Business Community Wants Gov’t Withdraw Mutilated Bank Notes

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Mutilated (tear-tear) banknotes are embarrassing consumers .jpg

Liberian business owners have appealed to the government through the Central Bank of Liberia (CBL) to intervene in the exchange of mutilated (tear-tear) bank notes between consumers and businesses.

Some business owners told the Daily Observer in recent interviews that customers’ persistent refusal of mutilated bank notes is seriously hampering trade and commercial activities.

For example, some said the situation is getting out of hand to the extent that it is discouraging the economic growth of the country.

“I went to buy food at a local cook shop on Wednesday, but I was denied the food because the money I carried had a tear mark,” Sammy Gagy, a petty trader on Johnson Street said.

A Fulah businessman at the corner of Water and Mechlin Street’s intersection told this newspaper that business owners are refusing the mutilated banknotes from consumers, who also refuse changes with similar mutilated banknotes.

“Even conductors on the various buses refuse tear-tear money,” a lady passenger remarked.

This situation, according to some business owners is worrisome and therefore they want the Central Bank of Liberia to find a lasting solution to it.

In a related development, Montserrado County District #9 Representative Munah Pelham-Youngblood has raised alarm over the shortage of the L$5 banknotes on the market.

The lawmaker observed that the situation is posing economic hardship and suffering to the “poor masses,” noting that when one gives L$20 to purchase an item that costs L$15, he or she does not get change in return due to the shortage of the five dollar banknotes.

She has therefore requested the Plenary to mandate the House Committee on Banking and Finance to meet with authorities of the CBL and commercial banks to give reasons for the shortage of the five dollar banknotes on the Liberian market.

She has accordingly challenged the House’s Committee on Banking and Finance to use its oversight authority to ensure that the public is protected at all times, even during the period of transaction, adding, “we must ensure that the Central Bank ensures the free-flow and availability of all banknotes on the Liberian market.”

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