The Editor,
Isn’t the Central Bank’s new regulation another government extortion scheme?
Under the Central Bank’s regulation# CBL/RSD/004/2016, recipients of foreign remittances (from the USA) are forcedto accept 25 percent of their money in worthless Liberian Dollars and 75 percent in U.S Dollars.
(Re-“Central Bank of Liberia Issues New Regulation on Money Transfers”)
But the new regulation for doesn’t apply to people with bank accounts.
That means beneficiaries of foreign remittances with local bank accounts will receive all of their money in U.S Dollars! How sweet.
On the other hand, Poor Joe Blow, without a bank account (unbanked), is screwed! He has no choice, but to bend over and hold his ankles! Why?
Because if you’re unbanked and you don’t want their worthless money, you’re forced to take it (Liberian money)!
And the reason they’re forcing you to take it, is because nobody, including the CBL, wants worthless Liberian Dollars!
Look. It’s the same as someone putting gun to your head and taking your good money (U.S. Dollars), and giving you their play-play money (Liberian Dollar) in return.
But don’t you think that’s extortion? I do.
Using the force of law (government regulation) to extort ordinary citizens of their money is a despicable criminal act.
The CBL Governor (Weeks) should be arrested for attempted extortion in the first degree!
Good luck behind bars, chief! Raw rice and Palm wine will be waiting there for you!
Martin Scott,
Atlanta, Georgia,
Remitter U.S Dollars to Free Loading Family in Liberia