Monrovia,Liberia-Money Exchangers in the country have termed as unfair decision reached by the Central Bank of Liberia in the regulation of their activities.
By Trokon Freeman-www.trokonfreeman@gmail.com
At a meeting with Money Exchangers in Monrovia Thursday, the CBL said as part of its economic stimulus initiative, all Foreign Exchange Bureaus in the country will have to obtain license before operations.
The money Exchangers added that recommendations made by the exchangers were downplayed with the CBL providing the way forward
Speaking to OK FM news minutes after the meeting, the exchangers said instituting regulations over registration among others were not sufficient to curb the Liberian and United States dollars instability.
They said the new regulation should not only be restricted to them, but should extend to other business people who are involved in money exchange.
“We are not the key factor of the increment in the exchange rate on the market. Those of us exchanging money on the sidewalks are not manufacturing money. We go to those businesspeople and they buy our money. So, the demand from those people who are doing business is affecting the exchange rate. Their demands will bring huge demand in the US dollar rate.
If their demand is high, they will come down and give it to us for a higher rate and if we get money from them for higher rate we will end up displaying the rate higher then what we were having because we want to get US and go to the people in the store to get Liberian dollars faster.
So, we are telling the CBL that we are not the cause. Let them go back and see how they can provide more US dollars for those importing on the market; that will help to stabilize the exchange rate.
If the CBL can provide US dollars for those importers, the exchange rate will be stable. But the CBL lacks the ability to provide US dollars for those importers and so that why the exchange rate is going up every day.
CBL does not need to take us from the market; let them go back on their drawing board and publish whatever rate they want to use. We will set up a task force to go after anyone who will display any rate higher than what the bank has mandated.”
Earlier, Nathaniel Patray, Executive Governor Designate of the CBL said the Liberian dollars has met serious pressure since last year.
Patray stressed that the pressure on the Liberian dollars is attributed to several reasons and the currency that is currently in circulation is about $15.2 billion Liberian dollars which is about 90% as of May, 2018.
At the same time Finance and Development Planning Minister, Samuel Tweah said the government is committed to addressing the welfare of Liberians.
Minister Tweah also stressed that government will be more robust in the implementation of the regulations of policies aimed at resuscitating the economy.
Meanwhile, Police Inspector-General, Patrick Sudue has said business people, mainly money exchangers are responsible for the devaluation of the Liberian dollars to the United States dollars.
The Police Inspector-General said the LNP will enforce any regulation coming from the CBL and the Economic Management Team.
