An Act seeking to inaugurate the Liberian Dollar as a single currency regime in the Republic of Liberia has been introduced in the Senate Plenary by Nimba County Senator Prince Johnson.
The Act seeks to, among other things, boost government’s ability to control its economy through serene measures and to ensure that all financial matters are transacted through the Liberian dollar only.
According to a communication addressed to the Senate plenary dated April 7, the Act once enacted into law will also strengthen the commercial banking system in Liberia by ensuring that all financial transactions are in the approved currency.
Following the reading of the proposed Act on Tuesday, April 8, plenary welcomed the idea and forwarded it to the committee on banking and currency, according to the Liberia News Agency.
The proposed Act is being co-sponsored by Senators M. Gbehzongar Findley of Grand Bassa County and Isaac Nyenabo of Grand Gedeh County.
Meanwhile, the Committee on Labor has resolved to confirm Presidential nominee, Ebenezer Z. Gibson, as Assistant Minister for Trade Union Affairs at the Labor Ministry.
The committee’s report dated April 7 was sent to executive session for further discussions.