Parliament rejects new bank note printing

Reporter
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The upper house  of parliament on Friday rejected a request from the Liberian president, George Weah to print new bank notes. The announcement was made by Senate pro-Tempore, Albert Chea.Senator Chea said the decision was reached based on the current financial situation coupled with the the status of the Central Bank of Liberia. That the senate would effect such request after the CBL has gone through restructuring.

He made the disclosure when the upper house closed secession. He added that  about 86 percent of the current bank notes are out of the banking sector, a situation which does not speak well of the economy.

It can be recalled that  the upper house received a request from the Central Bank of Liberia (CBL) through President George Manneh Weah,  authorizing  to print 35 billion new Liberian Dollars in coins and notes to replace the existing currency. The current bank notes in circulation is said to be unknown outside of the banking sector.

He also inform the house about the passage of the current national budget.

“It is our belief that this is a realistic budget that can be executed predictably and  efficiently to prevent or minimize the perennial problem of budget short-fall,” he said.

According to him, the budget will also facilitate acceptance of the country into program of the International Monetary Fund (IMF) which  is expected to benefit the country in the future.

The president Pro-Tempore said that a financing agreement between the Government of Liberia (GOL) and the ECOWAS Bank in the tone of US$50 million  for the construction of   a segment of road from Barclayville, Grand Kru County to Klowein, Sinoe County in southeast Liberia was also carried out. TNR

 

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About Post Author

Reporter

Reuben Sei Waylaun Managing Editor A trained Liberian journalist and Administrator with over eight active years in mainstream media. He has worked with both the electronic and print media as radio producer, newscaster, reporter, News Editor, Editor-In-Chief, and Managing Editor respectively. He has a very good understanding of the Liberian media and very good working relations with media houses across the country and good at lobbying with his peers and above at all times. Reuben is a graduate of the University of Liberia with BPA in PUBLIC ADMINISTRATION & MANAGEMENT with emphasis in Development Planning Administration & Public Policy. In Management, he has emphasis in Human Resource management, Small Business Management and Business law respectively
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