Concern Mounts Over ‘Missing’ Liberian Dollars At Various Banking Vaults

The hullabaloo of missing Liberian dollars at various banking vaults in the country is creating more concern amongst Liberians, even tellers of the various banks operating in the country are also expressing concern and fear as to why the bank notes of the country should not be found despite the printing of additional four billion Liberian dollars by the Central Bank of Liberia (CBL).

On a daily basis dozens of customers are hopelessly queued in their bid to withdraw or encash their Liberian dollars, but at turned down by tellers of the unceremonious shortage of the currency.

This situation in the country seems to politically reduce the popularity of the ruling Coalition for Democratic Change (CDC) of which President George Manneh is its political leader, as the party moves for the midterm senatorial elections in the pending December 8, 2020, as already people are complaining of hardship.

In July of this year, the The Central Bank of Liberia (CBL) has announced the arrival of additional four-billion Liberian Dollars bank notes into the Country, to ease the liquidity pressure on the Liberian Economy.

In a press release issued by the CBL issued on July 6, 2020, said the Bank in collaboration with Kroll, will work in the coming days to undertake a full technical validation process of the new banknotes, to ensure they comply with the contractual specifications.

According to the release, the CBL selected Crane to print the new banknotes, following a competitive bidding process by its Procurement Committee in April this year.

Prior to the printing of the new banknotes, the banking system has experienced dire liquidity problems, including mutilated banknotes and insufficient banknotes to meet depositors’ demand for cash”.

The shortage of the Liberian dollar on the market at this time has resulted to a drop in the exchange rate, while at the same time crippling the financial security of the ordinary Liberian whose sole objective is to make withdrawal from their respective banking accounts to solve some of their domestic problem.

Recently the Executive Governor of the Central Bank of Liberia (CBL), J. Aloysius Tarlue, Jr., disclosed that the country will still need additional banknotes to be printed to address the mutilated notes on the market, despite the printing of four billion Liberian which is yet to be circulated on the Liberian market.

Some Liberians who spoke to the GNN over the weekend expressed frustration over the current shortage of Liberian banknotes, while the mutilated banknotes is still been visible despite of the printing of four billion new banknotes in the denominations of 500 but can allegedly been seen in the hands of senior government officials while the ordinary Liberians are receiving mutilated banknotes in the denominations of 50s, 20s, and 10s, who are yet to lay their hands of the 500 dollars banknotes printed by the CBL.

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About Cholo Brooks 14923 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.

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