Liberian Senate Summons CBL Authorities Amid Depreciating Currency

CAPITOL Hill, Monrovia – The Liberian Senate has cited authorities of the Central Bank of Liberia (CBL) to give an update on the current status of the old Liberian banknotes.

The decision to summon the CBL authorities followed a motion from Montserrado County Senator Abraham Darius Dillon, calling on the Senate to serve as a committee of a whole to grill the CBL officials this week Thursday.

Upon their appearance, they will give reasons for the increment in the current exchange rate, as well as the status of the new family banknotes.

The Senate also wants the CBL authorities to further elaborate on the timeframe given to get rid of the legacy notes on the Liberian market since a considerable sum of money has been printed and brought into the Country.

But, engaging the floor of the Liberian Senate on Thursday, Senator Dillon, Chair of the Youth and Sports committee stressed that the exchange rate is escalating, something that is affecting ordinary citizens.   

The Liberty Party lawmaker has described the inflation of the rate as scary.

The summoning of the CBL authorities is coming as the Liberian dollars is rapidly depreciating against the United Dollars.

The current exchange rate in Monrovia is LRD178 and 180 to US$1, something that is causing uneasiness among many ordinary Liberians.

“I want this Plenary to summon the CBL authorities to give us status on the printing of the new bank notes and the replacement process. I think our committee has done their best and it is our time for the committee as a whole to take charge of the matter. The current rate is scary,” Senator Dillon said.

“When you go to the commercial banks they are still putting out the old bank notes, the rate is sky-rocketing. What is happening? We want to know. In fact, the Central Bank of Liberia said they have printed enough that can replace all the old money in the country.”

Grand Cape Mount County Senator Varney Sherman, joining the debate, recounted that there has always been a timeframe given to the citizens by the CBL to replace the legacy notes but this, he said, has not happened.

By: Emmanuel Toe