The CBL Governor’s Nightmare, As House Committee on Banking and Currency Threatens ‘Vote Of No Confidence’

{Endred Thomas/GNN Senior Reporter}

{L/R} CBL Governor Milton Weeks and the new $500 introduced bank note
{L/R} CBL Governor Milton Weeks and the new $500 introduced bank note

Barely a week after the Central Bank of Liberia announced the printing of a new bank notes including a new five hundred Liberian dollar denomination, the House Committee on Banking and Currency has threatened to lead a campaign of vote of no confidence in the Governor of the Central Bank of Liberia (CBL) Mr. Milton Weeks should the bank go ahead to circulate the bank note in question.

The CBL in its announcement recently said the move was in keeping with its statutory mandate to ensure that the integrity of the Liberian Dollar is maintained, and noted that it will shortly introduce a new series of banknotes into the Liberian economy, notably among the new notes,  a new bill in the L$500 denomination.

Liberian Lawmaker, Saah Joseph Opting for the removal of the Governor of the Central Bank of Liberia, Mr. Milton Weeks
Liberian Lawmaker, Saah Joseph Opting for the removal of the Governor of the Central Bank of Liberia, Mr. Milton Weeks

But speaking to Legislative Reporters Tuesday, the Co-Chairman of the House Committee on Banking and Currency, Representative Saah Joseph said the Legislature is not aware of the Central Bank’s decision to go ahead and print a new denomination of Liberian dollar.

According to him the action of the CBL is contrary to a proposal presented that the committee in two separate communications from President Ellen Johnson- Sirleaf and authorities of the Central Bank of Liberia.

He disclosed that the Liberian Chief Executive and authorities of the CBL both had requested the printing of new bank notes to replace mutilated bank notes on the Liberian market.

The new five hundred dollars bank note being introduced by the CBL which has created serious split between the House of Representative on Banking and Currency and the CBL
The new five hundred dollars bank note being introduced by the CBL which has created serious split between the House of Representative on Banking and Currency and the CBL

Representative Joseph said after conducting several meetings and conferences on the printing of new bank notes, the committee submitted its findings to the House Plenary, to grant the CBL’s request to print new bank notes to replace the mutilated ones.

The CDC lawmaker expressed displeasure over what he termed as the bank’s unilaterally move to introduce a new 500 dollar denomination with new security features inserted without the consent of the Legislature.

He wants plenary of the House of Representatives institute the necessary action to prevent the CBL from printing new denominations until consultations are held on the advantages and disadvantages associated with the printing process.

“Such decision must not be a taken by the CBL without the consent of the Legislature giving its oversight functions in the printing of new banks notes and in keeping with the Liberian constitution, the Montserrado county lawmaker pointed out.”

He said it is the right to of the National Legislature to approve the printing of new bank notes to be pumped into the Liberian economy.

Representative Joseph said the Lower House will resist any attempt by the bank to go ahead with its plans to printing bank notes with a new five hundred Liberian dollar denomination.

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About Cholo Brooks 11563 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.