Senate Permits CBL to Print L$4Bn

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Senate Pro Tempore, Albert T. Chie

But again declines request on L$35 billion

“Fellow citizens, we wish to confirm that the request to print L$4 billion of additional banknotes, has been received from the Central Bank of Liberia, through the office of the President of Liberia, and the Liberian Senate has accordingly approved this request, subject to receiving the appropriate documentation from the House of Representatives,” Pro Tempore Albert T. Chie told Legislative reporters last night.

Speaking in the Annex Chambers of the Senate, during the close of one of the Legislature’s unprecedented several recalls, Senator Chie disclosed that the Senate has once more declined to approve the earlier request from the CBL to print L$35 billion of a new family of Liberian dollar currency. “This request is in committee room, and discussion on this request will continue next year.”

Senator Chie intimated the Senate’s concern about the current state of the economy and the potential threat of its non performance to national security; “therefore, during this special session, plenary mandated me to appoint a committee of six Senators, chaired by Senator Varney G. Sherman, to gather appropriate information, conduct economic analysis and propose ways which will assist in the revival of the economy.”

Based on that committee’s extensive discussions with various economic experts, including former bank executives, fiscal managers of the economy, the Pro Temp said it has submitted a report to plenary from which he assured an aide-memoire will be derived and presented to President George Weah shortly.

The Pro Temp then lauded the International Monetary Fund for admitting Liberia into its program and pledged the Senate’s fullest cooperation to ensure its success in the country.

He once again assured the Government’s commitment to the payment of civil servants salaries for the months of October and November, during this festive season; “and salaries will be normalized by the end of February.”

Meanwhile, Protemp Chie has disclosed the confirmation of the Chairman-designate of the Liberia Anti-Corruption Commission, Mr A. Ndubuisi Nwabudiki.

Authors

13 COMMENTS

  1. HEY, PRINT THE MONEY AND PRINT AS MANY AS YOU CAN CBL NO PROBLEM, NO WORRY AS LONG AS RAMPANT CORRUPTION IS NOT A CRIME IN LIBERIA AT ALL, WHO REALLY CARES ABOUT PRINTING MONEY. THAT IS WHY WE CALLED LIBERIA SWEET LIBERIA. SO MANY FOOLS LIVING IN PARADISE IN LIBERIA MY PEOPLE. (WATCH)

  2. wow printing money with no backing. Printing money just for the christmas spending for civil servants. ARE THERE ANY ECONOMISTS IN LIBERIA:? this is the worst batch of clowns in the history of africa. there are no financial goals for liberia. No Plans. No fiscal policies. I will kiss my US citizenship papers when i wake up in the morning.

  3. Some of the most valuable lesson you can learn from other countries, is seeing the disasters their policies have produced. In 2007, Robert Mugabe, President of Zimbabwe, ordered his Central Bank Governor to print an additional 1 trillion Zimbabwean Dollars to pay civil servants (to celebrate Christmas). With that kind of money in their pockets, Zimbabwean civil servants went on a Christmas shopping spree!

    But guess what happened?? Every Zimbabwean, poor and rich, saw the value of their money vanish. Why? Because when you pint money out of thin air, you unleash hyperinflation. Any hyperinflation debases your currency.

    After Weah’s “infusion” of 4 billion Liberian dollars into the economy, you will need a wheelbarrow full of Liberian Dollars, just to buy a loaf of Fanti bread, to feed your family for Christmas. Compliments of the season.

      • Mr.My friend, have you read Comparative Public Administration?if not,there are reasons why this course came about and there are Positives and Negatives development you borrow or implement in your system or country so as to move forward as a country.So,for what Martin Scott said,is it not the reality that is necessary to learn from as a Country and people of Liberia.Let us stop fooling President Weah that he is doing the right thing when he is not.Have you come to think about where Liberia is going now n in the future?Compliments of the Season!!

  4. Congratulations Senators!
    Expect to print additional banknotes in 3 months, in 6 months, in 9 months, until the 35 billion can be printed.
    However, don’t forget the boomerang effects on the economy.

    Instead of adding values, print money

  5. Hahaha… Who is Sen. Chea informing, that the Senate has approved of the printing of 4 billion LD? Who, in his/her right mind, didn’t know that you would approve. This is no news, Hon. Chea, so stop wasting our time. Just move your office to the Foreign Ministry, and assume your role, as a secretary to President Weah. We have ceased to recognize your significance, a long time ago. Go right ahead, and please yourselves.

  6. Brother Concerned Liberian,
    I really share your concern! Not just economists, specialists of other backgrounds can do something to help our sagging economy.

    Mr. Concerned Liberian, I am kind of disappointed in you though. You’re going to kiss your US citizenship document? Shame on you. I was hoping that you would go to Maryland county to turn things around. There you are saying “bye-bye” the motherland? C’on man.

    Let’s go back home to get things done.
    Merry Christmas!

  7. As the old adage goes, ‘One who is down, fears no fall’, the Senate leader may as well take things to the ‘ logical’ conclusion by authorizing the wholesale printing of the previously requested $L 35 billions! After all, why not print everything now as opposed to having to double back a few months down the road for the printing of another amount because things didn’t quite line up as was previously thought?

    Since the current popular monetary policy being advanced continues to gravitate towards actions that would naturally ignite hyperinflation rather than quell it, perhaps, just maybe, this government sees something good ahead, which the rest of us have failed to imagine!

    I wait eagerly to be wowed!

    • Me too brother!
      A wise African leader that dearly love usually say this and I quote, “Time is another name for God”. With time, we will understand a lot of things.
      Though I am not an economist, I am eager to see if I did not learn my lessons well or if I spied to score the grades I had in Economics, as some people have already told me here.

      The sad thing about it is that my people and country is deeply going down the drain. Dear God, what have we done so much that you cannot forgive us now?

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