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$25 Million is making impact-Finance Dev. Planning Minister

Francis Pelenah/Maximilian Kasseh, Jr.
-Finance and Development Planning Minister Samuel Tweah
-Finance and Development Planning Minister Samuel Tweah

MONROVIA, LIBERIA-Finance and Development Planning Minister Samuel Tweah says the 25 million US dollars recently infused into economy by the government is having a positive impact on the economy.

Minister Tweah said the move has so far achieved the primary objective of stabilizing the foreign exchange rate, which was sky rocketing prior to the intervention.

According to Minister Tweah, due to the rapid rise in the exchange rate, the Economic Management Team decided to use the none-commercial process of mopping up the Liberian dollars from the market.

Speaking in an ELBC interview Tuesday, October 30, 2018, the Minister said:” The direct mopping exercise is targeting individuals holding huge sum of Liberian dollars outside the banking system.”

Minister Tweah said the intervention has so far brought the rate down from 163 to 152 Liberian dollars against 1 United States Dollar.

About 15 Million has so far been given out and Minister Tweah added that the Economic Management Team will decide how the balance 10 million is infused into the economy.

He said because the intervention is not a sustainable solution, the government is working with export earners to save significant portion of their profits with the local banks in the country.

Minister Tweah said the move has so far achieved the primary objective of stabilizing the foreign exchange rate, which was sky rocketing prior to the intervention.

According to Minister Tweah, due to the rapid rise in the exchange rate, the Economic Management Team decided to use the none-commercial process of mopping up the Liberian dollars from the market.

Speaking in an ELBC interview Tuesday, October 30, 2018, the Minister said:” The direct mopping exercise is targeting individuals holding huge sum of Liberian dollars outside the banking system.”

Minister Tweah said the intervention has so far brought the rate down from 163 to 152 Liberian dollars against 1 United States Dollar.

About 15 Million has so far been given out and Minister Tweah added that the Economic Management Team will decide how the balance 10 million is infused into the economy.

He said because the intervention is not a sustainable solution, the government is working with export earners to save significant portion of their profits with the local banks in the country.

 


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