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Fresh banknotes raise concern

-Lawmaker writes Plenary to cite Central Bank

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Nimba County Representative Larry P. Younquoi, questions source of fresh 500 Liberian banknotes being disbursed by commercial banks specifically to Legislators, while members of the public making withdrawals at various bank continue to receive badly mutilated banknotes.

The sudden disbursement of fresh banknotes when the government had complained of shortage of banknotes is raising serious concern among the public with many asking whether the authorities printed and brought in additional banknotes.
He said it seems to be grave concern that the five hundred notes is being given to lawmakers during withdrawals as others depositors continue to receive mutilated money.

In a written communication to House Speaker Bhofal Chambers dated Wednesday, 12 December Representative Younquoi notes the unusual flow of new Liberian dollar banknotes on the market amidst government’s pronouncement of its scarcity has caused inconveniences for depositors, literarily making it impossible for them to withdraw monies from their saving accounts at various commercial banks has been seen with keen interest.

He says said unusual flow of new Liberian dollars banknotes is happening at a time when there is speculation about the illegal printing of additional money awaiting legislative approval for infusion into the market.

“Additionally, what seems to be of grave concern, is the five-hundred notes being given to Lawmakers during withdrawals as other depositors continue to receive mutilated money. This current trend of events places a dark cloud over our integrity, especially in the midst of Executive’s request for the printing of new banknotes and the speculation that legislators have given approval to the Central Bank of Liberia for said printing”, asserts the lawmaker.

According to Rep. Younquoi, the issue is very serious for the august body because most of the time when customers go to the bank they are informed there is no money then suddenly fresh banknotes are being disbursed to lawmakers.
“Hon. Speaker, it is in view of the above mentioned that we write, requesting Plenary to invite authorities of the Central Bank of Liberia to explain to this body the source of these monies in the wake of the shortage of Liberian Dollars”, Younquoi’s letter ends.

However, Liberia’s Minister of Information Lenn Eugene Nagbe says the government has not printed additional banknotes, adding the fresh banknotes placed in circulation came from the vaults of the Central Bank of Liberia.
Speaking to the Voice of America Wednesday, Minister Nagbe maintained the CBL has always have money in its vaults and from time to time infuse the money in the market. By Bridgett Milton –Editing by Jonathan Browne

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