as commercial lending rates edged up rather than down.

TrueRate · Apr 3, 2026

banking

Banks Are Lending to the Government, Not to Business

Banks' claims on the private sector rose just 1.1% in the year to March 2026 — a decline in real terms — while lending to the central government jumped about 40%. The pattern points to private credit being crowded out, and squares with Liberia's stubbornly high borrowing costs.

TrueRate · Apr 3, 2026

commodities

Gold Overtakes Iron Ore as Liberia's Top Export Earner at US$175m

Gold exports reached US$175 million in March 2026, more than double a year earlier and well ahead of iron ore, as output climbed to nearly 38,000 ounces. The metal's rise has reshaped Liberia's export base and helped steady the currency.

TrueRate · Apr 2, 2026

economy

Domestic Food Prices Eased in Liberia, but Imported Fuel Jumped in March

Domestic food prices fell about 1% over the year to March 2026, offering households rare relief, while imported fuel prices rose 12% in the month alone. The split shows how Liberia's cost of living turns on the divide between home-grown and imported goods.

TrueRate · Apr 2, 2026

forex

A Stronger Currency Eases Import Costs as the US Dollar Slips to L$184

The Liberian dollar closed March 2026 at L$183.93 per US dollar — about 8% stronger than a year earlier, supported by booming gold exports and steady remittances, though it has given back ground since the end of 2025. In a dual-currency, import-dependent economy, the rate shapes everything from fuel prices to inflation.

TrueRate · Apr 2, 2026

commodities

Iron-Ore Output Rebounds to 2.3 Million Tonnes in March

Iron-ore production reached 2.33 million metric tons in March 2026, far above the depressed level of a year earlier, while export earnings rose 47% to US$69 million. Volumes remain volatile and tied closely to global steel demand.

TrueRate · Apr 1, 2026

commodities

Exports Surge 58% to US$2.1 Billion, Powered by Gold

Total exports rose 57.9% to US$2.07 billion in 2025 on surging gold and iron-ore shipments, while imports climbed 55.4% to US$2.35 billion, widening the merchandise trade deficit to about US$281 million. The boom has reshaped Liberia's export base around gold.

TrueRate · Apr 1, 2026

analysis

A Rare Current-Account Surplus, at Least by the Central Bank's Count

Liberia recorded a current-account surplus of about US$77 million for 2025 on the Central Bank's balance-of-payments data, sustained by US$941 million in remittances and transfers, even as the goods balance ran a US$281 million deficit. The World Bank, using a different method, reports a deficit — a divergence worth watching.

TrueRate · Mar 31, 2026

banking

Business Loans Get Pricier Even as Consumer Rates Fall

The average lending rate rose to 13.11% in February 2026 from 12.25% a year earlier, even as personal-loan and mortgage rates fell. Deposit returns stayed at 1.94%, keeping banks' margins wide and credit costly in an economy where formal borrowing is already scarce.

TrueRate · Mar 31, 2026

economy

Imports More Than Doubled in March, Exposing a Deep Dependence

Imports reached US$329 million in March 2026, more than double a year earlier, and totaled US$2.35 billion for 2025. The figures lay bare how dependent Liberia remains on foreign goods — from fuel and food to machinery — and the pressure that puts on the trade balance.

TrueRate · Mar 31, 2026

economy

Remittances Reach US$941m, the Backbone of Liberia's External Accounts

Inward transfers, largely remittances, totaled US$941 million in 2025 and US$225 million in the fourth quarter alone — the single largest inflow in Liberia's external accounts and the reason the current account stayed in surplus despite a wide trade deficit.

TrueRate · Mar 31, 2026

banking

Cash Outside Banks Jumped 22% in Liberia as Deposits Grew Slowly

Currency held outside banks rose 22% over the year to February 2026, far outpacing growth in bank deposits. The pattern points to persistent cash preference in an economy where much activity stays informal — a drag on lending and on monetary policy.

TrueRate · Mar 30, 2026

commodities

Palm Oil Jumps, Diamonds Double, Cocoa Slumps in Liberia's March Commodity Mix

Liberia's smaller commodities diverged in March 2026: palm-oil export earnings rose to US$6.6 million, diamond output more than doubled, and cocoa production fell 62%. The mixed quarter highlights both the promise and the fragility of efforts to diversify beyond gold and iron ore.

TrueRate · Mar 29, 2026