Gov. Weeks Calls for the Consolidation of Forex Bureaus

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The Executive Governor of the Central Bank of Liberia, Milton A. Weeks, has called for the consolidation of the foreign exchange bureaus in the country to enhance their performance.

Governor Weeks observed that Monrovia alone has more than one hundred licensed foreign exchange bureaus. The consolidation of these bureaus, the Governor said, would enhance uniformity across the country.

The Governor was speaking Wednesday, December 21, when he met with officials and members of the National Association of Foreign Exchange Bureaus of Liberia (NAFEBOL). He described the foreign exchange bureau sector as a key player in the country’s financial sector and assured NAFEBOL that the CBL will continue to work with it to enhance the performance of the sector.

Responding to concerns by the foreign exchange bureau members regarding what they say is the limited supply of the newly printed Liberian dollar banknotes on the market, Governor Weeks said the new Liberian dollar denominations were printed to replace mutilated Liberian dollar banknotes on the market.

He reiterated that the newly printed denominations and the old denominations are of the same monetary value and are being used simultaneously. “We are not promising anybody that when you come to the bank we will give you new money. We can assure you, however, that when you bring mutilated notes to the banks, we will replace them with new or clean Liberian dollar banknotes,” he added.

The Governor called on consumers not to reject the old notes because they are still legal tenders in the country. “Eventually, all the old money will be gradually withdrawn and we will have the new money, but it will take time,” he assured the moneychangers.

Governor Weeks welcomed a suggestion by the leadership of NAFEBOL to construct centralized foreign exchange bureaus throughout the country, but pointed out that such recommendations must be backed by a comprehensive business plan which would take into account all that is involved in such an undertaking.

He said the CBL will continue to identify and take action against illegal foreign exchange bureaus and will also work with NAFEBOL in the exercise. He welcomed the forum with the moneychangers and expressed the hope that regular meetings will be held between his office and the leadership of NAFEBOL to address issues confronting the association.

The President of the Association, Kelvin Sambolah, lauded the Central Bank Governor for honoring the Association’s invitation to meet with its members and leadership. He pledged their continued cooperation with the CBL to foster a harmonious working relationship for the good of the finance and banking sectors.

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