Commerce Ministry moves against exchange rate profiteering

In a bid to prevent exchange rate profiteering by businesses and individuals here, the Ministry of Commerce and Industry issues several regulations, governing the conduct of trade and commerce within the Republic of Liberia.

The ministry says it recognizes increasing transactions using the Liberian dollars with quotation of prices different from the officially published exchange rate by the Central Bank of Liberia, which is directly constraining the purchase of goods and services by ordinary citizens, especially as the Liberian Dollar appreciates in relations to the United States Dollar.

In a press release Wednesday, October 27, the ministry says the administrative Regulation of 2019 mandates all businesses operating in the country to conduct all commercial transactions in both Liberian and United States Dollars as legal tenders.

It instructs all businesses to display the daily Central Bank of Liberia exchange rate as well as a full price list of commodities in both Liberian and United States Dollars at their premises at all times to give consumers purchasing options.

The ministry warns that absolutely no business entity is allowed to coerce consumers to transact or purchase goods and services in either of the dual currencies in the economy, saying to do so would fall in breach of the Administrative Regulation of 2019 which constitutes an
offense punishable by law with a fine.

With immediate effect, it says all business entities are required to take due notice of the prevailing CBL daily exchange rate in setting the prices of their goods.

 It further mandates that all purchases at all medium and large businesses above 500 Liberian dollars should be invoiced to authenticate price stabilization.

Meanwhile, the Commerce Ministry notes that unhealthy business practices such as hiking prices and hoarding commodities are illegal, and there shall be imposition of fines on individual (s) or business entity (ies) in proven violation of this regulation.

The release signed by Commerce Minister Mawine G. Diggs says the Inspectorate Division of the Ministry of Commerce and Industry will closely monitor all businesses to ensure full compliance in collaboration with the Ministry of Justice. https://thenewdawnliberia.com/ministry-of-commerce-signs-agreements-to-boost-livelihood-projects-supported-by-undp/Press Release