Liberia: In South Eastern Liberia - Growing Foreign Exchange Rate Hikes Prices

The sharp increase in the exchange rate of the United States Dollars and CFA Ivory Coast Franc to the Liberian Dollars is said to be affecting residents in the South Eastern part of the country. The US rate is presently $81 to $83 to LD1 while 40-CFA Franc is exchanged for LD1, 800. According to reports gathered, the hike in the exchange rate is causing consumers to buy few goods due to the increase in the prices of commodities on the market in the rural areas. This high interest rate on foreign currency is causing instability of prices also.

Our correspondent in Maryland County said the price and exchange rate hike for residents of the rural areas mean that too much money is chasing limited commodities and residents cannot purchase with satisfaction noting that that is causing a serious slope on the market and similar slope extends to the buying rate.

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