The decision to print Liberian dollar banknotes is in accordance with Parts II & V of the Central Bank of Liberia (CBL) Act of 1999. Under these provisions, the CBL, upon the approval by the National Legislature, has the responsibility to print and issue Liberian dollar banknotes in the economy. This demand is also largely explained by the increasing volume of mutilated Liberian dollar banknotes, the introduction of a surrender policy on remittances of foreign exchange, increased collections of duties/taxes in Liberian dollars. Other demand factors include the spiraling inflation that is fueling more need of spending in Liberian dollars, perennial lack of bank branches in few counties to mobilize deposits in Liberian dollars, and the demographic effects of newer age groups entering the labor force, thus inducing demand for Liberian dollars. Local and international investors are encouraged to bring their innovations to the fore by investing in financial digitization and the overall digitization of the Liberian economy.

Source: Front Page Africa December 23, 2019 05:44 UTC