Liberia: Ministry of Commerce Mandates Businesses to Adhere to CBL’s Daily Exchange Rate to Avoid the ‘Hike’ in Price
Monrovia – The Ministry of Commerce and Industry has said it recognizes the increasing transactions using the Liberian dollars with quotation of prices different from the officially published exchange rate by the Central Bank of Liberia.
The ministry said such the act is directly constraining the purchase of goods and services by ordinary citizens, especially as the Liberian dollar appreciates in relations to the United States Dollar.
Based on the foregoing and in a bid to prevent exchange rate profiteering by businesses and individuals, the Ministry of Commerce and Industry has issued the following regulations governing the conduct of trade and commerce within the Republic of Liberia as follow: the administrative Regulation of 2019 mandates all businesses operating within the Republic of Liberia to carry on all commercial transactions in both Liberian and United States Dollars as legal tenders.
All businesses, according to the ministry, are instructed to display the daily Central Bank of Liberia’s exchange rate as well as a full price list of commodities in both Liberian and United States Dollars at their business premises at all times to give consumers purchasing options.
Absolutely no business entity is allowed to coerce consumers to transact or purchase goods and services in either of the dual currencies in our economy; to do so would fall in breach of the Administrative Regulation of 2019 which constitutes an offence punishable by law with a fine, the ministry said.
“With immediate effect, the ministry said, all business entities are required to take due notice of prevailing CBL daily exchange rate in setting the prices of their goods.”
The ministry also said purchases at all medium and large businesses above LRD 500 should be invoiced to authenticate price stabilization.
“Unhealthy business practices such as hiking of prices and hoarding of commodities, et al are deemed illegal.
There shall be imposition of fines on individual (s) or business entity (ies) in proven violation of this regulation.
The Ministry of Commerce and Industry’s Inspectorate Division will closely monitor all businesses to ensure full compliance to this regulation in collaboration with the Ministry of Justice,” the ministry said.