Monrovia – The Liberian Senate has unanimously concurred with the House of Representatives, authorizing the Central Bank of Liberia (CBL) to procure and print up to L$79 billion in additional Liberian dollar banknotes.
By Obediah Johnson
The Senate’s decision came on Thursday, July 16, following the submission of a report by its Joint Committee on Banking and Currency, Ways, Means and Finance, and Public Accounts.
In its report, the committee noted that the authorization to print additional Liberian dollar banknotes is accompanied by safeguards, strict reporting requirements, independent audits, procurement standards, and continuous legislative oversight consistent with the Liberian Constitution.
The committee further stated that the approval aligns with the Central Bank of Liberia Act and internationally recognized monetary governance principles.
“Accordingly, the Joint Committee respectfully recommends that the Senate approve the request of the Central Bank of Liberia to procure and print L$79 billion, subject to the conditions and safeguards prescribed in the accompanying joint resolution for concurrence,” the report stated.
A motion to endorse the committee’s report was submitted by Grand Kru County Senator Numene Bartekwa, who argued that the approval is necessary to help stabilize the Liberian economy.
The Senate’s concurrence follows action by the House of Representatives last week, when lawmakers approved a resolution authorizing the CBL to print up to L$79 billion in banknotes and forwarded the measure to the Senate for final concurrence.
The House endorsement came after its Committee on Banking, Currency and Insurance reviewed the Central Bank’s revised currency-printing proposal and concluded that additional banknotes are needed to ensure the continued availability of clean, secure, and sustainable Liberian dollar notes to support economic activity.
According to the committee, the revised printing program is intended to strengthen public confidence in Liberia’s national currency while ensuring that commercial banks and the public have adequate access to legal tender.
Lawmakers were also informed that the authorization would improve long-term currency management by allowing the Central Bank to plan future procurement needs over several years instead of seeking repeated legislative approvals.
“The proposed printing program is necessary to ensure the continued availability of clean, secure and sustainable Liberian dollar banknotes to support the efficient functioning of the national economy and to strengthen public confidence in the country’s currency,” the House committee noted in its report.
The committee, however, emphasized that legislative approval to print the banknotes does not automatically authorize their immediate circulation.
“The legislative authorization to procure and print banknotes does not constitute authorization for the immediate release of all such banknotes into circulation,” the report stated.
Instead, lawmakers were told that decisions regarding the timing, quantity, storage, distribution, and circulation of the printed currency remain the statutory responsibility of the Central Bank of Liberia and must be exercised in accordance with sound monetary policy and applicable laws.
The House committee further argued that approving the entire revised printing program would make Liberia’s currency management system more efficient and financially prudent while providing the Central Bank with greater flexibility to respond to future currency demands.
