Amid Arrival Of L$4 Billion New Banknotes In the Country, Will CBL Remove Damaged And Contaminated Banknotes?
Following the pronouncement by the Central Bank of Liberia (CBL) about the arrival of additional L$4 billion banknotes to ease the liquidity pressures that the Liberian economy had been faced with recently, some Liberians are expressing as to whether the CBL of vigorously remove from the Liberian market, damaged or contaminated banknotes.
In a press release issued by the CBL on Tuesday, July 7, the bank said the additional banknotes were safely secured in the vaults of the CBL Headquarters, and further stated that the CBL in collaboration with Kroll, will work over the coming days to undertake a full technical validation process of the new banknotes to ensure they comply with the contractual specifications.
Prior to printing the additional Liberian Dollar banknotes, the banking system had experienced dire liquidity problems, including mutilated banknotes and insufficient bank notes in the banking system to meet depositors’ demand for cash.
Kroll Associates, Inc. (Kroll), a global provider of risk solutions and principally a global investigative firm, was engaged, as part of a United States Agency for International Development (USAID) technical assistance program to the CBL, to ensure that the procurement process surrounding the printing of the additional Liberian Dollar banknotes was open and transparent, and that the shipment of the new banknotes from the printer to the CBL’s vaults was secure.
Our staff who spoke to cross section of Liberians in Monrovia and its environs noted that many of them welcomed the effort of the CBL by brining into the country additional banknotes, but recommended that the CBL should take off the Liberian markets those damaged banknotes that are flooding the market.
“The printing of the new banknotes was always talked about, but upon arrival said banknotes cannot be seen, while the old ones are still been flooded causing embarrassment for many,” one of those who spoke to the GNN pondered.