Recent introduction of a new bank note to be infuse into the Liberian economy by the Central Bank of Liberia (CBL) seems to be creating more concerns in the public including members of House of Representatives who have resolved to probe authority at the bank as to what led to this move.
In order to fine out the motive that led to this by the CBL, the House of Representatives on Thursday, August 4, during its 49th Day Sitting, constituted a Special Committee to investigate the new L$500 Specimen Banknote and make a formal report on Thursday, August 11.
The Committee would investigate whether the Central Bank of Liberia (CBL) created the L$500 Specimen Banknote after seeking the authority of the House, which has the sole constitutional authority to approve the printing of any denomination in Liberian dollars.
The Committee is expected to summon Finance Minister Boimah Kamara and CBL Executive Governor Milton Weeks for the investigation.
Margibi County District # 4 Representative Ben Fofana is the Chairman of the Special Committee, which is co-Chaired by Montserrado County District # 13 Representative Saah Joseph.
Members of the Special Committee include Lofa County Districts # 2 and #3 Representatives Julie Wiah and Clarence Massaquoi, respectively; as well as Nimba County District # 4 Representative Garrison Yealue; and Gbarpolu County District # 1 Representative Alfred Koiwood.
The House Plenary unanimously reached the decision, which allowed House’s Speaker J. Alex Tyler Sr. to appoint the Committee based on a letter from Maryland County District # 4 Representative Rev. Dr. Isaac Roland.
The Maryland lawmaker indicated in his letter that contrary to what was authorized by the National Legislature, the CBL is currently carrying on an educational campaign to showcase the new higher-denomination Liberian banknotes.
Meanwhile, the House Plenary has also established a Special Committee comprising of seven persons to investigate the authorities at Car Parking stations on how revenues generated from vehicles are being expended.
The Committee is chaired by Rep. George Wesseh Blamoh and co-chaired by Rep. Clarence Massaquoi. Members include Rep. Haja Siryon; Rep. J. Gabriel Nyenkan; Rep. Solomon George; Rep. William Dakel; and Rep. Emerson Kamara.
That Committee is also expected to report in a week.