Liberian Government Issues Regulations To Prevent Exchange Rate Profiteering

The Government of Liberia through the Ministry of Commerce and Industry has issued several regulations governing the conduct of trade and commerce within Liberia in a bid to prevent exchange rate profiteering by businesses and individuals.

A release issued and signed Commerce and Industry Minister Mawine Diggs in Monrovia recently, Commerce and Industry Ministry said it recognizes increasing transactions using the Liberian dollars with quotation of prices different from the officially published exchange rate by the Central Bank of Liberia, which is directly constraining the purchase of goods and services by the ordinary citizens especially as the Liberian Dollar appreciates in relations to the United States Dollar.

The release said the administrative Regulation of 2019 mandates all businesses operating within the Republic of Liberia to carry on all commercial transactions in both Liberian and United States Dollars as legal tenders.

“All businesses are hereby instructed to display the daily Central Bank of Liberia exchange rate as well as a full price list of commodities in both Liberian and United States Dollars at their business premises at all times to give consumers purchasing options,” the release added.

It further said absolutely no business entity is allowed to coerce consumers to transact or purchase goods and services in either of the dual currencies in the economy; to do so would fall in breach of the Administrative Regulation of 2019 which constitutes an offence punishable by law with a fine.

With immediate effect, according to the release, all business entities are required to take due notice of prevailing CBL daily exchange rate in setting the prices of their goods.

It also noted that all purchases at all medium and large businesses above LRD 500 should be invoiced to authenticate price stabilization.

“Unhealthy business practices such as hiking of prices and hoarding of commodities, et al are deemed illegal,” the release stated.

According to the government’s release there shall be imposition of fines on individual (s) or business entity (ies) in proven violation of this regulation.

The Ministry of Commerce and Industry’s Inspectorate Division, the release said, will closely monitor all businesses to ensure full compliance to this regulation in collaboration with the Ministry of Justice.

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