The Liberian senate, the upper house of parliament on Wednesday concurred with the decision of the lower house to print new bank notes. With the approval, it means the Central Bank can print L$48b
Earlier this year, the Central Bank of Liberia informed lawmakers that it needed about L$27.5 billion to stabilize the economy since L$22.5 billion was out of the banking sector.
"The issue of paucity of the Liberian dollars is a grave concern, and whether we need additional banknotes or we need new banknotes, the fact is we need money on the market to be infused into the economy in three years period," said CBL Executive Governor J. Aloysius Tarlue at the time.
On Tuesday, the Senators on debated a report from the Joint Committee on Ways, Means and Finance, Judiciary, Banking and Currency and judiciary and recommended that the Senate plenary concurs with the House of Representatives in giving authorization to the Central Bank of Liberia to print new feature of Liberian dollars Bank notes.
According to law, both houses need to approve the printing of any new bank note in the country.
Prior to that, Senate Pro Temp Albert Chie constituted Ad Hoc committee of five-members to review the resolution and include into all of the concerns of the Senators for further deliberation on Wednesday.
A number of senators gave their support to it. Senator Milton Teahjay of Sinoe county said: "I am in support of printing money but we don't want to print money thinking we are making the right decision but creating the problem. What is the plan to prevent duplication of the bank notes if these measure are assured I will vote in favor of printing new bank notes?"
Another senator from the opposition camp; Senator Nyonblee Karnga-Lawrence(Liberty Party, Grand Bassa) said: "Liberia has gone against "best practices" that guide the process of printing money because, if the authorization is given, Liberia will for the third time be printing money in little over three years."
"We have some concerns that have been addressed and I want to thank the committee for that. However, there also some very serious concerns if not corrected, we will not vote for the Printing of money. We need to ensure internal control, system for replacing money are also of concerns. I will say to the Senate, I am not convinced that we are ready to print money."
But at the end of it, a decision was reached which supported the lower house.