Amidst fears the introduction of a higher denomination of the Liberian Dollar banknotes in the LRD500 series, could signal a slide in to the Zimbabwean scenario, authorities at the Central Bank of Liberia (CBL), Monday August 1, kicked off the start of a nationwide awareness campaign with an interactive session in Kakata, Margibi County over the new banknotes to be introduced soon.
A team of CBL officials told participants in Kakata that the Bank would be introducing a new series of banknotes to replace mutilated and damaged notes that have been withdrawn from circulation. The new bank notes to be released, the CBL officials said, will be of a higher quality with new security features to prevent fraud and counterfeiting.
According to the Deputy Director for Banking, Mrs. Miatta O. Kuteh, the new series of banknotes will be unveiled following sufficient public awareness throughout the country. “Our team will visit all the counties to explain all of the features of the new money to our people to ensure general acceptance,” she assured the residents.
Kuteh said the old and new bank notes which carry the same value, will be used simultaneously until all the mutilated bank notes are withdrawn from circulation and destroyed. She said the CBL will work along with commercial banks to ensure that the new bank notes reach all parts of the country.
Commenting on the L$500 dollar new bank notes, the Assistant Director of Banking, Mr. William N. Dargbeh, said the new denomination was being introduced to ease the transportation of money in larger volume and also serve as store of value.
Responding to concerns about the absence of coins in the economy, the CBL officials disclosed that the bank is considering the reintroduction of coins in to the Liberian economy. The coins, the CBL team said would be reintroduced following consultations with all stakeholders.
The Forum, held in collaboration with the Liberia Media for Democratic Initiatives (LMDI), attracted hundreds of residents of Kakata, including business people. The occasion was also attended by officials of Margibi including the county’s superintendent John Buway. He thanked the CBL for choosing Margibi County as the first stop for its awareness campaign. Superintendent Buway assured the CBL team that his administration would help to enhance the awareness campaign by the bank.-New Dawn