Senate to Invite Banks, Central Bank of Liberia

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Sen Lawrence: “As of June 21, 2017, appallingly, the buying rate in some parts of the country was US$1 to L$120, while the selling rate was US$1 to L$125…”

Over “Appalling Buying and Selling Rates of US$ and L$”

The Senate chairman of the Committee on Post and Telecommunications has requested the plenary of the Liberian Senate to invite commercial banks and the Central Bank of Liberia to publicly provide answers to the many questions Liberians are asking regarding “their economy, especially the exchange rate.”

In her letter to the Senate plenary recently, Senator Nyonblee Karnga Lawrence asserted that the strength of the United States dollar against the Liberian dollar is causing small Liberian businesses to go out of business, while some in the medium-size category are “being strained to the point where they are no more profiting.”

This situation, according to the Grand Bassa County lawmaker, “is largely due to the fact that they are compelled to buy the US dollar with the weak Liberian dollar before they can purchase their goods.”

“As of June 21, 2017, appallingly, the buying rate in some parts of the country was US$1 to L$120, while the selling rate was US$1 to L$125, even though on the same date the Central Bank of Liberia mandated US$1 to L$112.75 and US$1 to L$113.46 for buying and selling rates, respectively.”

The letter, which was voted upon and sent to the relevant financial and monetary Senate committees to report by Thursday, also noted that local banks and the Central Bank of Liberia may be able to inform the Senate to take appropriate actions “in order to curb these unprecedented circumstances.”

In another development, the Senate has passed the report from the Joint Senate Committee on the Protocol and Loan Agreement between the Republic of Liberia and the African Development Bank and the African Development Fund on Electricity Expansion, ELWA-RIA Corridor and Pleebo to Fish Town.

The Senate has also ratified a report from its Judiciary, Claims, Petitions & Human Rights and Ways, Means, Finance & Budget Committees on an Act to repeal Section 1165 and to Amend Section 1021(B) of the Revenue Code as amended in 2016.

2 COMMENTS

  1. Senator Nyonblee Karnga Lawrence; the old Liberian dollar is still on the market. The new one is still new after so many months. The politicians in government are stealing enough because time is running out. the foreigners, in whose hands the economy of the country dwell, are after to put out their money because they are not sure of the political direction of the country. And, you refused to give them even a third-class citizenship (there is already a second-class). The banks are absolutely helpless in this situation.

    Banks do not produce good and neither do they provide services that give them a Return on Investment, they do not buy and sell consumable goods. the people do. So, if the people who have the hard currencies are not spending them, no one will be able to find them on the market. this is the only country in the world that is using three currencies. Senator Prince Johnson asked you guys to use only one currency and you all felt he was stupid. Now the masses (asses right after the election) must live with the ineptitude of their leaders.

  2. This should be an easy hearing session because the questions and answers are so simple. Question: Why are the rates falling so fast? Answer: because you prefer to chase after something you do not produce instead of using what you have. Question: What should we do? Answer: use what you have and strive to make it better. The hearings are over; thank you very much and have a god day.

    This entire situation is tragic when core policy makers continue to deal with symptoms of a serious problem instead of bearing the audacity and courage to decisively deal with the problem.

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