Monrovia-Montserrado County District Two Representative Jimmy Smith has described as unprecedented the daily increment in the exchange rate between the United States and Liberian dollars on the market.
By Terry Wholquoi Yeahgar-www.ywholquoi@gmail.com
Representative Smith in a recent communication to the legislature added that the foreign exchange rate has skyrocketed at 1USD to 149LRD.
He added that Liberians no longer have a fair understanding of the market including prices due to the unstable increment in the exchange rate, including prices and transport fares on a daily basis.
According to him, the situation is serving as a serious hindrance to their daily lives.
The Montserrado County District Two Representative has requested a citation of authorities of the Central Bank and the Ministry of Finance and Development Planning to state corrective measures aimed at addressing the matter.
For his part, Nimba County District Five Representative Samuel Kogar has termed the upward unstable increment of the foreign exchange rate as Liberia’s nightmare.
Representative Kogar stressed the need for a balance of the dual currencies in order to alleviate hardship from the society.
Meanwhile, Representative Richard Koon of Montserrado County confirmed collaborative talks between the House’s financial committees and the CBL on finding solutions.
Representative Koon added that the prices of local commodities will continue to fluctuate giving that Liberia uses dual currencies.
He added that Liberia’s membership with the African Export- Import Bank could stabilize issues surrounding the currency.
However, Representative Jimmy Smith’s communication has been forwarded to the committees on Banking and currency for scrutiny.
