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Commerce Ministry says depreciating Liberian Dollars is hindering price reduction

Jarp Davies /Maximilian Kasseh, Jr.
Commerce Ministry Communication Director Jacob Parley
Commerce Ministry Communication Director Jacob Parley

MONROVIA, LIBERIA-The Ministry of Commerce says the Liberian Government has made frantic efforts to reduce the price of basic commodities but the depreciating Liberian Dollar is hampering its impact.

The Communication Director of the Commerce Ministry, Jacob Parley, said:” All recent policies and regulations put in place by the Ministry and other government functionaries have affected the drop in prices.”

Mr. Parley, however, complained that the depreciation of the Liberian Dollars against the US Dollars is causing consumers not to feel the impact of the reduction in prices.

Speaking recently to ELBC, Mr. Parley called for adherence to the approved rate of the Central Bank of Liberia (CBL) as the Ministry and partners are working to bring the situation under control.

Currently the CBL approved exchanged rate is 210 Liberian Dollars to one United States Dollars for buying while selling rate is 211 Liberian Dollars to one United States dollars.

At the same time, the Ministry of Commerce is expected to launch an investigation into claim that the Liberian Dollar is being refused to purchase Liberian Passport.
The Commerce Communication Director confirmed that the Ministry would look into the claim by engaging the Foreign Ministry on the matter.

He said that Government currently has in place a policy that all financial transactions in the Country is done in both Liberian and United States Dollars.

The Policy prohibits the refusal of or demand for any of the currencies.
 

 


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