It is the Liberian to U.S dollar’s exchange rate that sets the tone for most aspects of the local economy. The unprecedented decline in the exchange rate is now generating concerns and uncertainties at the same time, while Liberians ponder the factors responsible. Importers determine the exchange rate since the Central Bank of Liberia is low on reserve to meet their demands. "And with the prevailing constraints on the country’s major exports, Dr. Farhat says it is putting pressure on the exchange rate. The sudden drop in the exchange rate on Monday is reminiscent with events of former Liberian President Charles Taylor, who during his regime ordered the reduction of the US-Liberian dollars exchange rate.

Source: Front Page Africa February 01, 2018 02:48 UTC