CBL to Release 1.9935b of LD$50 and LD$20 in the Economy
The Central Bank of Liberia says it will this Thursday begin replacing LD$50 and LD$20 denominations of the country’s banknotes of LD$1.9935 billion in the economy.
According to CBL through its Boss, J. Aloysius Tarlue, Jr, the values of L$50 and L$20 were received per the 54th Legislature’s mandate, and the exchange exercise will be done entirely through commercial banks and other regulated financial institutions.
The old notes of the two denominations will remain legal tender until phased out of the market.
He said “All existing banknotes in circulation will be exchanged at their full value without any discount in value. The Bank is mindful about giving specific deadlines at this time, to avoid the unnecessary rush and unintended consequences that could undermine the exchange process.”
Tarlue noted that the CBL, considering the challenges faced by the commercial banks and limited branch network across the country, is working on a strategy to decentralize the exchange exercise through its cash hub in Gbarnga, Bong County, and other approved facilities under the direct control and supervision of the Bank.
The CBL boss added that in addition to ensuring the timely delivery of the new currency in the country, the bank has also been working to put in place the necessary logistical and operational capacities, to ensure the smooth implementation of the exchange exercise.
In May 2021, the CBL was authorized by the 54th Legislature to print new family banknotes. The Legislature approved the printing and minting of money in three phases, specifically 2021, 2022, and 2024.
CBL in December 2021 introduced the new Liberian dollar currency, starting with the 100 Liberian dollar banknote to the tune of four billion Liberian dollars. The amount, the CBL says, was intended to increase Liberian dollar liquidity in the economy.
Meanwhile, CBL clarified a report indicating a fire incident in the vault of the Bank.
According to the bank boss, it was an electrical shock that occurred in one of the air conditioners located in the vault on September 21, but there was neither damage to the vault, nor the banknotes or harm to a staff of the Bank due to the existing enhanced security.
By: Emmanuel Toe