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Hardship Heightens - As Exchange Rate Drastically Drops, Prices Remain High

Hardship Heightens - As Exchange Rate Drastically Drops, Prices Remain High Featured

The sharp drop in the exchange rate, especially the United States Dollars against the local currency, the Liberian Dollar has overly increased hardship in the country.

Though the rate has drastically decreased, prices of local goods are incrementally climbing, thus making things overly difficult for ordinary Liberians, especially those with low purchasing power.

It is the Liberian to U.S dollar’s exchange rate that sets the tone for most aspects of the local economy.

The local currency, which sharply depreciated against the United States Dollar by L$211 to US$1, has barely in the past two days decreased to L$190 to US$1; however, that decrease has not affected the prices of local goods and services across the country, thus making things increasing unbearable for locals.

Our reporters, who e visited various commercial centers in Monrovia and its environs , observed that the unprecedented decline has generated concerns and uncertainties with many believing that an artificial shortage of the Liberia Dollar is being created by the Coalition for Democratic Change (CDC) led-Government to provide reasons for the printing of new Liberian Dollars’ banknotes.

Rumors of printing of new Liberian Dollars’ banknotes have widely circulated in the Liberian society, mainly on the social media, especially so when a ranking member of the ruling party in person of Montserrado County Electoral District #8 Representative, Moses Acarous Gray, provided some contentious reasons why it is necessary for the printing of new notes.

The controversial lawmaker reckoned that the printing of money will help government to pay civil servants.

“Printing of money will also help pay our civil servants on time for the Christmas break but you are kicking against it because you believe that if civil servants are not paid on time they would join you in your so-called Weah must resign failed protest. See how these guys are evil to the suffering of the masses. Evil genius,” said Gray in a facebook post that has received widespread condemnation from the public.

“The comment from Honorable Gray is rather evil than the people he criticizes, because you don’t need to print new money before you pay civil servants. His argument is lazy and it comes from the inner belly of the devil,” said Aaron Kemokai, a student of the faith-based African Methodist Episcopal University (AMEU).

Like Aaron, several other members of the student community as well as marketers and people from all spheres of life have condemned the recent statement from the Montserrado County lawmaker.

“We expected that things prices would have come down with the rate reducing. This is seriously increasing serious suffering on us. Even if you went for your money in the bank you hardly get the Liberian Dollars. They are hiding the money to make things hard for us, simply because they want to print new money,” asserted Ma Sarah Gboyah of the commercial hub of Red Light in Paynesville, outside Monrovia.

1 Response Found

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    Larry Avirett Wednesday, 20 November 2019 20:59

    Good write-up, I’m normal visitor of one’s blog, maintain up the excellent operate, and It's going to be a regular visitor for a long time.

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