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CBL alleges Banknote hording, warns violators

Jarp Davies/Benjamin S. Taingay
CBL Governor, Milton Weeks
CBL Governor, Milton Weeks

MONROVIA, LIBERIA-The Central Bank of Liberia (CBL) is alleging that certain individuals and business entities are engaged in hording the Liberian Banknotes.

A CBL release quotes the bank as saying: “Those involved are hoarding large volumes of currency, especially Liberian Dollars.”

The Bank is therefore warning against the hoarding of the Liberian Dollars, or any individuals or business entities caught hoarding the Banknotes will face drastic legal actions.

The CBL’s allegation comes in the wake of a disclosure by the Bank that there were individuals and business entities operating outside of the banking system of Liberia.

The release also quotes bank as having said: “The money’s hoarding is adversely and artificially impacting the exchange rate.”

“The situation has the propensity of being interpreted as economic sabotage,” the Bank noted.

It emphasized: “Such unwholesome practice undermines the integrity and soundness of the banking system, and the economy as a whole.”

 

 


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