Liberia: Min. Fahngon Says High US Rate Pushed By Unlicensed Money Exchanger

(LINA) – Deputy Information Minister for Public  Affairs, Eugene L. Fahngon, has said unauthorized money exchangers are  one of the major contributing factors to the escalation of the  exchange rate between the US and Liberian dollars.

He indicated that unauthorized money exchangers, who have flooded the  exchange market, continue to undermine the efforts of the Central Bank  of Liberia to help mitigate the exchange rate volatility, resulting to  hike in the prices of goods and services on the local market.

Speaking at the Ministry of Information regular press briefing on  Thursday, Fahngon called on unregistered money exchangers across the  country to adhere to the CBL’s recent mandate calling on them to  register and become legitimate to avoid future problems.

He noted that as part of the bank’s rigorous mopping up exercise to  bring the situation under control and to ensure that all money  exchangers are registered and licensed, the CBL is working with the  National Association of Foreign Exchange Bureaus (NAFEB) to bring  together smaller money exchangers under a more structured arrangement.

“When effectuated, it will allow them to formalize their operations in  keeping with the requirements of the CBL in the enhancement of the  Government’s Pro-Poor Agenda,” the Information Ministry official added.

He emphasized that licensing is not only applicable to those operating  in Monrovia and its environs, but also to those exchanging monies  within the borders of the Republic of Liberia, stressing, “Anyone  caught changing money  in shops, stores or booths without license will  be arrested and dealt with in accordance to the laws of the land.”

Meanwhile, Minister Fahngon is calling on the media and public to help  the government succeed in this drive by reporting any incident of a  money exchange transaction by unlicensed individuals or entities.

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About Cholo Brooks 11651 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.