Barely a week after the closed door meeting between members of the Liberian Senate and Central Bank of Liberia (CBL) Governor, J. Mills Jones, the exchange rate between the Liberian dollar and U.S. dollar has started to drop.
At last survey, the rate declined from L$91 to L$85 to US$1.00.
Governor Jones was invited to the Liberian Senate on Monday May 12, 2014 by its Committee on Banking and Currency to explain the fast-track rise of the rate between the greenback and the Liberian dollar.
Though the specific nature of the closed-door discussion was not revealed, analysts say the present reversal in the rise of the exchange rate is somewhat related to that appearance.
It can be recalled that about a month ago, after Governor Jones and Finance Minister Amara Konneh appeared before parliament over the soaring foreign exchange rate, there was a short-lived reversal of the trend.
Meanwhile, many Liberians, especially those in the capital, Monrovia, have been disgruntled about the rise in the foreign exchange and its attendant impact on the cost of living.
“Today, the explanation for price hikes for commodities in the market is the rise in the foreign exchange rate,” Kumba Kollie, a seller at the Rally Time Market, who also noted, “nobody will bring their prices down because of the new rate.”
However, Francis Kesselly, an unemployed high school graduate, expressed optimism that the situation will improve, and called on the CBL and the Legislature to continue to coordinate to prevent merchants from taking advantage of the situation to the detriment of the masses.