The Central Bank of Liberia (CBL) has begun began a one-week exercise to exchange mutilated (tear-tear) Liberian dollar banknotes for the recently issued new and enhanced banknotes, targeting various markets around Monrovia and its environs, including Rally Time, Waterside, Duala, Red-light and Gorbachop in Paynesville, respectively.
The exercise began here Wednesday, 16 November with tellers from the Central Bank of Liberia being stationed at the various market sites to exchange mutilated banknotes brought in by marketers and other business people.
CBL Director of Banking Richard H. Walker, speaking on behalf of Executive Governor Weeks, said the exercise is intended to assist marketers who are unable to go to the banks to exchange their mutilated notes for new banknotes.
Mr. Walker explained that under the exercise, the CBL will exchange mutilated notes for new notes at a rate of one-to-one. He said those exchanging mutilated banknotes will receive 50 percent in ‘new money and 50 percent in clean old money,’ adding, “Both the old and new money are of the same monetary value.”
The CBL official indicated that the five day money exchange undertaking by the bank is experimental and would be assessed at the end of the exercise. The Chief of Staff to the Governor, Mr. Sylvester K. Thomas, thanked the marketing association leadership for the cooperation and pointed out that Governor Weeks looked forward to further collaboration between the Bank and the Liberia Marketing Association.
LMA President, Madam Lusu Sloan, welcomed the initiative by the Central Bank to interact directly with members of the association through the exchange of mutilated banknotes. She assured the CBL management of the Association’s willingness to fostering a closer working relationship between the LMA and the CBL.
Meanwhile, the CBL will tomorrow, Friday, formally launch the Financial Sector Development Implementation Plan (FSDIP) at the Monrovia City Hall. The plan is being launched in collaboration with the World Bank and Financial Institutions Reform and Strengthening Trust (FIRST) Initiative.
According to the CBL, Vice President Joseph N. Boakai is expected to deliver the keynote address and launch the plan. Other speakers expected at the launch include Executive Governor Milton A. Weeks, the Minister of Finance and Development Planning, Boima S. Kamara, Country Manager of the World Bank, Ms. Larisa Leshchenko, Resident Representative of the International Monetary Fund (IMF), Mr. Charles Amo-Yartey, and Financial Sector Specialist of FIRST Initiative, Mr. Marlon Rawlins, among others.
CBL says the Financial Sector Development Implementation Plan (FSDIP) provides a national prioritized, sequenced and time-bound roadmap for implementing reforms in the financial sector including the banking, insurance, credit information and payment systems, digital finance and pension funds. The Plan also covers financial inclusion, enterprise access to finance, anti-money laundering/countering financing of terrorism, regulation and supervision amongst others. The FSDIP is also an important component of the Agenda for Transformation (AfT) and Vision 2030 for Liberia, the release concluded.Press release