The investigations found that all the new bank notes arrived from a Swedish company, Crane AB, but the Central Bank of Liberia then failed to properly track what was done with them. In May 2017 the CBL requested that the Legislature approve a second request to print new banknotes totaling L$10 billion. The Legislature did not grant approval for the CBL to print new banknotes totaling L$10 billion. No formal side letters were provided by Crane AB or the CBL to show that the over-printing of new banknotes was mutually agreed between the two parties. Documentation shows that the CBL did pay for the printing of all new banknotes totaling L$15.506 billion.

Source: Front Page Africa March 01, 2019 01:52 UTC