Liberian President George Weah, has written to the Senate, to authorize the printing of new local currency (money) to replace the current one. He had written to the Senate based on a reported advice from authorities of the Central Bank of Liberia (CBL).While these mandatory procedures are going on, it is reported that President Weah’s Government has already printed currency worth L$34 billion new money that is soon will be in circulation.
President Weah informed Senators recently that he has received a communication from the CBL, advising that the economy may be seriously impaired , due to the unaccounted local currency infused into the economy that is causing high inflation; and has recommended the printing of new local currency to replace existing ones. The printing of new bank notes requires the approval of Senate in accordance with the constitutional provisions. The communiqué addressed by the President, however, did not mention the quantum of currency to be printed.
