Liberia: Naremol Frowns On Scarcity of Lrd 5, 10 and 20 Banknotes

A group identified as the National Revolutionary Movement of Liberia or NAREMOL, calls on the Central Bank of Liberia and the Ministry of Finance to address the scarcity of 5, 10 & 20 Liberian Dollars Banknotes on the market.

Speaking on Wednesday, May 11, 2022, in Central Monrovia, Chairman Siaffa Kanneh said the national legislature authorized the Central Bank of Liberia to print over 48 billion Liberian dollars banknotes with most of the money in higher denominations of LRD100 and LRD500, respectively. There are also reports of LR1,000 printed and placed in the bank.

But Kanneh notes that the actual essence of the government printing new family of Liberian Banknotes was to reduce excess liquidity of mutilated legacy banknotes in the market.

He laments that the intent of the printing of the money has not been met because the Liberian market is currently flooded with mutilated banknotes, while the newly printed family of banknotes is scarce, adding that the legislature has also been unable to adequately exercise its oversight responsibility by inviting and questioning the Central Bank authorities about the current monetary status of the country.

He says the situation continues to cause serious embarrassment for ordinary people majority of whom elected the government to power.

The NAREMOL continues that from all indications, “most actions and inactions of the government have made us understand that the printing of the 48 billion in higher denominations was meant for stealing by government officials and not for the ordinary people. Peace-loving Liberians, as you may be cognizant, local trade and business transactions are done in small demonstrations; and if so, what is the rationale behind printing 48 billion Liberian Dollars in 500, 100 Banknotes and leaving out the $5, $10, $20 & 50LD? We feel that this is a strategy to rob our people and the state or keep monies for their respective positions comes 2023 elections.”