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.