Lawmaker Worries Over Limited Liberian Dollar Disbursement To Commercial Banks
Nimba County District # 6 Representative, Dorwohn Twain Gleekia has expressed disappointment over the continuous limited disbursement of Liberian Dollars to commercial banks by the Central Bank of Liberia (CBL).
In a communication addressed to House Speaker Bhofal Chambers and read during the House of Representatives Tuesday, September 4, 2018 session, Representative Gleekia said commercial banks across the country are refusing to pay citizens certain amount of money on grounds that they do not have enough Liberian dollars in its possession.
He said despite regulatory measures put in place by the Central Bank of Liberia to control the flow of the local currency, commercial banks are still creating a serious financial constraint for citizens by denying them of receiving huge amounts in Liberian dollars.
“Mr. Speaker, Mr. Deputy Speaker, and fellow colleagues; it can be recalled that there is a regulation from the Central Bank of Liberia instructing all commercial banks within the country to pay 25% of monies sent through Money Gram or Western Union to Liberia in our local currency. This issue sparked up some debates even within the corridors of the Legislature because what affects our people affects us,” Representative Gleekia stated through his communication.
“The Central Bank has again in line with their mandate instructed the commercial banks not to give out the old bank notes, but at the same time the CBL is not supplying these commercial banks with the required Liberian Bank notes to fully implement their instruction, This is resulting into the refusal of the commercial banks to pay monies sent from overseas to our citizens and residents, on grounds that there are no Liberian Dollars,” he added.
The Nimba County Lawmaker, as part of efforts to resolve the issue, pleaded with his colleagues (lawmakers) to cite the CBL Governor before the House’s plenary so that he can address himself to the ongoing situation.
But the House of Representatives through a motion made by Lofa County Representative Francis Sakila Nyumalin, instructed its Committee on Banking and Currency to take seize of the matter by inviting commercial banks in committee room for questioning.
The committee has been mandated to report next Tuesday, September 11, 2018 to the House’s plenary.