Senate Discusses Depreciation on Currency Today

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Senate Protemp Chie

The Senate convenes another special session today, according to sources at the Senate’s Secretariat, to discuss “pressing national issues,” including the fast depreciation of the Liberian dollar to the American dollar.
Among today’s agenda items are the possible concurrence on the 2018/2019 Budget, passed by the Lower House yesterday, and the ratification of a bill for an Act to establish the Export-Import Bank (AFREXIMBANK).

According to the source, the session, which starts at midday in the Chambers of the Senate, will also hold discussions with authorities of the Central Bank of Liberia (CBL), specifically on the alarming rate of depreciation in the Liberian dollar against the United States dollar.

A member of the leadership of the Senate and member of the Senate committee on Banking and Currency, and the Ways, Means, Finance and Budget, told our reporter in a visibly jubilant mood that the two documents for concurrence were almost passed yesterday during the Senators’ executive session.

Meanwhile, the president of the Senate, Vice President Jewel Howard Taylor, yesterday deferred to Thursday for the much-awaited debate on the proposed Act to regulate the eligibility of sitting Senators and sitting Representatives for ensuing elections during their terms.

3 COMMENTS

  1. I will wait and see how far that conversation will go because this is key to Liberia getting on her feet again. The United States Dollar is overrunning Liberia and causing the cost of living to increase significantly. Goods and services are being charged in USD and at USD exchange rate if you are paying in Liberian Dollars (LD). Those who have access to the USD are getting by just fine but statistically that number is low in comparison to those who do not. For instance, those living in rural areas with little to no access to the USD, are being crushed by the exchange rate. Sadly even the Liberian government takes taxes only in USD forsaking their own country’s currency. Personally, that’s troubling and shows complete lack of vision for the country. As it is written where there’s no vision, the people perish. I hope that will not be the case with that beautiful country and it’s beautiful people. In order to set things in motion, it requires critical actions on the part of the government and also the people. Like I’ve stated earlier, I will wait and see.

    • It’s only going to get worse because this government doesn’t have a development plan. The economy is spiraling out of country with the LD becoming worthless by the day. Pretty soon, all merchants will refuse to accept LDs because the currency is depreciating very rapidly. Wow, living in Liberia must be hell for the average person.

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