House Of Representatives Order The Printing Of New Bank Notes.

MONROVIA: The Legislature has approved the Central Bank of Liberia (CBL) request to print a new family of banknotes in the tune of LD 48,734 billion.

The Legislature’s authorization is aimed at replacing all the old family banknotes in circulation on the Liberian market.

The lawmakers unanimously voted to grant the CBL the permission to print the new money on yesterday during its 19th day sitting following the signing of a resolution by majority members of the House of Representatives.

According to the representatives’ resolution read in plenary by the Deputy Chief Clerk, Cephas Geeplay, some US$45, 522 should be used as the printing cost while the denomination to printed by the CBL shall include LD20s; 50s; 100s and 500s, noting that there will be no more printing of LD5s and 10s as well as the recommended LD 1, 000 bill.

“The CBL shall arrange with the printer an appropriate payment plan considering the budget of the bank and that plan shall be with the Legislature responsible committees accordingly and the Legislature in collaboration with the Ministry of Finance and Development Planning (MFDP) shall make available the additional funding in the amount required for the full replacement through budgetary appropriation,” the lawmakers’ resolution contained.

Accordingly, the lawmakers’ Resolution emphasized that, “The CBL shall ensure that there is adequate legal terms put in place to manage the currency reform process. The CBL shall also develop a currency management strategy with a reform and strong internal control system.”
The Resolution pointed out that, “The CBL shall ensure an internal financial and system audit as well as risk mitigating measure to safeguard the reform process.”

The Resolution furthered stated that, “The CBL shall notify the National Legislature of the actual volume and value of currencies printed and imported into the country at every interval from 2021 to 2023.”

“That the replacement shall only be done through the CBL, the commercial banks and designated financial institutions regulated and supervised by the CBL with straight supervision and monitoring by the CBL,” the lawmakers stated in its Resolution.

Meanwhile, in defense of the Resolution which was overwhelmingly signed by his colleagues, the Montserrado County District #16 Representative who is the Chairperson on the Committee on Banking and Currency, Dixon Seboe, lauded his colleagues for signing the Resolution with a notation that the printing of the new family banknotes will bring some relief to the country’s economy.

Rep. Seboe added that the initial monies to be printed by the CBL will be over LD35.7 billion, emphasizing that their decision is triggered by various indicators such as money demand and money supply, among others and that it is intended to ensure that over the space of three years, such demand and supply for money would be under control.

As It can be recalled that sometime this year, the CBL wrote the Legislature requesting that august body to grant them the approval to print a consignment of new family banknotes in the tune of LD48, 734, billion with a printing cost of US$45,522,000 within three years beginning from 2021 to 2023.

The CBL in its letter to the Legislature further informed that them about the denominations in which this new family of the banknotes are to be printed when approved and those which would have been omitted.

Published by Image Builders Liberia

Image Builders Liberia is a not-for-profit with focus on people that are vulnerable in society. We aim to create a place where they can obtain optimum benefit and contribute to the growth and development of their communities.

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