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By Jamesetta D. Williams
The Central Bank of Liberia has informed the public that more than one billion Liberian dollar banknotes have already gotten damaged and cannot be used anymore raising concerns about how the country money is being handled.
According to information from the CBL, huge amount of the country’s printed money is now in bad condition thus, causing the citizens to complain that many notes in circulation are either mutilated, old or just unfit to be use. It is said that in July 2022, the bank printed about L$4 billion to try and fix the situation, but it appears that the problem remains unresolved as it is becoming worser.
Central Bank Of Liberia
Report from CBL says about 40% of the money people are using now is damaged and some figures mentioned include L$421 million and L$48.734 billion which shows that the severity of the situation at the CBL. Many people are also wondering as to how such big amount of the country’s cash can go bad in such short period of time.
The bank is now starting a campaign called, “Our Money, Our Pride,” to encourage Liberians take care their currency better. CBL officials are encouraging citizens to think about how they treat the banknotes because if people keep misusing it, the government will keep spending more to print new ones.
“We have to ask ourselves how we handle the money we use daily,” a CBL official said during the launch of the campaign. “If we continue like this, it will always be a problem for the country.
Liberian banknotes
The issue has raised concern in the public circle as many are concerned about what is happening with the nation’s financial system and why new banknotes are already being damaged so quickly.
It is not clear how soon the situation will improve or what steps will be taken by the Central Bank of Liberia to remedy the situation to avoid reoccurrence of the unfolding situation with the Liberian banknotes.