Liberia: Government Confirms Bringing in U.S. Dollars to Solve Liquidity Challenges

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Monrovia – The government of Liberia has confirmed that the Central Bank of Liberia (CBL) brought in money in the tone of over US$58 million in the country to help with the liquidity challenges faced by various commercial banks. 

“In keeping with its normal operations, the CBL brought in some US dollars and we want to announce that to the public. Several million dollars US currency,” disclosed Min. Fofana.

According to him, the money was brought in the country because commercial banks have been faced with liquidity challenges. He said the CBL had to bring in the money to remedy the situation.

“A Lot of you have gone to a few of the banks and they’ve highlighted that they are challenged in a way; and it’s not just with the Liberian dollar but also with the US dollars as well. Commercial banks on their own cannot bring in that amount of money in the country, they had to do so with the consent of the CBL,” stated Fofana.

Min. Fofona explained that in any instance should the government intend to print addition Liberian dollar banknotes, it will follow the constitutional mandates in doing so.

“We want to clarify that no Liberian dollar banknotes were brought in the country, when we want Liberian dollar banknotes we know how to do that and that obviously will be through the National Legislature,” he said.

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