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Politics News

Senate probes high exchange rate

The Liberian Senate in its 32nd day sitting here Tuesday, 21 May mandated the committees on Ways, Means and Finance, and Banking and Currency to investigate reasons behind the rapid increasing strength of the United States Dollar against the Liberian Dollar.

Lofa County Senator George T. Tengbeh in a written communication notes that the high increase of the United States Dollar against the Liberian Dollar is a serious impediment to the general public, particularly ordinary Liberians and the current status of the country’s economy.He further observes that the rapid increase in the exchange rate poses untold suffering to the Liberian people.

Therefore, Senator Tengbeh asks plenary to summon the Central Bank of Liberia and the Technical Economic Management Team constituted by President Weah to appear before full plenary this Thursday, May 23, to explain mechanisms being put in place in addressing the situation.

One United States Dollar currently costs One Hundred and Eighty-five Liberian Dollars or more, far above the LRD150 to US$1.00 set by the Central Bank of Liberia sometimes last year.The Senator urges plenary to take prompt action in having this matter resolved.

Grand Gedeh County Senator G. Alphonso Gaye, says the Liberian Senate has committees to address these issues, so they should take charge immediately and conduct investigation with the Central Bank of Liberia and the Technical Economic Management Team to report to plenary.

On the contrary, Senator J. Gle-blo Brown of Maryland County says the CBL and TEMT should appear before plenary to discuss wider issues of the Liberian economy.
“We were here when we talked about L$16 Billion, US$25 million and we were here when reports were given out. We have not invited anyone from the Central Bank to address the two audit reports. Let’s invite the CBL to hear their response on the two audit reports.” Sen. Brown tells his colleagues in the senate.

In conclusion, Sinoe County Senator J. Milton Teahjay, moves that the communication be accepted and forwarded to the appropriate committees to report Thursday, next week, noting that if the committees can’t bring something tangible to plenary, they will have to invite the CBL and the TEMT. By Ethel A. Tweh–Editing by Jonathan Browne

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