Bomi County Representative Edwin Melvin Snowe has filed a formal complaint to the Plenary of the House of Representatives against APM Terminals, an operational company at the National Port Authority (NPA) and BIVAC for their alleged refusal to accept the Liberian dollars for monetary transaction.
The Bomi County lawmaker proffered a formal communication to the plenary which was read in the chambers of the House Tuesday, January 30, stating that businesses including the APM Terminals and BIVAC have reportedly refused the Liberian dollars in exchange of goods and services.
He claims that it results to a high demand for the United States dollars, which is the only acceptable currency as per the standard of these entities.
The former Speaker of the 53rd Legislature indicates that decision has not devalued the Liberian dollars because of the ‘bad’ business practices, but it has also caused exchange rate changes that are unrelated to the underlying partner of trade as well as instability and uncertainty for struggling Liberian businesses and consumers who trade largely in Liberian dollars.
He told his colleagues that the urgency of the House’s intervention into the situation cannot be overemphasized, praying that the rightful action is taken.
Meanwhile, the plenary has forwarded the communication to the committees on Banking and Currency, Judiciary and Ways, Means and Finance, to report in two weeks.
Businesspeople across the country are said to be frustrated over the unprecedented surge in the rate of exchange between the Liberian dollar (LRD) and the US dollar (USD). The business owners, including market women, petty traders and some small businesses have agreed to embark on a protest, suspending all sales to the public until government can arrest the situation.
By E. J. Nathaniel Daygbor–Edited by Winston W. Parley