Beginning December 1, 2016, Liberians going to the banks to receive transfers from relatives abroad through Western Union, Money Gram or other transfer services will now have to expect certain portion of that amount in Liberian Dollars based on a new regulation issued by the Central Bank of Liberia or CBL.
The CBL on Monday November 28 issued a new regulation governing inward personal remittances received via money transfer institutions from abroad. Under the new regulation, it says payments of money transferred or money sent from abroad to a recipient in Liberia will now be made both in Liberian and United States Dollars respectively.
That is recipients of money transfers sent from abroad will be paid 25-percent in Liberian Dollars and 75-percent in United States Dollars. The Liberian dollars payment, it said will be made at the CBL published selling exchange rate prevailing on the date of the payment of the transfer to the recipient.
“The exchange rate shall be conspicuously displayed on the premises of the financial institutions or paying agents of the financial institutions,” the bank said. The regulation (No. CBL/RSD/004/2016),, it continued will apply to all licensed financial institutions engaged in money transfer services, including Western Union, MoneyGram, Ria and similar services operating in the country. The regulation, however, will not apply to inbound money transfers credited directly into recipients’ accounts at commercial banks (e.g. SWIFT transfers).