Liberia Plan Is to Print More Dollars as Economy Battles Contraction
The Central Bank of Liberia (CBL) will soon begin printing more money to increase public access to Liberian Dollars (L$).President George Weahs government has hired Crane AB, an American currency manufacturer, to print and deliver L$4 billion banknotes (in L$500 denomination) to the CBL in Monrovia in a reasonable timeframe.
A Liberian Dollar is worth US$0.0050. The expected value of L$4 billion is US$20 million.
The United States Agency for International Development (USAID) was involved in securing this deal through what they called technical assistance program under the agreement between USA government and Liberia to support CBL institutional capabilities and overall operations.
The Executive Governor of the Central Bank, J. Aloysius Tarlue Jr. said the CBL will keep the Liberian people fully informed of every step in the procurement process, up to and including the arrival and injection of the additional banknotes into the Liberian economy.
The US$3.3 billion economy of US$677 GDP per capita has had prolonged contraction from 2018 at 1.2% throughout 2019 at 1.4% before #COVID-19 hit the economy even harder with possibilities that country could be undergoing a severe plummet.Inflation reached 31.3% by August 2019, up from 26.1% the previous year, according to the World Bank.
According to the Central Bank, printing more money will help address the lingering liquidity problem and provide the Liberian people easier access to the cash they need to pay for food, school fees, health care, and other essential products and services as the country struggles to revive the economy.
The country has managed to contain the #COVID-19 pandemic with 166 confirmed cases, 58 recoveries and fortunate 18 deaths as of May 5.
President Weah is rallying Liberians to remain united to help slow the spread of #COVID-19.The President has recorded as song together with local artists to sensitize the masses against the pandemic.
Together with renowned Liberian gospel and secular musicians, Weah recorded his song to spread the message of unity in the country in order to halt the spread of the virus.
Source: central Bank of Liberia