Liberia: House of Representatives Re-summons CBL over Increase of Mutilated Banknotes Despite Printing of L$4 Billion New BanknotesCapitol Hill, Monrovia – The House of Representatives has reconsidered its decision and summoned top management of the Central Bank of Liberia to appear before its full plenary to address the current flow of mutilated banknotes on the Liberian market despite infusing L$4 billion banknotes of newly printed banknotes. In its special sitting in December 2019, the Legislature, based on the request of President George M. Weah approved the printing of additional L$4 billion banknotes to ease the liquidity pressure on the government. During the bank’s latest appearance before the House, plenary voted in favor of a motion mandating its Committee on Banking and Currency to investigate the CBL and reports its findings to for subsequent actions. She said the money was printed to ease the liquidity problem and to also sterilize the mutilated banknotes commiserating with the L$4 billion new notes, but if the CBL printed without sterilizing, it would result to excess of L$2 billion over previous legal notes. “It is important to note that previous resolution that calls for printing of new family of bank notes places printing at L$30 billion, accounting for L$28 billion previously printed and two billion would be for allowance of long term growth,” she said.

Source: Front Page Africa September 25, 2020 06:33 UTC