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Dont refuse mutilated LDCBL mandates Commercial Banks

Mulbah Kessellie/Benjamin S. Taingay
The Governor  of  the Central Bank of Liberia , Mills Jones
The Governor of the Central Bank of Liberia , Mills Jones

(elbcradio.com/June 26, 2015)-The Central Bank of Liberia (CBL) has mandated that all local commercial banks accept mutilated Liberian Dollar (LD) banknotes from the public.

The CBL wants commercial banks accept the mutilated banknotes to be exchanged at face value, with the banknotes under the condition of being weak, torn or worn out.

According to a release, the CBL made the pronouncement recently in the Liberian Capital, Monrovia.

In the release, the CBL said: “The Liberian Dollar mutilated banknotes should be sorted by denominations and deposited at the CBL to give the commercial bank the full face value for the amount deposited.”

Any refusal by commercial banks to comply will be considered breach of the Act establishing the Liberian Dollar as legal tender in the country, the CBL warned.

It also warned against local commercial banks discounting the mutilated Liberian Dollar banknotes as such action will also be considered a violation of the Act.

The release quotes the Central Bank of Liberia as having threatened appropriate action against local commercial banks failing to adhere to its mandate.

 


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