House Instruct Committee To Probe Increment In US Rate
The plenary of the House of Representatives on Thursday, June 21, 2018, instructed its Committee on Banking and Currency to investigate into situations leading to the continuous increase in the foreign exchange between the Liberian Dollars and the United States Dollars.
The decision of the body was triggered by a communication from Montserrado County District # 2 Representative, Jimmy W. Smith.
In his communication to the body, the Montserrado County lawmaker alarmed that the current market exchange rate between United States Dollars and Liberian Dollars is US$1.00 to L$149, which makes it difficult for the ordinary Liberians.
He said, as a result of the upward unstable increment in the exchange rate, Liberians no longer have a fair understanding of the market including prices of commodities and transport fare on a daily basis.
“Dear Speaker Chambers: It is my distinguished honor and pleasure to extend complements for and on behalf of the good people of District #2, Montserrado County and write to bring to the attention of this Honorable House of Representatives matter concerning the unprecedented and daily increase in the exchange rate of Liberian Dollar to United States Dollar on our local Market,” Representative Smith stated through his communication.
The Montserrado Lawmaker craved the indulgence of the House’s plenary to cite the leadership of the Central Bank of Liberia and the Ministry of Finance and Development Planning to appear before the body and give reasons why the country is experiencing an ‘unprecedented’ daily increment in the exchange rate and provide solutions to stabilize the situation.
But following the reading of the Montserrado County Representative communication by the House of Representatives Chief Clerk, Mildred Siryon, the body unanimously agreed to forward the colleague communication to the body’s Committee on Banking and Currency to probe the matter and report in two weeks.