USAID Congratulates CBL on Successful Printing of L$4 Billion Banknotes

2
620
Central Bank of Liberia

The United States Agency for International Development (USAID) has extended “sincere congratulations to the management and staff of the Central Bank of Liberia (Central Bank) on the successful competitive procurement and printing of LD4 billion in Liberian Dollar Banknotes to help ease the liquidity situation in Liberia and provide ordinary Liberians access to the cash they need to pay for essential goods and services.”

According to a statement issued Sunday, USAID expresses its pride in having worked in partnership with Central Bank leadership and staff in providing a technical assistance program to realize improved management and the institution of international best practices in Central Bank operations.

“As part of that program,” USAID said, “the Central Bank worked with Kroll Associates (Kroll), an internationally recognized risk mitigation firm, to put in place a competitive, accountable, and transparent procurement process and to securely track the shipment of the new banknotes from the printer to the Central Bank’s vaults in Monrovia. We are pleased that the Central Bank will continue to work with Kroll to ascertain that the new banknotes are in full compliance with the contractual specifications and ensure their proper injection into the banking system and the broader Liberian economy.

“USAID looks forward to continuing to support this Liberian-led effort, managed and executed by the Central Bank management team and staff, in accordance with international best practices,” the statement said. “We have been here, we are still here, working together, the United States and Liberia, pursuing fruitful collaborations in service to the people of Liberia.”

Authors

2 COMMENTS

  1. Hi Daily Observer,

    Is this the same Kroll?

    The writer questioned the performance of Kroll in an article and asked, “Was it the lack of competent personnel and/or lack of policy that prevented officials from infusing the L$16bn into Liberia currency circulation?”

    He added, “well, everyone knows now that the L$16bn was not infused into the commercial banking system because the government has admitted that it has no new banknotes. The public widely suspects that the L$16bn new banknotes are at private homes largely because former President Sirleaf and President George Weah failed to ensure the infusion of the 16bn Liberian dollar banknotes into circulation.”

    Referring to Kroll, he stated, “another foreign consultant, Kroll, hired to investigate and examine the L$16B saga, I guess, was aware that the L$16B was missing but was encouraged to go along with the Government’s version that only a small amount of money was missing, but government should instead focus on correcting accounting irregularities and personnel negligence.

    “Assumingly, had it not followed the government line, Kroll would have been compelled to follow the International Standards on Auditing (ISA) 500, which requires an external auditor to obtain reliable evidence from third parties (in this case, the nine commercial banks of Liberia).”

    Responding to letters from Kroll, each of the nine commercial banks would have been required to report the values of new banknotes each received and infused into Liberia’s currency circulation and the values of old banknotes each returned to the Central Bank.”

    “This approach would have revealed that no new banknotes were infused into Liberia currency circulation, which would have confirmed the allegation that officials siphoned the L$16B. Of course, the government was not ready to give the hard truth to the population; hence, our international partners, stakeholders, and Kroll went along.”

Leave a Reply