Money Exchangers Urge Gov’t

By R. Joyclyn Wea

The National Association of Foreign Exchange Bureaus of Liberia (NAFEBOL) has urged the government of Liberia through the Central Bank (CBL) to go into the market as a mean of stabilizing the rates.

According to the group, looking at the present exchange rates on the market, now is the time for the CBL Governor to carry out an exercise on the market aim at reducing the exchange rates.

The group warned that if nothing is done fast, the exchange rate will increase to LRD163 to US$1.00.

Speaking in an exclusive interview with this paper over the weekend in Monrovia, the Secretary General NAFEBOL Nimely Sayeh, said “now is the time for the rate to drop so we need their presence in the market.”

Sayeh continues “I’m asking them to come on the market to do their exercise by reducing and see how best they can reduce or stabilize the rate, because right now to get Liberian dollars out of the bank is difficult.”

He lamented “now with the current situation should anything spark up, the rate will go up back to LRD$163 to US$1.00 if the CBL is not careful.”

Sayeh disclosed that the national rate isLRD156/157.00 to US$1.00, something he said needs to be seriously look at.

Accordingly, the money exchangers confirmed receipt or benefiting from the US$25million which was allegedly infused into the economy by the Ministry of Finance and Development Planning through Foreign exchangers.

He noted that close to one hundred money exchangers within the organization benefited from the exercise.

The distribution was done on a selective basis targeting those Foreign Exchange Bureaus that are directly with the Central Bank.

The exercise was said to be a process to mop up excess on the market, as the result the money was given to Foreign Exchangers at the rate of LRD152.00 while they exchange for LRD156.00 to US$1.00.