US$300M Remitted under Weah Government, Says Former House Chair on Banking and Currency
Monrovia – Former Montserrado County District #10 Julius Berrien says since the election and inauguration of the CDC government in 2018, more than US$300 million has been remitted out of Liberia through commercial banks. However, he didn’t say who made these transactions.
In his statement, he said, “Take this statistic and put me on record, since this government came to power up to August of 2019, more than US$300 million has been remitted out of Liberia.
Speaking via telephone on the Fabric Morning Radio Program, he claimed that every bank in Liberia has intermediate banks, which is their mother bank and through these banks some transactions were done with soft code “GTBILLRLM”.
“Nowhere in the world where there are sound managers that would make a decision that years back they spoke against that previous government didn’t do, as an opposition you were a government in waiting. Since this government came into been those things they promised to do are not seen.”– Julius Berrian, Former Huse Chairman on Banking and Finance Committee
“Bankers will know what I am talking about. I don’t want to name banks because they are financial institutions they have to do their transactions.
“Another code is “ELRLM” money was remitted from “CITI US-33BKTRUS33” these are banking codes other bankers will understand. The amount that has left Liberia through the UK to the Caribbean is about US$10M, US$ 750K Scotia Bank Jamaica, Sebago Bank, US$575K, CIBC First Caribbean Bank US$ 950K, JIMM Bank US$ 250K, JN Bank US$ 45K, to The US, JP Morgan Bank US$ 356K, Chase Bank US$ 1.3M, Bank of America US$ 219k, Fargo Bank US$ 488K, TB Bank credit union US$ 136k.”
Speaking further, the former lawmaker who once chaired the House of Representatives’ Committee on Banking and Currency, said money remitted in Europe constitutes, US$ 26 million. “I speak from an informed position. Let’s assumed that some business people are sending some of this money but some of this money are earmarked. So we have more money leaving Liberia then the amounts coming.
“I don’t want to go into the specifics, but any ordinary Liberian who sends more than US$25k to their relative tells you that that person is pretty seated.
Touching on the printing of additional or new banknotes, Berrien advised that printing more or new Liberian Banknotes would escalate the exchange rate between the Liberian and the USD.
“It is not about changing the money, it’s about addressing the cause of the money devaluation in the economy.”
Liberia expeditiously reversing
Also on the radio, he claimed that Liberia is expeditiously advancing in a reversed position because of incompetence and lack of ability to make decisions when they are needed.
“Nowhere in the world where there are sound managers that would make a decision that years back they spoke against that previous government didn’t do, as an opposition you were a government in waiting. Since this government came into been those things they promised to do are not seen.”
Mr. Berrien warned that if the Liberian government is to grow the economy, it needs to set priority, and one of those ways according to him is to invest in the private sector. “You don’t just do things because you want to do, do things to make an impact.”
He also stressed the need for the government of Liberia to invest in technology.