Liberia: Min. Fahngon Says High US Rate Pushed By Unlicensed Money Exchanger
(LINA) – Deputy Information Minister for Public Affairs, Eugene L. Fahngon, has said unauthorized money exchangers are one of the major contributing factors to the escalation of the exchange rate between the US and Liberian dollars.
He indicated that unauthorized money exchangers, who have flooded the exchange market, continue to undermine the efforts of the Central Bank of Liberia to help mitigate the exchange rate volatility, resulting to hike in the prices of goods and services on the local market.
Speaking at the Ministry of Information regular press briefing on Thursday, Fahngon called on unregistered money exchangers across the country to adhere to the CBL’s recent mandate calling on them to register and become legitimate to avoid future problems.
He noted that as part of the bank’s rigorous mopping up exercise to bring the situation under control and to ensure that all money exchangers are registered and licensed, the CBL is working with the National Association of Foreign Exchange Bureaus (NAFEB) to bring together smaller money exchangers under a more structured arrangement.
“When effectuated, it will allow them to formalize their operations in keeping with the requirements of the CBL in the enhancement of the Government’s Pro-Poor Agenda,” the Information Ministry official added.
He emphasized that licensing is not only applicable to those operating in Monrovia and its environs, but also to those exchanging monies within the borders of the Republic of Liberia, stressing, “Anyone caught changing money in shops, stores or booths without license will be arrested and dealt with in accordance to the laws of the land.”
Meanwhile, Minister Fahngon is calling on the media and public to help the government succeed in this drive by reporting any incident of a money exchange transaction by unlicensed individuals or entities.