Liberia:CBL Clarifies Shortage of Smaller Liberian Dollar

The Central Bank of Liberia (CBL) says its attention has been drawn to persistent public concerns about the shortage of L$5 and L$10 on the economy, despite a series of radio programs organized by the CBL explaining the causes for the shortage and efforts by the Bank to address the situation. Considering the 3-year average lifespan of the Liberian dollar banknote, and the yearly estimated mutilated rate of 7.0 percent, the release said, most of the existing banknotes, especially smaller denominations, have already outlived their lifespan and the CBL has not been able to print additional smaller banknote denominations during the past years to replace existing mutilated banknotes since 2017. This shortage of L$5 and L$10 has been further heightened by the increased demand on the smaller denominations due to the growth in the population and expanded scope of economic activities, including keh-keh and motorbike ventures, as well as other small marketeers’ need for smaller denominations, the CBL release said. The latter process involves more time, given that Liberia is introducing a new set and designs of coins that are completely different from the existing coins of 1 dollar, 50 cents and 25 cents. The CBL says it empathizes with the public on the shortage of smaller denominations and pleads once again for patience as the Bank does all within its power not only to address concerns of the smaller denominations, but the entire currency management challenges of the country.

June 02, 2022 18:35 UTC

Liberia: Cummings Africa Foundation Reacts To Smear Political Campaign

The Cummings Africa Foundation (CAF) has read with dismay, and declared as outright lies and propaganda that CAF has received U$ 100,000.00 as grant for the Lesbian, gay, bisexual and transgender (LGBT) community in Liberia. The fake report published in the Monday, May 30, edition of the Independent Newspaper, claimed the US$ 100,000.00 was given by a so-called American businessman identified only as Sandy Edwards for the LGBT community in West Africa. Without any detail as to the date and venue of the fundraising, the newspaper insinuated that the amount was given as “grant to the Liberian based Cummings Africa Foundation Gay Fund, a so-called collective giving and endowment initiative of Foundation for the LGBT communities in West Africa.”The Cummings Africa Foundation describes the report as a fabricated lie, planted in the Independent Newspaper to achieve a sinister political motive by its pay master. The Cummings Africa Foundation has requested the management of this tabloid newspaper to retract this erroneous report or face the full consequences of its action. Cummings Africa Foundation has accordingly alerted its team of Lawyers on the next course of action as this erroneous report has the propensity to cast a negative aspersion on its work and with serious repercussions on the political future on its co-founder, Mr. Alexander Cummings who is the prime target of this politically motivated smear campaign.

June 01, 2022 05:25 UTC

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