The Central Bank of Liberia (CBL) has condemned as a total fabrication a recent social media video that falsely claims that L$8.0 billion of the newly printed one-hundred-dollar banknotes was diverted to finance President George Weah’s re-election bid, a release from CBL said.
“In keeping with its commitment to a transparent and accountable process, the Bank, once again, restates that the first L$4.0 billion brought into the country in November 2021 was used to ensure that there was enough liquidity in the banks for the December and January festive season, while the second L$4.0 billion brought in February 2022 was used to begin the replacement of mutilated banknotes,” the release clarified.
In addition, the release said, as of September 19, a total of L$7.35 billion of the L$8.0 billion had been infused into circulation, which has helped to address the perennial liquidity problem faced by banks.
“The CBL has informed the public on a regular basis about developments relating to the currency reform,” the release said.
In this regard, the Bank has said that as it begins bringing in the minted coins and more of the newly printed banknotes, it is building and remodeling permanent and temporary structures in Monrovia to store, verify, and issue the new banknotes and coins, while defacing and destroying the old banknotes based on approved policies and procedures, the release added.
According to the release, CBL has put in place measures to guarantee the currency changeover...
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