By Ethel A. Tweh
The chairman of the Senate’s Banking and Currency Committee Marshall Dennis has told his colleagues in Chambers that he is not the Public Relations Officer (PRO) of the Central Bank of Liberia (CBL).
The Grand Gedeh County Senator made the statement on Tuesday, 7 February 2023 while he was reporting to the Senate plenary about the currency changeover regime.
Dennis said he could only answer questions he knew, but the rest of the questions should be directed to the CBL.
“I am not CBL PRO, I will answer the question that I know,” he said.
Based on his response to his colleagues, the plenary of the Liberian Senate has cited the Central Bank of Liberia to appear before a Committee of a Whole next week.
The Bank’s citation is about the currency changeover regime as part of the Marco-economic stability program of the Liberian economy.
Making his report to the plenary, the chairman of the Senate’s Committee Chair on Banking and Currency Marshall Dennis said L$34,996, 400,000 is in the country.
[bsa_pro_ad_space id=1]
He reported that this amount is in the custody of the Central Bank of Liberia.
Through the commercial banks, he said the exchange of money and mutilated money will be carried out.
The chairman also said that the CBL will decentralize the exchange process, adding that within the first quarter of 2023, the banks will have a significant amount of mutilated and old banknotes in their possession.
And the CBL will announce a deadline for the exchange to be done.
Grand Cape Mount County Senator Cllr. Varney G. Sherman complained that his county does not have a commercial bank, and the CBL’s means of exchange is through a commercial bank.
Montserrado County Senator Abraham Darius Dillon said the new family of banknotes is more than the old ones.
He wondered why the CBL didn’t replace the old banknotes before infusing the new banknotes.
“We are interchangeably using both the old banknotes and the new banknotes. I give you new $100 to buy something and you give me $40 with an old bank note,” Sen. Dillion added.
He continued that the committee is unable to answer questions from the plenary.
The Montserrado Senator stated that the CBL needs to answer those questions.https://thenewdawnliberia.com/cbl-and-ifc-conduct-workshop-on-payment-system/
