-Clarifies that “No New LD Banknotes Printed”
MONROVIA, LIBERIA – Several days after speculations that new Liberian dollar banknotes had been brought into the country, the Central Bank of Liberia (CBL) has now commented on the issue by saying no new LD banknotes have been printed.
The CBL broke its silence in a press release issued in Monrovia on Sunday, December 8, 2019.
Last week, the Minister of Information Lenn Eugene Nagbe said in a state radio interview from London that no new Liberian banknotes have been printed but confirmed that a new consignment of US dollars was brought into the country in millions.
Then at a MICAT press conference in Monrovia, Deputy Information Minister Boakai Fofana said the US dollars brought into the country were “several millions” and said they came in as a result of foreign trips made by President abroad.
But he failed to say were the millions of US dollars imported recently were in grant or loan or what strings have been attached to the supply of the cash.
Full text of the release reads thus:
“The attention of the Central Bank of Liberia (CBL) has been drawn to information circulating in the public, alleging that the CBL has authorized the printing of new Liberian dollar (LD) banknotes which have been imported into the country. There are also speculations that a consignment of Liberian dollars has been brought into the country.
The CBL wishes to categorically dispel this information and informs the public that the Bank has not printed any Liberian dollar bank notes, least to say that a consignment of LD has been brought into the country. CBL is guided by conventional and statutory policies regarding the printing and importation of banknotes.
However, the CBL herewith clarifies that a consignment of U.S. dollars was imported following assessment of the liquidity needs in the financial sector. Importation of banknotes is a routine activity of the CBL as a modus operandi of its monetary policy actions and mandate.
As per the Central Bank of Liberia Act of 1999, Part V Section 21 (3), the CBL has the authority “to directly administer the currency reserve inventory, develop and implement plans, and ensure the regular supply of banknotes and coins, in order to meet the currency requirements of the economy.”
While the Bank upholds the principles of transparency and accountability, the CBL wishes to further state that the importation of cash is not publicized, but rather subject to established reporting channels in existence at the Bank.
Finally, the CBL encourages the public to cautiously discuss monetary policy operations of the CBL in order to enhance credibility in the Bank and promote confidence in the financial sector.