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To address the issue of ‘‘No Change’’ CBL to reintroduce Coins On the Liberian Market Next Tuesday

To address the issue of ‘‘No Change’’ CBL to reintroduce Coins On the Liberian Market Next Tuesday Featured

The Central Bank of Liberia (CBL) has disclosed that it will next Tuesday begin the reintroduction of coins on the Liberian market.  The bank said it is in possession of 58 million pieces of minted coins, which are in the tone of L$452, 900, 000 and in the denomination of five and ten dollars.

Making the disclosure on Wednesday, November 9, 2022 at a well-attended press conference in Monrovia, CBL Executive Governor, J. Aloysius Tarlue, said the reintroduction of coins on the Liberian market will help address the issue of ‘‘no change’’ in the country.

Governor Tarlue noted that the CBL will begin the process with the supply of the coins to commercial banks, assuring that the coins have security features like the banknotes,

He stated that the LD2.5m of the coins amount to 28% in L$5 and L$10 respectively.

“In the past Liberians have been having issue with the L$5 and L$10 banknotes because banknotes spoil faster than the coins thereby causing the country to print money all the time with no profit, but the coins will stop the printing of monies after every three years,’’ the CBL boss also assured the Liberian People.

“As we put the money out and the bank collects the old money, we will not let it go out again, and we will destroy the mutilated ones,” he accentuated.

According to him, the coins last 20 to 25 years, which he acknowledged, is better than every time printing banknotes and causing loss to the country.

Mr. Tarlue, who commended Liberia’s international partners, including the World Bank, International Monitoring Form (IMF), Legislature, the media, and also the Liberians people for exercising patience all along till the arrival of the coins, mentioned that the US 5cents to be compared to the L$5 coins and US 25 cents as the L$10 coins and pointed out that people who know them will easily recognize them.

For her part, the President of the marketing Association(LMA), Madam Elizabeth Sanbalah, applauded the CBL for a job well done and said the coins will not only cease the ‘‘no change’’ issue in the country, but will also help stabilize the prices.

“The pepper pile that used to be sold for L$25 is being sold for L$ 50 because of the no change even the potato grain bunch has also increased because of the same issue but we are now happy that at least people will be able to buy and receive their exact change. With the help of the coins in the market it will help to ease the issues of torn up money and expressed the hope that they circulate,’’ she intoned.

She asserted that she really appreciates the arrival of the coins and she will encourage the businesswomen to use them.

“This is something that every Liberian has to welcome and put aside every politics,’’ the LMA president, among other things, added.

 

 

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