Liberia: Central Bank of Liberia Perspective On the House of Representatives Bill to Amend Part V Section 19, Subsection 1 and 2 of the Cbl Act of 1999

opinion

The issue of the dual currency regime became a topical issue during the nationwide consultative meetings on the Vision 2030, Liberia Rising with several speakers favoring changes in the present dual currency law to one having the Liberian currency as the sole legal tender in the country. The issue is again receiving public attention, this time, as a result of the House of Representative's recent vote to amend Part V Section 19, Subsection 1 and 2 of the Central Bank of Liberia (CBL) Act of 1999 which authorizes the establishment of the CBL. The action of the House of Representatives equates to forced de-dollarization. It is important to note that prior to the House of Representative's recent decision, the CBL has engaged the National Legislature, the Fiscal Authority, the Economic Management Team, and other relevant stakeholders of the Liberian economy regarding the need to de-doll arize and encourage the wider use of the Liberian dollar.

However, an issue of this nature has the propensity to create unnecessary public anxiety mainly because of its implication on the welfare of the people and the impact it may have on investors. Monetary issues, especially those relating to the effectiveness of national currency management, is at the heart of any framework that seeks to improve the wellbeing of citizens of any country. On account of its sensitivity, it would be prudent that continuous consultation regarding de-dollarization with selected experts (both at national and international levels) should be held to examine the level of progress that has been made since the development of the draft de-dollarization roadmap in 2012.

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.