Monrovia – The Central Bank of Liberia (CBL) has warned that all illegal money exchange operators and businesses engaged in foreign exchange activities in the country have up until Tuesday, May 1, 2018, to regularize their status or risk confiscation of their money and/or shutting down of their businesses. The Bank is advising all illegal money exchangers and other businesses concerned to take the necessary steps by having their businesses duly registered and licensed by the CBL to deal in foreign exchange business in order to avoid embarrassment. In addition, the Bank will work with the Ministry of Commerce & Industry to monitor businesses violating the foreign exchange laws of the country by operating as unlicensed foreign exchange dealers. The move by Central Bank of Liberia (CBL) comes amidst concerns over the continued arbitrary hiking of the exchange rate by illegal money exchangers and some businesses despite repeated warnings by the CBL cautioning those involved to desist. The action by these unlicensed money exchangers, the Bank noted, is in direct violation of regulations governing the Foreign Exchange transactions in the country, the new Financial Institutions Act of 1999 and the CBL Act.

Source: Front Page Africa April 16, 2018 14:15 UTC