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Gov’t to Print Additional Money Soon

A Fifty  Liberian Dollars note
A Fifty Liberian Dollars note

(elbcradio.com/Mar. 7, 2016)- The Liberian Government has announced the shortage of local currencies in the country.

Government’s pronouncement followed two separate communications to President Ellen Johnson-Sirleaf from the Central Bank of Liberia on such issue of national importance.

In the communications, the CBL has advised the Liberian Leader that the country may face serious financial consequences if the situation is not urgently addressed.

Meanwhile, President Jonson- Sirleaf has communicated with the Liberian Senate, requesting that august body to hold discussions with authorities of the Central Bank of Liberia on the currency issue.

Though Government has not disclosed the total amount of money it intends to print, financial experts say the shortage is an obstacle to smooth financial transactions and a recipe to thwarting national efforts toward stabilizing the economy.

President Sirleaf said: “While the decision needs to be made now to address the issue, the printing of bank notes will require a period of five months.”

“The delay is necessary and important because the process must satisfy the interpretation of Article 34-d of the Liberian Constitution and the Amended Act of the CBL on the matter.

President Sirleaf wants the issue resolved to enable the CBL conclude arrangement for the printing of additional bank notes in a speedy manner.

Meanwhile, the Plenary of the Senate has forwarded the communication to its Committees on Banking and Currency, Ways, Means, Finance and Judiciary for prompt action.

 


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