Monrovia – The House of Representatives has passed a law that will ensure that all monetary transactions in the country are done in Liberian dollars.
Report by Henry Karmo – [email protected]
This means all transactions, including purchases sales and related business deals in the country will be bought using the country’s local currency.
Liberia is currently a dual currency country, the U.S. dollars being the secondary, but the U.S. dollar has dominated the market, being the most demanded currency for purchases and payments, even at government entities.
Part V, section 19, sub-section 1 of the acting establishment of Central Bank of Iberia, March 18, 1999, as stated shall be repealed and amended in the act will include; that monetary unit of Liberia shall be the Liberian Dollar, divided into one hundred cents.
The laws as passed by the House of Representatives states has it that the Liberian dollars shall be the sole currency of Liberia and legal tender and that prices for all transactions in Liberia Dollars shall be indicated solely in Liberian dollars and cents.
The law also calls for the Liberian Dollars to be prefixed by the signs “L$” and Liberian cents shall be prefixed by sign “c”.
The Liberian currency for all Accounting, Financial Reporting and official purposes in Liberia and that the currency of the United States of America shall be legal tender in Liberia for the sole discharge of foreign public and private obligations.
The legal tender shall include bank notes or coins issued by the National Bank of Liberia or the Central Bank of Liberia or the Central Bank, and other currencies at prevailing market rates, the circulation of which the National Bank of Liberia in accordance with section 1173 of title 35 of the Liberian Code of the law of 1956.
Therefore, Honourable speaker, Deputy, and distinguished colleagues, considering the vital nature of this instrument on legalization of all monetary transactions in the Country in Liberia dollars, and considering that all transactions, including all purchases, sales and other related business deals in the country shall be done in Liberian dollars;
Create a viable economic situation in the country; the committee is pleased to submit this instrument to plenary for enactment into law and subsequent submission to the Honorable Liberian Senate for its concurrence
The Liberian Dollar is the official currency of the Republic of Liberia. However, the United States Dollar is a legal tender in Liberia and is used alongside the Liberian Dollar currency. The Liberian currency comprises banknotes and coins.
The banknotes are in the denomination of $5.00, $10.00, $20.00, $50.00 and $100.00 while the coins are in $0.05, $0.10, $0.25, $0.50 and $1.00.
The five-dollar banknote carries on the front the portrait of Liberia’s 5th President, Edward J. Roye, and the back carries the seal of the Central Bank of Liberia (CBL) and women harvesting the staple food of Liberia, rice;
Ten-dollar banknote carries on the front the portrait of Liberia’s 1st President, Joseph J. Roberts and the back carries the seal of CBL and a rubber farmer on a rubber plantation;
The twenty-dollar banknote carries on the front the portrait of Liberia’s 18th President, William V.S. Tubman, and the back carries the seal of CBL and a man on the farm;
The fifty-dollar bank note carries on the front the portrait of Liberia’s 20th President, Samuel K. Doe and the seal of CBL and a palm plantation;
And the hundred-dollar banknote carries on the front the portrait of Liberia’s 19th President, William R. Tolbert, Jr., and the back carries the seal of CBL and a typical Liberian business woman with her child in the market.