Liberia: No New LD Banknotes Printed

10 December 2019

-CBL clarifies

The Central Bank of Liberia (CBL) has clarified that it has not authorized the printing of any new Liberian dollar (LD) banknotes.The CBL in a statement issued Monday December 9, also dismissed speculations that a consignment of Liberian dollars has been brought into the country.

"The CBL wishes to categorically dispel this information and informs the public that the Bank has not printed any Liberian dollar bank notes, least to say that a consignment of LD has been brought into the country. CBL is guided by conventional and statutory policies regarding the printing and importation of banknotes," the bank said.

However, the CBL clarified that a consignment of U.S. dollars was imported following assessment of the liquidity needs in the financial sector. It said importation of banknotes is a routine activity of the CBL as a modus operandi of its monetary policy actions and mandate.

As per the Central Bank of Liberia Act of 1999, Part V Section 21 (3), the CBL has the authority "to directly administer the currency reserve inventory, develop and implement plans, and ensure the regular supply of banknotes and coins, in order to meet the currency requirements of the economy."

The CBL statement said while the Bank upholds the principles of transparency and accountability, the CBL wishes to further state that the importation of cash is not publicized, but rather subject to established reporting channels in existence at the Bank.The release concludes with the bank encouraging the public to cautiously discuss monetary policy operations of the CBL in order to enhance credibility in the Bank and promote confidence in the financial sector.

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