CBL’s HoR appearance to be done in Executive session

The Central Bank of Liberia has been summoned by the House of Representatives but discussion surrounding the summon is expected to be done in Executive ( Behind closed doors).

The House took the decision Thursday after deliberations which proved that series new notes are on the market while mutilated notes remain same. ‘This is creating havoc for citizens and need to be addressed,’ Rep. Suacoco Dennis of Montserrado told colleagues in her request to summon the CBL to full plenary.

Thursday’s decision followed CBL reported infusion of 4 Billion Liberian dollars into the market with mutilated notes yet to disappear creating ‘Security concerns,’ according to the lower House of the Legislature.

The House had earlier asked its committee on Banking and Currency to investigate and report findings on the saga when new notes of five hundred bills were seen on the market in the glaring eyes of the public though mutilated notes are yet to disappear.

Ahead of the last festive season, the Liberian leader, George Weah encouraged the Legislature to pass the printing of new bills to have citizens enjoy the season which was respectfully approved.

Said the President then ‘The liquidity projection of the CBL compared to very low Liberian dollar vault cash positions of all banks, makes it imperative to infuse additional banknotes to ease the liquidity pressure as a short-term measure.’

Speaker Bhofal Chambers is said to be digging keenly into the banking system given the security nature the situation poses to the country if not addressed adequately.

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