Crain News Service report
MONROVIA, Liberia (July 11, 2014) — The Central Bank of Liberia (CBL) has directed $1.43 million toward the resuscitation of its rubber industry.
The CBL’s action comes on the heels of a drastic reduction in the production of rubber in the country—despite the fact it is one of Liberia’s largest employment sectors.
Speaking at CBL’s presentation ceremony in the capital Monrovia in June, the executive governor of the bank, Joseph Mills Jones, said the initiative was part of the government’s commitment to the revitalization of the rubber sector.
Mr. Jones said the industry was affected due to the drop in prices of rubber on the world market.
The money infusion will improve the industry’s ability to make an impact in the foreign exchange market by supporting the stability of the exchange rate and boost the nation’s economy.
The loan will be managed by the Liberia Bank for Development and Investment.
John B. Davis, president of the Liberian Bankers Association, said more than 37 institutions already have applied to use the money provided by the loan.
This report appeared on the website of European Rubber Journal, a UK-based sister publication of Tire Business.
Titan International and the United Steelworkers union have petitioned the U.S. International Trade Commission and U.S. Department of Commerce seeking relief from OTR tire imports from China, India and Sri Lanka. What’s your opinion?
|I wholeheartedly support their action – something needs to be done.||
|I think it’s a bad idea that could inevitably tie the hands of domestic tire makers.||
|I oppose any duties against tire importers—they only raise costs for distributors and make it harder to obtain inventory.||
|I’m kind of on the fence and not sure what’s right, but need more information before deciding.||
|I don’t really care whether or not relief is granted.||
|Total votes: 78|