The Central Bank of Liberia (CBL) has written the Liberian Senate seeking approval for the printing of L$48.733 billion banknote to replace the existing family of Liberian dollars banknotes in a three-year period (2021-2023).
In a communication to the Senate Plenary Thursday, February 4, 2021, the Executive Governor of CBL Aloysius Tarlue said the printing of the new banknote is in compliance with Section 23 of the Act creating CBL.
He said if the Senate approves the printing of the proposed amount, it will fast track the systematic procurement process of printing and delivery of the new banknote in the country which may take six to nine months.
Governor Tarlue said CBL is aware of the present liquidity pressure in the banking system, especially the limited supply of Liberian dollars.
Currently, he said there is L$2.4 billion mutilated money that continues to circulate on the market.
He also said as of December 2020, CBL has in circulation L$25.3b, while there is L$22.59 billion outside of the banking sector.
The communication was sent to the Committees on Ways, Means and Finance, Banking and Currency and Public Account to report in one week.
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