Monday, January 30, 2023
  • Login
Bong TV Online Newspaper
No Result
View All Result
No Result
View All Result
Bong TV Online Newspaper
No Result
View All Result
Home Development

CBL To Release Coins and New Bank Notes On The Liberian Market Soon

Bong Tv by Bong Tv
August 6, 2022
in Development, Government
0
CBL To Release Coins and New Bank Notes On The Liberian Market Soon
0
SHARES
24
VIEWS
Share on FacebookShare on Twitter

The Central Bank of Liberia (CBL), is expected to release the first batch of coins and other banknote denominations on the market in the middle of September.

The coins are part of a total authorization of L$48.734 billion to be minted and printed in three years — 2021, 2022, and 2024. The other denominations are L$20, L$50, L$500, and L$1,000, a dispatch from the CBL narrate.

According to the dispatch, the reintroduction of coins would be the first in Liberia’s postwar history adding “at various points in the country’s history, coins were issued — starting in 1847 right after independence — and was known as copper 1 and 2 cents coins which were used until 1862 and later went through modifications”.

The usage of coins, according to the CBL could break down high currency denominations to smaller bits, which discourage undue inflation of prices of goods, as consumers can collect their balance.

The dispatch reveals that currently, balances in the lower of L$5 and L$10 are highly forthcoming due to the shortage of fiat money in the two mentioned denominations. This, according to the dispatch means that when customers demand their balance, it is not always available; forcing the customers to leave it or buy what he/she never intended just to extract value from the money left on the table.

Senior Economic Policy Director Christopher Wallace and Williams Jlopeh, Director on Banking, who spoke on the bank-sponsored radio program, “Money Matters” on ELBC, on August 3, disclosed that the CBL is working on all of the modalities to see how best they can speed up the process.

“We know that the public is concerned about the coming in of coins and the lower denomination, so the next stage is that management is making an effort to work with the shipping companies to see who can bring the money into the country faster because they don’t have courier services.”

The CBL official said, the bank is eager to see the coming of the additional banknotes and coins. They further revealed that the bank has done all it takes to bring the coins into the country by the end of September 2022.

They, however, said that the issue with printing money in Liberia some years back had lots of missteps, so this time around they are going to follow all of the steps leading to the printing process.

“What CBL is doing is to follow all of the steps leading to the printing of the money and even up to the infusion of the money into the economy,” the officials said.

The bank officials said the new banknotes and coins that are expected in the country very soon are fully documented and, as such, if they happen to leave the employ of the CBL, that system will be in place.

The officials said the storage of the L$5 and L$10 had been further heightened by the increased demand for the smaller denominations due to the growth in the population and expanded scope of economic activities.

It can be recalled that in May 2021, the CBL was authorized by the 54th Legislature to print a new family of banknotes. The Legislature approved the printing and minting of money in three phases, specifically 2021, 2022, and 2024.

The CBL, in December 2021, introduced the new Liberian dollar currency, starting with the L$100 banknote to the tune of four billion Liberian dollars.

The amount, according to the CBL, was meant to boost the economy’s availability of Liberian dollars. The second consignment of four billion Liberian dollars of the new family of L$100 banknotes, the CBL said, was going to be brought into the country during the 1st Quarter of 2022 to commence the gradual replacement of mutilated banknotes.

The introduction of the remaining L$L$100 banknotes and other denominations including the L$20, L$50, L$500, and L$1,000 banknotes, and the L$5 and L$10 coins is due to take place in the latter half of 2022.

Previous Post

Keita Calls-Up 38 Players Ahead of WAFU Men’s U-15

Next Post

To Demand Passage of Free Tuition Policy, ‘PROSA’ Plans Massive Protest

Bong Tv

Bong Tv

Bong TV Online is one component of the Bong Media Hub and is mend for live streaming, live interviews, news writing, and publications. On overall, Bong TV is the social media component of the hub and is as well promoting the image of Bong County and its Citizens and as well good governance and peace across the country

Next Post
To Demand Passage of Free Tuition Policy, ‘PROSA’ Plans Massive Protest

To Demand Passage of Free Tuition Policy, 'PROSA' Plans Massive Protest

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected test

  • 86.2k Followers
  • 23.7k Followers
  • 99 Subscribers
  • Trending
  • Comments
  • Latest
Bong: Family Demands Justice Following The Discovery Of Their Son’s Lifeless Body

Bong: Family Demands Justice Following The Discovery Of Their Son’s Lifeless Body

September 29, 2022
Sports : Bong 2022-23 County Meet Buildup Continues

Sports : Bong 2022-23 County Meet Buildup Continues

December 8, 2022
Monrovia: Amidst US$ ‘100mn’ Drugs Saga, SONIT Liberia Inc. Set Record Straight  

Monrovia: Amidst US$ ‘100mn’ Drugs Saga, SONIT Liberia Inc. Set Record Straight  

October 7, 2022
President George Weah

Bong TV Launches Website In Central Liberia

July 23, 2022
President George Weah

Bong TV Launches Website In Central Liberia

4
Bong: UBCAA Graduates 64 Students In Computer Skills Training, Poise to Launch Two Additional Programs

Bong: UBCAA Graduates 64 Students In Computer Skills Training, Poise to Launch Two Additional Programs

2
Bong: Hundreds Benefit Free Treatment In Garnsulomah

Bong: Hundreds Benefit Free Treatment In Garnsulomah

2
Bong TV, UBCAA Sign Partnership Deal

Bong TV, UBCAA Sign Partnership Deal

1
Chinese Embassy Handover Tobeyville Primary School To Authorities

Chinese Embassy Handover Tobeyville Primary School To Authorities

January 30, 2023
‘No Impunity For Corruption’, Dr. George Gonpu Vows

‘No Impunity For Corruption’, Dr. George Gonpu Vows

January 30, 2023
‘Take Initiative To Benefit Society’, Jeety Urges Fellow Businessmen

‘Take Initiative To Benefit Society’, Jeety Urges Fellow Businessmen

January 30, 2023
UL Partner Launch Bachelor Degree Program In Fisheries

UL Partner Launch Bachelor Degree Program In Fisheries

January 27, 2023

Recent News

Chinese Embassy Handover Tobeyville Primary School To Authorities

Chinese Embassy Handover Tobeyville Primary School To Authorities

January 30, 2023
‘No Impunity For Corruption’, Dr. George Gonpu Vows

‘No Impunity For Corruption’, Dr. George Gonpu Vows

January 30, 2023
‘Take Initiative To Benefit Society’, Jeety Urges Fellow Businessmen

‘Take Initiative To Benefit Society’, Jeety Urges Fellow Businessmen

January 30, 2023
UL Partner Launch Bachelor Degree Program In Fisheries

UL Partner Launch Bachelor Degree Program In Fisheries

January 27, 2023
Bong TV Online Newspaper

Bong TV Online is one component of the Bong Media Hub and is mend for live screaming, live interview, news writing and publications.
On the overall, Bong TV is the social media component of the hub and is as well promoting the image of Bong County and its Citizens and as well good governance and peace across the country

Follow Us

Browse by Category

  • Business
  • Development
  • Diaspora
  • Editorials
  • Education
  • Election
  • Entertainment
  • Government
  • Health
  • Human Interest
  • Internatinoal News
  • Labour
  • Local
  • News
  • Opinion
  • Politics
  • Rule Of Law
  • Special Statement
  • Sports
  • Technology
  • Uncategorized

Recent News

Chinese Embassy Handover Tobeyville Primary School To Authorities

Chinese Embassy Handover Tobeyville Primary School To Authorities

January 30, 2023
‘No Impunity For Corruption’, Dr. George Gonpu Vows

‘No Impunity For Corruption’, Dr. George Gonpu Vows

January 30, 2023

© 2022 Bong Tv Online - Powered by Austine's Tech..

No Result
View All Result
  • Home
  • News
  • Politics
  • Entertainment
  • Editorials
  • Business
  • Sports

© 2022 Bong Tv Online - Powered by Austine's Tech..

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In