The President Pro-Tempore of the Liberian Senate, Albert Chie stresses the need for Liberia to revert to a single currency regime, suggesting that the Leadership of the Legislature is in absolute support of such move.
Speaker Bhofal Chambers had suggested a single currency regime for Liberia’s commerce and trade, amidst the excruciating challenges the economy is faced with.
Liberia adapts the United States Dollar as a legal tender parallel to the Liberian Dollar.
Speaking in Buchanan, Grand Bassa County at the weekend during dedication of a newly constructed headquarters of the Motorcyclist Union, Pro-Temp Chie joined the many calls to revert to a single currency regime in the country.
According to a press release, he says a single currency regime would make the economy stronger adding, “Is time for Liberia to begin using only the Liberian dollars like Ghana and other countries in the sub-region.
The Grand Kru Senator explains that statistics given to the Senate by the Central Bank of Liberia (CBL) Executive Governor -designate during his confirmation hearing suggests Liberia needs to revert to a single currency regime.
During his confirmation hearing, Executive Governor-designate Nathaniel Patray disclosed there are 17 billion Liberian dollars in circulation, and out of such amount, LRD 15 billion is outside the commercial banks.
With the latest figures, Senator Chie indicates that there are millions of Liberian Dollars in the homes of individuals, especially business owners, who he notes, put those monies outside to chase the few United States dollars, hereby causing hick in the exchange rate.
He says such situation continues to put pressure on the local currency, leading to its depreciation on a daily basis.To solve this problem, the Senate Pro-Tempore recommends the use of only the Liberian dollar in the local market.
Turning to the motorcyclists, he urges them to make good use of the newly constructed headquarters by engaging in workshops and training on road safety.Also speaking at the occasion, Grand Kru County Senator, Doctor Peter Coleman calls on motorcyclists to ride with care, indicating that many lives are lost due to accidents, most especially involving motorcycles.
“You will not believe what I see on a daily basis as a doctor; every week about five persons will have to undergo amputation due to accident cases, especially motorcycle. You need to drive with care to reduce the accidents”, Senator Coleman, a former Minister of Health, reveals.The headquarters project worth over US$40,000 was initiated by Grand Bassa County Senator Jonathan Karpee.
–Editing by Jonathan Brown