Abstract:

The Central Bank of Liberia (CBL), according to its mandate under the Act of 1999 and its authority, in line with Section 55 and 39, on November 15, 2016, issue a regulation (No. CBL/RSD/004/2016) on payment of Inbound money transfers, which was ordered by former President of the Republic of Liberia, Madam Ellen Johnson Sirleaf, and the Minister of Foreign Affairs. The objective of this regulation was to support the effective management of the foreign exchange market. The regulation applies to all licensed financial institutions involved in money transfer services, such as Western Union and MoneyGram. The regulation did not apply to inbound money transfers that are made using recipient accounts at commercial banks. Conclusion: The theoretical framework presented in this research suggests that commercial banks, be precise, the Liberia Bank for Development and Investment (LBDI), are more likely to suffer a decrease in commission on inbound money transfers throughout the three years (3) of restrictions.

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