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Gov. mandates businesses to transact in Liberian Dollars

Joseph Sayon/Maximilian Kasseh, Jr.
Commerce Minister Wilson Tarpeh
Commerce Minister Wilson Tarpeh

MONROVIA, LIBERIA-The Liberia Government has finally mandated businesses operating in the Country to do all commercial transaction in Liberian Dollar beginning August 1, this year.

Government told a press conference Monday, July 1, 2019, that the Liberian Government has resolved that all goods sole in the Country must be priced in Liberian Dollar.

Commerce Minister Wilson Tarpeh said:” Government will not hesitate to fine individuals and businesses caught in violation of the regulations.”

Minister Tarpeh noted that the government’s action is in line with the Central Bank Act of 1999.

He clarified that the new regulation also provides that goods priced in United States Dollars will be purchased in Liberian Dollar equivalent.

In a related development, the Ministry of Commerce has introduced the Import Notification Form (INF) replacing the Import Permit Declaration (IPD).

Commerce Minister Wilson Tarpeh said:” The non-chargeable process is required by importers to obtain and submit the completed form before importation.”

Minister Tarpeh said the INF is a documentation intended to notify the Liberian Government through the Commerce Ministry about incoming shipment into the Country.

He noted that the new importation process will put the Liberian Government in a better position to monitor and regulate the current stock of goods in the Country.

Minister Tarpeh, however, clarified that the new process does not require the Ministry’s approval before BIVAC’s pre-shipment inspection.

 


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