Liberia: Speaker Blames Scarcity of Liberian Dollars on Hoarding by Foreign Businesses

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According to the Speaker, all members of the legislature including those from the opposition are of the belief that the situation is artificial and people involved are hoarding the Liberian dollars from the market to intentionally cause a situation of instability.

MONROVIA – House Speaker Bhofal Chambers has blamed businesses in Liberia for creating what he called “artificial shortage” of the Liberian dollars on the market which has caused a drastic fall in the exchange rate to the United States dollars which the prices of basic goods and services remain high.

He made specific accusations against foreign business entrepreneurs residing in Liberia and warned them to adhere to things that will allow they and Liberians coexist.

Speaker Chambers: “In one week, you see how the dollars has fallen. In my view, I think that is hoarding and it’s a crime and it a threat to national security. We think that those who want to stay in the borders of Liberia should be able to adhere to those things that will allow them and us have that coexistence.

“To see business people determining how our people live by determining the exchange rate on a daily basis and in the banks, we have no money, we think it is well calculated and we find it to be a kind of cartel to ensure that Liberia does not prosper.”

According to the Speaker, all members of the legislature including those from the opposition are of the belief that the situation is artificial and people involved are hoarding the Liberian dollars from the market to intentionally cause a situation of instability.

“All of our colleagues in the Legislature even those in the opposition believe that what is happening is artificial and we should urge our business people to bring back our money to put it where it belongs. We are dealing with some business people to ensure that there is some justice in the financial sector.”

He made the statement at the headquarters of the ruling Coalition for Democratic Change (CDC) when he accompanied two members of the House of Representatives to declare their membership for the CDC.

Representatives Matthew Zarzar and Haja Fatta-Siryon were members of the former ruling Unity Party.  Rep. Haja Fata Siryon, current lawmaker of District #3 while Zarzar is Representative of Sinoe County District #3.

 In 2017, Representative Siryon a staunch supporter of President Ellen Johnson-Sirleaf expressed disappointment when Madam Sirleaf supported her opponent in District #3, Bomi County.

In 2019, the ‘Board of Trustees of the University of Liberia’ (UL) unanimously elected Sinoe County Electoral District #3 Representative Matthew Gee Zarzar as the new Chair of the University’s Board of Trustees.

The UL Board of Trustees elected Representative Zarzar as its chair during the Board’s regular meeting held on Wednesday, August 28, 2019.

Representative Zarzar, who has already been inducted, replaces the late Dr. Dominic N. Tarpeh, former Chair of the Board who died in December 2018.

Before Representative Zarzar’s election as Chair of the Board of Trustees, he served as Vice-Chair, and since January 2019, as Acting Chair of the Board of Trustees.

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