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CBL To Answer Concerns On Printing New Money …As CPP Senators Lead Debate

By Alex Yomah
Lawmakers representing the four Collaborating Political Parties (CPP) in the Liberian Senate have taken issues with the Central Bank of Liberia on its systems and control mechanism as that body prepares to concur on the request to print new money in the country.
Montserrado County Senator, Abraham Darius Dillon, recommended that CBL provides detailed report on the four billion Liberian dollar banknotes printed a year ago.
The Senator made the recommendation yesterday during a debate mainly focused on the approval of the request to replace the old legacy banknotes.
Senator Dillon who is an executive of the four Collaborating Political Party (CPP), also recommended that the CBL allows Liberians who are involved in money exchange to liquidate whatever amount they may have hoarded during the time of the replacement exercise because there is no crime for hoarding.
Hoarding is form of creating artificial scarcity of legal tender and also a form of creating self-vaults home to hoard huge amount of money outside of the banking sector.
Senator Dillon, among other things intimated that the Central Bank of Liberia must avoid what he called compulsory mandate for citizens to open new accounts before being allowed to replace money.
However, majority of the senators endorsed the printing of new banknotes but flagged few concerns or questions to be answered by CBL authority before today’s decision.
Listing several issues to be addressed before all senators of the CPP approve CBL’s request, Senator Nyonblee Karnga-Lawrence, buttressed Dillon’s demand that there be a written report on the four billion previously printed as well as the assurance that there will be a system and control.
“We are concerned about internal control mechanism that would avoid bulk of our money being outside of the backing sector. I repeat, the issue of confidence crisis is an issue; there was no report about the 4 billion that was printed and today, we have been asked to grant CBL’s request to print additional L$48.733 billion. I am not concerned about whether or not we print 48 billion,” she intimated.
Maryland County Senator, J. Gble-Bo Brown, indicated that all issues raised form part of the resolution and that an ad-hoc Committee be established to address them tomorrow before any subsequent action.
But unfortunately, Senator Prince Moye being the Co-Chairperson on the Joint Committee and a key member of the CPP encouraged the senators to approve the CBL’s request thereby urging his fellow colleagues to prioritize country over individualism.

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