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CBL dismisses rumors on money printing

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The Central Bank of Liberia (CBL) has dismissed rumors that the Legislature has refused the printing of banknotes.

Appearing before the House of Representatives Tuesday, 19 January, CBL Deputy Governor for Operations Nyemadi D. Pearson said at no time did the Legislature refuse the printing of banknotes.

The CBL official explains that before the bank comes up to print any money, there has to be a written proposal to the Legislature, adding that such proposal has not reached the Legislature yet.

Pearson notes further that the CBL has sent a communication to the president for the printing of banknotes, adding that at the right time, it will go to the Legislature.

The House of Representatives summoned the Central Bank of Liberia after a communication from Montserrado District #16 Representative Dixon Sebeo requested the House to invite the CBL to provide expert discussion on the status of the monetary sector of Liberia with special emphasis on the bank’s plan to resolve the liquidity issue that is prevailing in the economy.

According to Sebeo, for the past eight months the House committee along with other specialized committees during their break, had some encounters with the CBL to understand what had happened to the Liberian dollars on the market.

He says it is important to know what happened to the Liberian dollars and what the CBL’s laydown plan is.
Also speaking, CBL Governor Aloysius Tarlue says in December 2020, there were more money outside the bank, adding that there were $25.3 billion in the bank while $22.5 billion outside the bank.

By Bridgett Milton–Edited by Winston W. Parley

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