It can be recalled that the Plenary of the House of Representatives during its in its 19th day sitting of the 4th Session of the 54th Legislature on March 18, 2021 unanimously approved the printing of a new Liberian dollar currency in the tune of forty-eight Billion. The resolution was passed through a unanimous vote following a motion filed by Montserrado County Electoral District #8 Representative Acarous Moses Gray. In the ‘Resolution 001-2021’, the House mandated the CBL to print 20, 50, 100 and 500 denominations, omitting the L$5 and L$10 bank notes.
It is based on the passage of the Resolution that the House communicated with the Liberian Senate, which is also regarded as the Upper House of the Liberian Legislature for scrutiny and possible concurrence. In its letter, which was read on the floor of the Liberian Senate during the 19th day sitting of the 4th Session of the Liberian Senate, the House cited Article 34(d) of the 1986 Liberian Constitution as a basis for the printing of new banknotes. Article 34(d) of the Liberian Constitution states that: “The Legislature shall have the power to levy taxes, duties, imports, exercise and other revenues, to borrow money, issue currency, mint coins, and to make appropriations for the fiscal governance of the Republic, subject to the following qualifications….”
The printing of new Liberian Dollar banknotes is also backed by Section 23 of the Central Bank of Liberia (CBL) Act on the power regulate the supply of Liberian Dollars banknotes in the economy. The House in its Resolution pointed out that the coexistence two distinct family of banknotes in the high note of mutilation has resulted to a diminishing public confidence in the Liberian Dollar, there is a need for the review of the existing currency management regime of the bank, and as such there is a need for the printing of new family of Liberian Dollar banknotes.
Owing to the voluminous nature of the document, a motion was filed by Bong County Senator Prince K. Moye, for the communication was to be turned over to the relevant committees with the Committee on Banking and Finance spearheading the process to report back to plenary after Easter. The motion was then unanimously voted upon by members of the Liberian Senate with no abstention or against.