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PATEL fears serious economic problems

By Lincoln G Peters

The president of the Patriotic Entrepreneur of Liberia (PATEL), Mr. Dominic Nimely says the business community and the country at large, risk serious economic and monetary problems if the Central Bank of Liberia (CBL) fails to withdraw the old local currency from the market and educate the public about the new money due this December.

Nimely, who also serves as chair on Trade and Commerce at the Liberia Business Association (LIBA), wants the CBL to address the poor texture of the Liberian dollars and critically put a strategy in place to get the old money out of the market.

The Central Bank of Liberia is expected to bring in a new family of Liberian dollar banknotes starting with the 100 Liberian dollars bill to the tune of four billion Liberian dollars this December.

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The amount is intended to increase the Liberian dollar liquidity in the economy during the festive season in December.

Speaking in an exclusive interview with this paper Monday, 15 November 2021, Mr. Nimely said it’s a good thing to change the money, but the problem he sees is that the business community has to be addressed regarding the poor quality and texture of the money which sometimes makes it less valuable in Africa.

He added that the Central Bank of Liberia needs to provide sensitization about the usage of the money and make sure that Liberians have good money with quality texture.

“Bringing old money like the coins is not bad but there [is a] new generation, from 22 to 33 and they have not used coins before and they have to be told about the usage now,” said Nimely.

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“They also have to put out symbols of the money that will be coming instead of people just posting what we are not expecting,” he continued.

The PATEL president disclosed that before the National Elections Commission carries out any election, it conducts publicity and sensitizes the voters about what they are going to vote for, urging the CBL to do the same.

“We had meetings with the Central Bank of Liberia along with several other members of the business community. They said that we will have good money because they have changed the company that printed our currency,” said Nimely. https://thenewdawnliberia.com/patel-warns-intruders/–Edited by Winston W. Parley

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The New Dawn is Liberia’s Truly Independent Newspaper Published by Searchlight Communications Inc. Established on November 16, 2009, with its first hard copy publication on January 22, 2010. The office is located on UN Drive in Monrovia Liberia. The New Dawn is bilingual (both English & French).
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