NAREMOL frowns on scarcity of LRD 5, 10 and 20 banknotes
By: Naneka Hoffman
A group identified as the National Revolutionary Movement of Liberia or NAREMOL, calls on the Central Bank of Liberia and the Ministry of Finance to address the scarcity of 5, 10 & 20 Liberian Dollars Banknotes on the market.
Speaking on Wednesday, May 11, 2022, in Central Monrovia, Chairman Siaffa Kanneh said the national legislature authorized the Central Bank of Liberia to print over 48 billion Liberian dollars banknotes with most of the money in higher denominations of LRD100 and LRD500, respectively. There are also reports of LR1,000 printed and placed in the bank.
But Kanneh notes that the actual essence of the government printing new family of Liberian Banknotes was to reduce excess liquidity of mutilated legacy banknotes in the market.
He laments that the intent of the printing of the money has not been met because the Liberian market is currently flooded with mutilated banknotes, while the newly printed family of banknotes is scarce, adding that the legislature has also been unable to adequately exercise its oversight responsibility by inviting and questioning the Central Bank authorities about the current monetary status of the country.
He says the situation continues to cause serious embarrassment for ordinary people majority of whom elected the government to power.
The NAREMOL continues that from all indications, “most actions and inactions of the government have made us understand that the printing of the 48 billion in higher denominations was meant for stealing by government officials and not for the ordinary people. Peace-loving Liberians, as you may be cognizant, local trade and business transactions are done in small demonstrations; and if so, what is the rationale behind printing 48 billion Liberian Dollars in 500, 100 Banknotes and leaving out the $5, $10, $20 & 50LD? We feel that this is a strategy to rob our people and the state or keep monies for their respective positions comes 2023 elections.”
NAREMOL notes that the absence of 5 and 10LRD Banknotes and the gradual disappearance of 20LRD from the Liberian market are creating serious embarrassment for the balance of local trade on the market, adding that due to the absence of these small banknotes on the market, passengers, drivers, riders of kekeh and their passengers are getting into fight daily because of change issue.
Kanneh says failure on the part of the Central Bank and the Economic Management Team of the President to act in addressing the situation, the group would be left with no option but to stage an unannounced action at both the Ministry of Finance and the Central Bank of Liberia.
Meanwhile, NAREMOL says issue of the disappearance of the
Legacy Banknotes from the Liberian market are far beyond politics therefore, it calls on well-meaning Liberians to sincerely join this patriotic struggle in having the CBL and the Finance Ministry swiftly address the cogent issues raised for the stability of the state. Editing by Jonathan Browne