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Commerce Ministry threatens to impose fines…

Jarp Davies /Maximilian Kasseh, Jr.
Ministry of Commerce,Monrovia
Ministry of Commerce,Monrovia

MONROVIA, LIBERIA-The Commerce Ministry has threatened to impose fine on anyone refusing to implement its new regulation on the dual currency usage on the market after August 1, 2019.

Recently the Commerce Ministry announced that all goods shall be purchased in Liberian Dollars or its equivalent in United States Dollars in keeping with Central Bank of Liberia (CBL) stipulated exchange rate.

But Commerce Ministry Communications Director, Jacob Parley, said:” Any violators caught refusing Liberian Dollars for transactions shall be fined fifty-thousand Liberian Dollars for first offense.”

Mr. Parley said for the second offense, one-hundred-thousand Liberian Dollars fine shall be imposed, while the third offense shall warrant the revocation or suspension of such business entity.

He clarified that Liberian and United States Dollars will be used on the market for transactions, but warned business owners against forcing anyone to purchase in United States Dollars or face the consequences of non-compliance.

 


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