By Mark N Mengonfiaemail@example.com
The Executive Governor of the Central Bank Of Liberia is proposing the printing of 27.5 Billions to restore the Liberia’s struggling economic.
Appearing before the House of Representatives on Tuesday, CBL’s Alloysius Tarlue said based on the need and the shock in the economy of the Country, the CBL has communicated with the President of Liberia to inform the Liberian legislature for the printing of the 27.5 billions; a proposal expected to be implemented within three years.
Governor Tarlue indicated that in the CBL’s proposal for the printing of said amount, they will need the total of US$21.7 million to print the required money.
” We need money on the market, whether new banknotes or the same old one” the CBL boss indicated.
Speaking additionally, the CBL boss said they at that government institution see the need for Liberia to transition to cashless economy wherein Liberians will transact business exchanges with mobile money or Visa card.
He went on to say money printed since 2009 has 40% degradation, thus dropping the values of the money.
Giving his justification for seeking for transitioning to cashless society, the CBL boss said around December, 2020, the total money in in bank was 25.3 billion and 22.5 billion was outside of the bank as of the end of December.
He also informed members of the legislature that 10.4 billion of the Liberian currency has turned to mutilated money which he also said is one of the factors to the declined economic.
Another point the CBL boss raised is the concomitant use of the two sets of banknotes on the Liberian market, something he said is a serious problem to the country.
When the issue of the printing of 4 billions which was recently printed was raised, the CBL boss indicated that 88.5% of the recently printed 4 billion banknotes have been infused in the economy; yet the country’s economy is still at its ebb.