February 02, 2022

Liberia: Central Bank to Introduce New Currency

The Central Bank of Liberia (CBL) destroyed old and damaged local currency over the weekend to make way for fresh new notes, but sources claim that the act is covering up corruption.

On Saturday, 29 January, a major bonfire was lit and over 600 million Liberian dollars – worth over US$4 million – was burned to make way for new money notes to enter the economy some time in early February.

The process was overseen by CBL Executive Governor J. Aloysius Tarlue – with representatives from the World Bank, the International Monetary Fund, and the African Development Bank in attendance – and took place in Bentol City in Montserrado County .

“We are bringing new money into the country, and so we want to be transparent and accountable for Liberian people to know that we are doing the right thing,” said Tarlue.

However, in 2018, allegations surfaced that newly printed notes worth $100 million went missing, a claim that the CBL has denied and stated that the amount was stored in banks.

As such, civil society groups are still demanding Liberian president, George Weah, to account for the US$25 million that was withdrawn from the country’s reserves in order to strengthen the local currency in circulation.

Image Credit: Source