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Central Bank warns unlawful foreign exchange operators…

Francis Pelenah/Maximilian Kasseh, Jr.
The Central Bank of Liberia (CBL)
The Central Bank of Liberia (CBL)

MONROVIA, LIBERIA-The Central Bank of Liberia (CBL) has given a two- week ultimatum to all illegal foreign exchange operators to regularize their status.

The CBL said those illegal operators have up to Tuesday, May 1, 2018, to register with the CBL or risk confiscation of their money and shutting down of their businesses.

In a press release issued on April 16,2018, the CBL said a Joint Task Force, comprising the CBL, line government agencies, the National Association of Foreign Exchange Bureaux (NAFEBOL) and law enforcement officers will begin a rigorous campaign next month aimed at weeding out such persons.

The move by the CBL comes amid   concerns over the continued arbitrary hiking of the exchange rate by illegal money exchangers.

CBL said the action by those unlicensed money exchangers is in direct violation of regulations governing Foreign Exchange transactions in the country, the new Financial Institutions Act of 1999 and the CBL Act.

The CBL release said those unauthorized money exchangers continue to undermine the Bank’s efforts to help mitigate exchange rate volatility, thereby resulting in the escalation of the prices of goods and services on the Liberian market.

This action, the CBL said, is significantly contributing to the hardship on the ordinary Liberian people and it is counterproductive to the Government’s Pro-Poor agenda.

 


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