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Politics News

CBL to print LRD4 billion

The Central Bank of Liberia (CBL) has announced the completion of what it says was a competitive bidding process for the printing of additional Liberian dollar banknotes to ease the prolong shortage of local banknotes here.

The bank said the amount to be printed and circulated is 4 billion Liberia Dollar banknotes in 500 denominations.

The bank said it used enhanced procedures consistent with international best practices, to review proposals submitted in response to a Request for Proposals (RFP), and selected the most competitive bid (Crane AB), based on cost and delivery time.

The CBL further stated that following the process it intends to enter into a contract with Crane AB (“Crane”) for the printing and delivery of 4 billion Liberian Dollars banknotes (in L$500 denomination). Under the terms of the contract, Crane will print and deliver the approved amount of banknotes to the CBL in Monrovia in a reasonable timeframe.

On March 12, 2020, the CBL issued an RFP, soliciting proposals for the printing of additional banknotes, with a deadline for responses on or before April 8, 2020.

The CBL received proposals from potential currency printing firms in advance of the deadline. Five internationally reputable currency printing companies were invited to participate in the bidding process. Subsequently, a specially dedicated Procurement Committee for printing of the additional banknotes conducted a rigorous evaluation process of the proposals, focused on both financial and technical aspects against a set of detailed evaluation criteria.

As a result of this process, Crane was recommended by the CBL Procurement Committee as the preferred supplier to print the additional banknotes with the technical advice of Kroll Associates Inc. (“Kroll”).CBL Executive Governor, J. Aloysius Tarlue, Jr., said the selection of Crane AB (‘Crane’) “is the result of a competitive and transparent procurement process that was opened to several major currency printers around the world.”

He added that to ensure the integrity of the process and its full compliance with internationally accepted standards, the CBL worked with a team from Kroll. He thanked the United States Agency for International Development (USAID) for making the services of Kroll available to the CBL through a technical assistance program designed to enhance the CBL’s institutional capabilities and overall operations.

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The Executive Governor said “the CBL will keep the Liberian people fully informed of every step in the procurement process, up to and including the arrival and injection of the additional banknotes into the Liberian economy.”

The CBL opined that it will, with the technical assistance of Kroll, track the shipment of the additional banknotes from the printer to the CBL’s vaults, and into the banking system.
The additional banknotes is expected to help address the lingering liquidity problem and provide the Liberian people easier access to the cash they need to pay for food, school fees, health care, and other essential products and services, the bank said.

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