— CBL Executive Governor declares; assures rebranding of the bank
The Central Bank of Liberia (CBL) Executive Governor, J. Aloysious Tarlue, has finally launched the re-introduction of small denominations of coins for infusion into the country’s economy.
The minted coins are round and nickel-plated steel, with the L$5 weighing 3.6 grams and the L$10 weighing 4.8 grams. The L$5 has the image of President Edward James Roye, while the L$10 has the image of President Joseph Jenkins Roberts.
Speaking at the official launch of the five and ten Liberian dollar coins on Wednesday, November 9, Governor Tarlue said these new denominations will solve the liquidity needs of people in smaller denominations.
“So, again, I want to tell you thank you for the support and we want to finally launch the coins on the market,” he said. “This whole idea is that we want to change the psychology of this country.”
Governor Tarlue reaffirmed that he wants to ensure that he brings stability to the Liberian banking sector, as well as ensure that CBL is rebranded.”
He said the coins are part of the currency and the banknote reform, and he indicated that there should be a special need for coins because the Liberian people have been patient for a very long period of time in terms of small change, and the coins are finally here and validated.
“By next week,” Governor Tarlue said, “we expect the coins to be on the market.”
According to him, the coins are portable, can easily be used, and will not be a burden to anyone.
“I want to say that the coin is so good that if you lift it up and look at it directly in the sun, you will see that it has the Lone Star in its belly, which cannot be counterfeited,” Governor Tarlue said.
It can be recalled that in May 2021, the CBL was authorized by the 54th Legislature to print new family banknotes. The Legislature approved the printing and minting of money in the phase of three years, specifically 2021, 2022, and 2024.
CBL in December 2021 introduced the new Liberian dollar currency starting with the 100 Liberian dollar banknote to the tune of four billion Liberian dollars.
The amount, the CBL says, was intended to increase Liberian dollar liquidity in the economy.
However, the CBL Executive Governor said they brought in a lot of fives and tens in the amount of $462.5 million, representing 28 per cent of the amount they wanted because, by 2023, there will be no money coming into the country.
“So, based on the calculation we have and the amount of money, the coin is enough to make sure that we don’t have problems with small change. You and I both know that banknotes spoil quickly, especially the 5s and 10s and that their lifespan is between three and four years. For the 5 and 10s, we get no profit from them,” Governor Tarlue said.
For his part, the president of the Liberia Bankers Association, George Mensah-Asante, expressed gratitude to the CBL for introducing the coins on the market, which he believes would make business easier for small transactions in the country.
He said that the introduction of the coins on the market will allow the CBL and the government to save enough money for printing because coins last for over 50 years.
Mr. Mensah-Asante further assured the CBL that once they are introduced next week, this will be an opportunity to pay government employees with the additional banknotes they already have.
Also speaking, the president of the Liberia Marketing Association, Elizabeth Finda Sambolah, promised the CBL that the coins will be well-taken care of.
The ceremony was graced by several persons including the president of the National Forex Bureau of Liberia, Motorcyclists, the Liberia Business Association, etc.