The upper house of parliament on Friday rejected a request from the Liberian president, George Weah to print new bank notes. The announcement was made by Senate pro-Tempore, Albert Chea.Senator Chea said the decision was reached based on the current financial situation coupled with the the status of the Central Bank of Liberia. That the senate would effect such request after the CBL has gone through restructuring.
He made the disclosure when the upper house closed secession. He added that about 86 percent of the current bank notes are out of the banking sector, a situation which does not speak well of the economy.
It can be recalled that the upper house received a request from the Central Bank of Liberia (CBL) through President George Manneh Weah, authorizing to print 35 billion new Liberian Dollars in coins and notes to replace the existing currency. The current bank notes in circulation is said to be unknown outside of the banking sector.
He also inform the house about the passage of the current national budget.
“It is our belief that this is a realistic budget that can be executed predictably and efficiently to prevent or minimize the perennial problem of budget short-fall,” he said.
According to him, the budget will also facilitate acceptance of the country into program of the International Monetary Fund (IMF) which is expected to benefit the country in the future.
The president Pro-Tempore said that a financing agreement between the Government of Liberia (GOL) and the ECOWAS Bank in the tone of US$50 million for the construction of a segment of road from Barclayville, Grand Kru County to Klowein, Sinoe County in southeast Liberia was also carried out. TNR