Monrovia – Central Bank of Liberia (CBL), Wednesday, November 16, 2016, began a one-week exercise targeting various markets around Monrovia and its environs to exchange mutilated (tear-tear) Liberian dollar banknotes for the recently issued new and enhanced banknotes.
Markets covered under the exercise are Rally Time, Waterside, Duala, Red-light and Gorbachop in Paynesville.
Tellers from the Central Bank of Liberia have been stationed at the various market sites to exchange mutilated banknotes brought in by marketers and other business people.
The Director of Banking at the CBL, Mr. Richard H. Walker, speaking on behalf of CBL Executive Governor, Milton A. Weeks, said the exercise is intended to assist marketers who are unable to go to the banks to exchange their mutilated notes for new banknotes. Mr. Walker explained that under the exercise, the CBL will exchange mutilated notes for new notes at a rate of one-to-one.
He added that those exchanging mutilated banknotes will receive 50% in ‘new money and 50% in clean old money,’ adding, ‘both the old and new money are of the same monetary value.”
The CBL official indicated that the five day money exchange undertaking by the bank is experimental and would be assessed at the end of the exercise.
The Chief of the Staff to the Governor, Mr. Sylvester K. Thomas, thanked the marketing association leadership for the cooperation and pointed out that Governor Weeks looked forward to further collaboration between the Bank and the Liberia Marketing Association.
LMA President, Lusu Sloan, welcomed the initiative by the Central Bank to interact directly with members of the association through the exchange of mutilated banknotes.
She assured the CBL management of the Association’s willingness to fostering a closer working relationship between the LMA and the CBL.