By Alex Yomah
In an effort to solving Liberia’s liquidity hurdles in the financial sector, the plenary session of the Liberian Senate has instructed its Standing Committee on Banking and Currency to act on a communication from President George Weah-seeking the indulgence of the Senate to print additional LR$4.0 billion dollars within 24 hours to submit same to the Senate for legislative decision today, Tuesday, December 17, 2019.
The Senate’s decision was triggered by a communication emanated from President George Weah seeking Legislative approval to print additional legacy banknotes currently on the market to reduce what the Executive termed as existing liquidity challenges.
In a letter addressed to Senate Pro-tempore, Albert Chie, the Executive said current liquidity projection of the Central Bank of Liberia (CBL) compared to very low Liberian dollar vault cash positions of both the CBL and commercial banks, makes it imperative for infusing additional banknotes to ease the liquidity pressure as a short-term measure.
The Executive said while it is a fact that the legislature is currently deliberating on pressing national issues, including finalizing deliberations on authorization to the CBL to print a new set of Liberian dollar banknotes, the existing situation presents volatile financial environment such that the current Liberian dollar vault cash position of the CBL is very inadequate to meet both current and future dollar liquidity demand of commercial banks- thus posing a potential security risk.
“Therefore, in the interest of National security and to enable our people celebrate the festive season in a joyous way, I request the Legislature, in accordance with Article 34(d) (ii) of the constitution of Liberia, to authorize the CBL to infuse the amount of LR$4.0 billion into the Liberian economy to ease the current liquidity pressure,” the letter concluded.
The request to print additional banknotes to solve liquidity issue s as indicated by President George Weah follows speculations from some members of the Liberian Legislature including District #10 Representative, Yekeh Kolubah that government has printed new banknotes without the Legislature’s approval as required by Article 34[d] of the Liberian Constitution.
On yesterday, the House of Representatives summoned authorities of the Central Bank of Liberia to explain speculations behind the printing of new Liberian banknotes which they claimed are now infused in the economy.
Meanwhile, the Senate has confirmed J. Aloysius Tarlue Jr, as Central Bank of Liberia Executive Governor of the Republic of Liberia.
His confirmation followed his public hearing at the plenary session of the Liberian Senate where he dismally performed while responding to his own hand-written curriculum Vitae before the members of the Liberian Senate.
However, in the wisdom of the Senate’s Standing Committee on Banking and Currency the nominee is qualified to serve in said post and therefore recommends; Mr. Tarlue for conformation.
The committee report states, “As a result of finding, it is our pleasant duty and obligation to recommend to the full plenary of the Liberian Senate for confirmation Hon. J. Aloysius Tarlue Jr., as Executive Governor of the Central Bank of Liberia,”
The committee’s report was signed by Senator G. Alphonso Gaye, Grand Gedeh County, J. Milton Teahjay of Sinoe County, Jonathan Kiapay of Grand Bassa County, Henry Yallay of Bong County, H. Dan Morais of Maryland County, Amah Jallah, Gbarpolu County, and Senator Marshall Dennis of Grand Gedeh County as Chairperson of the committee.
However, two persons of the committee did not sign the report, namely: Senator Oscar Cooper of Margibi County and Gble-bo Browne of Mary Land County. The two Senators are to provide their contrasting positions while they failed to attach their signatures.
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