-After Threats Of Hiking Foreign Exchange Rate
By Reuben Sei Waylaun
The state of the foreign exchange rate, particularly the United States dollars to the Liberian Dollars has become a serious concern which has reportedly resulted into the hike in the prices of basic commodities on the Liberian market.
The exchange rate of the United States dollars to the local currency (the Liberian Dollars) now stands at LRD143.00 to US$1.00.
The high exchange rate recently skyrocketed from LRD130 to US$1.00.00 to LRD143.00 to US$1.00.00 making the United States dollars to be more repressive on the local market.
The high exchange rate has been blamed on those exchanging monies in the streets without the approval of the Central Bank of Liberia across the country.
They exchange rate is skyrocketing by the foreign exchangers at their own volitions according to some financial experts and those of the Central Bank of Liberia.
It can be recalled the Central Bank of Liberia (CBL) and the National Association of Foreign Exchange Bureaux of Liberia (NAFEBOL) once agreed to collaborate to help control the arbitrary hiking of the exchange rate by illegal foreign exchange operators and businesses engaged in foreign exchange activities. According to their agreement, the collaboration was aim at bringing stability in the foreign exchange market and minimize gossip in the market.
In their communiqué signed on April 6, 2018 at the CBL’s head office in Monrovia, it was also agreed that the CBL will begin to work out modalities that will lead to NAFEBOL members benefiting from the CBL Foreign Exchange Auctions as a means of strengthening the Association and make it an important player in the economy.
It was also agreed that the CBL will be working along with NAFEBOL, in establishing a Joint Task Force that will include the CBL, NAFEBOL, the Liberian National Police, and the Paynesville and Monrovia City Corporations to weed out illegal foreign exchange operators from the streets.
However, since this agreement, the foreign exchange rate continues to hike and foreign exchange booths are seen all over the city, with Liberians and foreign nationals wondering whether the CBL still serious about the mandate.