In an effort to do due diligence to request by the Central Bank of Liberia (CBL) to print a family of new Bank-Notes, the Liberian Senate’s Joint Committee on Banking and Currency, Ways, Means, Finance & Budget, Public Accounts, and the Judiciary, Claims & Petition says it has been engaged in series of consultative meetings to inform the decision of the Body.
A statement released in Monrovia Tuesday, March 23, says in continuation of the process of due diligence, the committee will hold a Hearing today, Wednesday, March 24, 2021 in the annex chamber of the Senate to allow state-actors give their perspectives on the printing of new Bank-notes.
The statement indicates that authorities of the Central Bank of Liberia and the Ministry of Finance and Development Planning will be placed under oath to provide justifications for the request, while the President of the Bankers Association, President of the Liberia Chamber of Commerce, former CBL Governor-Nathaniel R. Patray III, the Director of the Graduate Program in Business and Public Administration at the University of Liberia, the Dean of the Business College at the Cuttington University Graduate School and Professional Studies, and other Stakeholders in the Monetary and Financial sectors of the country will be available to provide expert opinions on the matter.
Accordingly, based on presentations of these State-actors, the Joint Committee will revert to Full Plenary of the Senate with a comprehensive report to inform the decision of the Body.Questions and concerns will be entertained through the Chairman of the Committee during the hearing. The release concludes.
The House of Representatives recently passed a bill seeking for replacement of the current banknotes to a brand new family banknote.
On Tuesday, February 18, the House of Representatives voted following a report from the Committee on Banking and Currency, and a resolution. Over 60 Representatives signed the resolution in agreement to authorize the printing of the new family banknotes.
According to the resolution, the printing of L$48.733 billion new banknotes, as requested by the Central Bank of Liberia (CBL), will replace the current family of banknotes including the L$8 billion-plus mutilated Liberian dollars in the market.
The new family banknotes will maintain some of the old denominations of L$5, L$10, L$20, L$50, L$100, L$500; and new currency denomination of L$1,000.
It is expected to come with higher security features and designs.
The resolution says the new family banknote is necessary to address the country’s current liquidity demands for three years (2021-2023) and restore confidence in the Liberian dollar. Editing by Jonathan Browne