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Senate approves printing of LRD1, 000 note

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The Liberian Senate has concurred with the House of Representatives for the printing of 1,000 Liberian dollar bank note to be part of the new family of bank notes totaling over 48 billions, requested by the Central Bank of Liberia.

The joint conference committee says it requires sufficient time to print the 48 Billon and to remove the already existing bank notes in the country, recommending the money should be printed within three years; 2021, 2022 and 2024, respectively. The committee notes that 2023 is elections’ year, so money should not be printed.

The Senate earlier rejected printing of 1,000 Liberian bank note, and had said the new family of bank notes should be printed within two years; 2021 and 2022, noting that 2023 is election year.

However, the joint conference committee reviewed the proposal from the Central Bank and the amendment from the Liberian Senate, and eventually concurred for the printing of LRD1,000 notes in order to save cost.

Members of the joint conference committee of the House of Representatives and the Senate include Montserrado County District#16 Rep. Dixon Seapoe, Co-chair; Sinoe County District#3Rep. Matthew G. Zaza, District#2 Gbarpolu County Rep. Cllr. Kanio Wesso; Montserrado County District#11 Rep. Richard N. Koon; Nimba County District#9 Rep. Johnson Gwaikolo; Montserrado District#8 Rep.Acarous Gray, and Rep. Thomas Fallah of District#5 Montserrado County. Those from the Senate include; Grand Gedeh Senator Marshall Dennis, chair; Margibi County Senator J. Emmanuel Nuquay, Co-chair; Bomi County Senator Morris Saytumah, Grand Cape Mount County Senator H. Varney Sherman; Maryland County Senator J. Gbleh-bo Brown, Senator James Biney of Maryland County, and Senator Zoe E. Pennue, Grand Gedeh County, respectively.

The Central Bank of Liberia in February requested the House’s approval to print 48 billion Liberian dollars in denominations of LRD20s, LRD50s, LRD100s, LRD500s along with LRD10 and LRD5 in coins.

Therefore, the committee on Banking and Currency, as the lead committee, followed by the committees on Public Account, Ways, Means and Finance and the Judiciary, Human Rights, Claims and Petition met with committees from the House of Representatives and they had a hearing with officials of the Central bank of Liberia and the Minister of Finance and Development Planning to justify the request for complete replacement of the existing Liberian dollar bank notes currently in circulation.

By Ethel A Tweh–Editing by Jonathan Browne

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