Category: Banks. Country: Lesotho.
The Central Bank of Lesotho (CBL) was first established as the Lesotho Monetary Authority in 1978, under the Lesotho Monetary Authority Act of 1978. It started its operations on January 2nd 1980. In 1982, through the Act of Parliament, the name Lesotho Monetary Authority was changed to the Central Bank of Lesotho (CBL) and additional functions and responsibilities were prescribed to the new institution. In August 2000, the Central Bank of Lesotho Act of 2000 came into force. This new Act has conferred considerable autonomy to the Central Bank and defines a singular objective for the Bank. Ownership and Governance. The Central Bank of Lesotho is a statutory organisation fully owned by the Government of Lesotho. The Central Bank enjoys a fair amount of independence in formulating and implementing monetary policy. The Governor, who is also the chairman of the Board of Directors, together with the two Deputy Governors, are appointed by His Majesty The King on the advice of the Prime Minister. The Minister of Finance appoints the other Board Members. The Mission of CBL is to strive for a strong diversified, efficient and effective financial sector, with highly enhanced financial deepening. The principal objective of the Central Bank of Lesotho, as stipulated in the Central Bank of Lesotho Act of 2000, is to achieve and maintain price stability. Other related objectives which are supportive to this mission are: To foster the liquidity, solvency and proper functioning of a stable market-based financial system; To formulate, adopt and execute the monetary policy of Lesotho; To issue, manage and redeem the currency of Lesotho; To formulate, adopt and execute the foreign exchange policy of Lesotho; To license, register and supervise institutions pursuant to the Financial Institutions Act of 1999, the Money Lenders Order of 1989, and the Building Finance Institutions Act of 1976, and the Insurance Act of 1976; To own, hold and manage its official international reserves; To act as a banker and advisor to, and as fiscal agent of the Government of Lesotho; To promote the efficient operations of the payments system; To promote the safe and sound development of the financial system, and To monitor and regulate the capital market.
Address: Corner Airport and Moshoeshoe Roads, Maseru Central, P.O. Box 1184 MASERU 100 Phone: 266 22314281 Fax: 266 22310051
