By Bill W. Cooper
Two officials of the Central Bank of Liberia have disclosed that the Bank has already turned over LD3 billion of the first batch of banknotes to be circulated through the various commercial banks across the country.
Director William Jopleh and the Technical Assistant to the CBL Executive Governor, Musa A. kamara warned that any commercial bank refusal to infuse the new banknotes into the Liberian economy will be dealt with.
The Bank terms it as an act of disservice to the Liberians the alleged refusal by some banks to circulate the new banknotes adding, “The CBL Deputy Governor has now constituted a task force and that team will be going into the filed very soon and any commercial bank that will be found in giving out old banknotes to costumers will be dealt with severely in confines with the law of Liberia.”
Meanwhile, the CBL authorities disclosed plans for the arrival of additional new banknotes by June or July of this year into the country.
The CBL authorities said unlike the first batch of banknotes which saw only LD100 domination, the expected banknotes will be coins as means to address constrains Liberians are now face as it relates to smaller dominations or change.
“We as a government are aware of the challenges and constrains our people are now going through but we can proudly state that Liberians will start to see change and coins by the second half of this year and that will be a history,” the CBL officials vowed.
Appearing as guests on ELBC on Wednesday, the CBL Director and the Technical Assistant to the CBL Executive Governor further stressed that though reforms are everywhere, the are processes which one has to go through; that process has now been completed at the CBL which is expected to take effect in the Liberian economy.
“So the coins will come in first before all the other bigger banknotes in order to avoid what we experiencing now. So as soon we hit the second part of this year, Liberians will start to see change/coins to help in their purchasing power,” Mr. Kamara and Jopleh stated.
According to them, the CBL have already put into place a mechanism that will see or enable Liberians especially business personnel get hold of the coins, while at the same time outlined plans for massive awareness aimed at informing Liberians about the use of the money.
“We have already design a lot of strategies which include the printing of banners and billboards as well as the hosting town hall meetings across the country; we will also host media trainings for journalists in order for them to help in the awareness process,” the CBL officials explained.
