Kamara stated that given that Liberia runs a dollarized economy with about 60 percent of transactions in the US dollar, local monetary policy tools have proven to be relatively ineffective in controlling movement in monetary collectives.
The Finance Minister made the remarks Thursday at the official launch of the Groupe Nduom (GN) Bank Liberia Limited which purchased the assets of the First International Bank, held at the Monrovia City Hall.
Kamara indicated that the challenge of achieving and maintaining single-digit inflation is a work that lies solely in the shop of the fiscal and monetary authorities.
He noted that no doubt the need for more financing for micro, small and medium size enterprises in both urban and rural areas cannot be over-emphasized as it is crucial in the development of the private sector.
Kamara said the Ministry of Finance and Development Planning (MFDP) will continue to improve existing infrastructure and maintain a calm state of security that makes doing business in Liberia an exciting venture.
He added that GN Bank Liberia Limited has come at a time when the Liberian financial sector is faced with numerous challenges, but said there is a room for expansion, despite the Ebola Virus Disease (EVD) and the global decline in prices which affected Liberia’s two major export commodities - iron ore and rubber.