Legislature Approves Printing, Infusion Of L$4bn Into Economy
The President Pro-Tempore of the Senate, Albert Chie, disclosed that the National Legislature has approved President George Weah’s request to print and infuse L$4 billion into the economy to ease the liquidity pressure on government.
Recently, President Weah communicated with the Legislature outlining the significance of the body to authorize the Central Bank of Liberia (CBL) to proceed with the printing of L$4 billion in the interest of “national security” and to allow Liberians to have “a great festive season.”
The Liberian leader further stated that while the legislature is currently deliberating on pressing national issues, including the authorization of the CBL to print a new set of Liberian dollar banknotes, the current liquidity projection of the CBL compared to very low Liberian dollar vault cash positions of all banks, makes it imperative to infuse additional banknotes to ease the liquidity pressure as a short-term measure.
The decision to approve the President’s request was reached by the Legislature on Wednesday ahead of the closure of its extraordinary session requested by President Weah sometime ago.
At the same time, the Chairman on the House’s Committee on Banking and Currency, Montserrado County District #16 Representative, Dixon Seboe, said the letter written by President Weah to the Legislature seeking their approval for the infusion of L$4 billion on the market, was to ensure that Liberians receive their payments as required and to also reduce the tension on commercial banks