The Ministry of Commerce and Industry has released several regulations governing the conduct of trade and commerce within the country.
The Ministry said the regulations are as a result of the increasing transactions using the Liberian dollars with quotation of prices different from the officially published exchange rate by the Central Bank of Liberia.
According to Minister Mawine Diggs, the transactions are 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.
She said in a bid to prevent exchange rate profiteering by businesses and individuals the regulations include the administrative Regulation of 2019 which mandates all businesses operating within Liberia to carry on all commercial transactions in both Liberian and United States Dollars as legal tenders.
She however instructed all businesses 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.
“Absolutely no business entity is allowed to coerce consumers to transact or purchase goods and services in either of the dual currencies in our economy; to do so would fall in breach of the Administrative Regulation of 2019 which constitutes an offence punishable by law with a fine,” Minister Diggs added.
The Ministry notes with immediate effect that all business entities are required to take due notice of prevailing CBL daily exchange rate in setting the prices of their goods and 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 Ministry reminded indicating that there shall be imposition of fines on individual (s) or business entity (ies) in proven violation of the regulations.
Meanwhile, the Ministry of Commerce and Industry, announced that its Inspectorate Division will closely monitor all businesses to ensure full compliance to this regulation in collaboration with the Ministry of Justice.