House Passes Resolution To Print Over L$48 Billions

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By Mark Neywon Mengonfia mmenginfia@gmail.com

The House of Representatives has signed and forwarded to the Liberian Senate for concurrence a resolution authorizing the Central Bank of Liberia( CBL) to print new family of banknotes of over forty- eight billion Liberian dollars.

According to the resolution which was read by  Deputy House Representatives Chief Clerk, Saford Geplay, the cost associated with the printing of the new family banknotes is estimated at over forty-five million United States Dollars within three years beginning 2021-2023.

According to the resolution, the request when approved, will see the CBL maintain some of the old denominations of L$5, L$10, L$20, L$50, L$100, L$500.

The decision was reached by more than two-third members of that august body after a motion which was raised by Montserrado County District Eight Representative Acarous Gray, who is also House of Representatives Chairperson on Executive.

Members of that body acted on a request made by Central Bank Governor, Aloysous Tarlue.

In Governor Tarlue’s request to members of the House of Representatives in February of this year, he sought their  approvalal to have  L$48.733 billion new banknotes printed to replace the current family of banknotes.

In his February’s communication to that body, Governor Tarlue informed lawmakers that the money requested is needed to address the country’s current liquidity demands for three years.

The Liberian Senate is to concur with their counterparts from the House of Representatives for said printing.

The new family banknotes if printed are expected to come with high security features and designs that will make it difficult to be counterfeited, according to some lawmakers.

As it is now, Liberia as a country is using three different currencies; the United States dollars and the two separate Liberian dollars on the market.

 

 

 

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