 Prior to the passage of the Telecommunications Act of 2007, Libtelco possessed a legal monopoly over the country's fixed line services, and today remains the sole company licensed by the Liberia Telecommunications Authority to provide fixed line telephone services.Libtelco was founded through the Liberian Telecommunications Corporation Act of 1973 to construct and operate the country's fixed line communications infrastructure and to provide services to residents and businesses.Originally, the corporation was also given exclusive policy setting and regulatory authority over all telecommunications in the country, though these powers were transferred to the newly created Ministry of Posts and Telecommunications in 1978.