CBL Governor Says UNMIL Drawdown Gives Rise to the Depreciation of the Liberian Dollar against the United States Dollar

usdThe Executive Governor of the Central Bank of Liberia has disclosed that the draw-down of the United Nations Mission to Liberia (UNMIL) has sharply affected the Liberian economy as the depreciation of the Liberian Dollar against the United States Dollars which currently stands at one United States Dollar to Ninety-eight Liberian Dollars is affecting the Liberian economy.

Addressing the Ministry of Information regular press conference yesterday, Dr. Milton Weeks said the continual climbing of the Liberian Dollars against the United States Dollars is affected every sector of the Liberian economy and further disclosed that his entity, the Central Bank of Liberia is doing everything to its powers to bring this situation under control.

Currently the rate between the Liberian Dollar to the United States Dollar is ninety-eight Liberian Dollars to one United States Dollar; this situation has affected many Liberian businesses, while employees in government and other private sector are crying due to the depreciation of the Liberian Dollar against the United States Dollars.

“This situation is affected us, especially we who are business people who selling in Liberian Dollars and have to go to foreign countries, like China and the US to buy our goods in United States Dollar. It is very strenuous for us, sometimes we have to buy US Dollars one hundred Liberian Dollars to one United States Dollars just for us to buy our goods abroad,” Nathaniel Johnson a local importer speaking to our reporter today noted.

“At some point, a real estate owner requests their tenants to pay their rent in United States Dollars,” Mr. Johnson speaking further stressed.

With this latest development from the CBL Governor that something will be done to bring this situation under control, many Liberians who spoke to our reporter said they are hoping that something will really be done in this regard.

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About Cholo Brooks 15580 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.