By Precious D. Freeman
The Central Bank of Liberia (CBL) has reintroduced minted coins which will be fully launched in the country.
Speaking at a press conference last evening graced by several financial organizations and the Marketers Association among others, the CBL Governor, Aloysius Tarlue, said the reintroduction of coins on the Liberian market will cease the issues of ‘no change’ in the country.
According to him, the 2.5m of the coins which amounts to 28% in L$5 and L$10 will be on the market by next week.
“In the past Liberians have been having issues with the L$5 and L$10 banknotes because banknotes spoil faster than the coins thereby causing the country to print money all the time with no profit but the coins will stop the printing of monies after every three years, he assured.
“As we put the money out and the bank collects the old money, we will not let it go out again, and we will destroy the mutilated ones,” Governor Tarlue added stating that coins last 20 to 25 years which is better than every time printing banknotes and causing loss to the country.
He described the US 5cents to be compared to the L$5 coins and US 25 cents as the L$10 coins and stated that people who know them will easily recognize them.
Meanwhile he appreciated their partners including World Bank, International Monitoring Form (IMF), Legislature, and the media among others for the support, and also the Liberians people for exercising patience all along till the arrival of the coins.
Speaking further the President of the marketing Association, Elizabeth Sanbalah applauded CBL for their job well done and said the coins will not only cease the no change strategy in the country, prices of some commodities will also decreased or become stable.
“The pepper pile that used to be sold for L$25 is being sold for L$ 50 because of the no change strategy and even the potato greens bunch has increased because of the same issue but we are now happy that at least people will be able to buy and receive their exact change,” she said.
She maintained that she really appreciates the arrival of the coins and she will encourage the business women to use it noting, “This is something that every Liberians have to welcome putting aside politics.”
She noted that with the arrival of coins on the market, it will help to ease the issues of torn up money and hoped that the coins circulates.
However, in other news, multiple online reports claimed on Monday that by January 31, 2023, the United States dollar notes issued before 2021 will no longer be accepted as legal tender but no evidence shows that the US is issuing new dollar notes.
The US Currency Education Program which provides education, training, and information about Federal Reserve notes emphasized that “it is U.S. government policy that all designs of U.S currency remain legal tender, regardless of when they were issued.”
The US CEP added that the policy includes “all denominations of federal reserve notes, from 1914 to the present.”
According to the article, “The restriction implies that any US Dollar note below 2021 printed date will no longer be accepted or be a legal tender anywhere in the world… This effort is to curb billions of illegal monies in dollar bills warehoused around African continent emanating from drug-related, terrorism, kidnapping and money from corrupt politicians.”
TheCable checked the official website of the US department of the treasury, the national finance and treasury office of the federal government, and found no such announcement.
