The Central Bank of Liberia (CBL) yesterday began a weeklong exercise targeting various markets around Monrovia and its environs to exchange mutilated (tear-tear) Liberian dollar banknotes for the recently-issued new and enhanced banknotes, a CBL release said.
According to the release, the exercise will cover Rally Time, Waterside, Duala, Red Light and Gorbachop Markets. CBL tellers have meanwhile been stationed at the various market sites to exchange mutilated banknotes.
Richard H. Walker, CBL Director of Banking, who spoke on behalf of CBL Executive Governor, Milton A. Weeks, said the exercise is intended to assist marketers who are unable to go to the banks to exchange their mutilated notes for the new ones.
Mr. Walker said under the exercise, the CBL will exchange mutilated notes for new notes at a rate of one-to-one. He added that those exchanging mutilated banknotes will receive “50 percent in ‘new money’ and 50 percent in ‘clean old money,’” adding,
“Both the old and new money are of the same monetary value.”
According to Mr. Walker, the money exchange undertaken by the bank is experimental and would be assessed at the end of the exercise.
Sylvester K. Thomas, Chief of the Staff to Governor Weeks, thanked the marketing association leadership for the cooperation and pointed out that Governor Weeks looked forward to further collaboration between the Bank and the Liberia Marketing Association (LMA).
LMA President Lusu Sloan welcomed the CBL initiative to interact directly with members of the association through the exchange of mutilated banknotes.
She assured the CBL management of the Association’s willingness to fostering a closer working relationship between the LMA and the CBL.
In a related development, CBL says it will on Friday, November 18, formally launch the Financial Sector Development Implementation Plan (FSDIP) at the Monrovia City Hall. The ceremony begins at 11am, CBL release said.
The plan, according to the release, is being launched in collaboration with the World Bank and the Financial Institutions Reform and Strengthening Trust (FIRST) Initiative.
Vice President Joseph N. Boakai is expected to deliver the keynote address and launch the plan. Other speakers at the formal launch will include the CBL Executive Governor, Milton A. Weeks; Minister of Finance and Development Planning, Boima S. Kamara; World Bank Country Manager, Ms. Larisa Leshchenko; Resident Representative of the International Monetary Fund (IMF), Charles Amo-Yartey; Financial Sector Specialist of FIRST Initiative, Marlon Rawlins, among others.
The Financial Sector Development Implementation Plan (FSDIP) provides a national prioritized, sequenced and time-bound roadmap for implementing reforms in the financial sector including the banking, insurance, credit information and payment systems, digital finance and pension funds. The Plan also covers financial inclusion, enterprise access to finance, anti-money laundering/countering financing of terrorism, regulation and supervision, among others.
The FSDIP is also an important component of the Agenda for Transformation (AfT) and Vision 2030 for Liberia.