- Search Results
 
 
Lawmaker On Skyrocketing FX Rate
Date Uploaded: Jul 19, 2014

Rivercess County Senator Dallas Gweh

 

 

 

Lawmaker On Skyrocketing FX Rate

By Winnie T. Dixon

MONROVIA, July 18 (LINA) -Rivercess County Senator Dallas Gweh has expressed grave concern over the climbing rate of exchange between the United States and Liberian dollars.

The Senator said the hike in the rate of the greenback against the Liberian dollar is “very troubling” and poses a serious threat to the country’s economy.

According to the Liberia News Agency, Senator Gweh’s statement was contained in a communication dated July 17 addressed to President Pro-Tempore of the Senate, Gbehzongar M. Findley.

Gweh, in his communication, recommended that prompt actions be taken as many Liberians are finding life difficult because of the high depreciation in the value of the Liberian dollar.

Though the Senator did not say the actions he wants taken, the Liberian Senate forwarded his communication to the Senate Committee on Banking, Currency and Ways, Means and Finance, to advise the body on immediate actions within two weeks.

It can be recalled that in April this year, Senator Prince Y. Johnson of Nimba County introduced an Act seeking to inaugurate the Liberian dollar as a single currency in the country.

The proposed Act, among other things, seeks to increase the Government’s ability to control the economy and ensure that all financial matters in the country are transacted in Liberian dollars only.

The fate of the Act, which was co-sponsored by Senate President Pro-Tempore Findley and Isaac Nyenabo of Grand Gedeh County, still lies in the committee room of the Committee on Banking and Currency.

According to the Central Bank of Liberia's rate released on Tuesday, July 15, one United States dollar is equivalent to 91.5 Liberian dollars for buying and US$1 to L$92.5 for selling.

LINA WTD/TSS/PTK

latest headlines
Coca-Cola Africa Recommits To WASH Promotion
Coca-Cola Bolstering Africa’s Resilience and Replenish Africa Initiative Programs say more than six million Africans are expected to be reached ...more
Children Forum Craves Justice In Bong
More than 150 children from the 13 administrative districts of Bong County under the umbrella of the Liberian Children Forum have gathered in Gba ...more
PUL To Hold Conflict Sensitive Journalism, Social Media Activists Training
The Press Union of Liberia (PUL) has announced that it will hold a two-day Conflict Sensitive Journalism and Social Media Activists Training from ...more
UN Begins Women Confab In Bong
The United Nations Entity for Gender Equality and Empowerment of Women in Liberia is currently conducting four-day Peace Hut Women Strategic Plan ...more
CU Prexy Brown Is 170th Independence Day National Orator
The Ministry of Foreign Affairs has announced that Dr. Herman Beseah Browne, President of the Cuttington University is the 170th Independence Ann ...more
Justice Youh, 3 Female Judges Attend All-Women Regional Confab In Abuja
An all-female Liberian delegation, comprising an associate justice and three judges, recently attended the International Association of Women Jud ...more
 
All rights reserved © 2013 - 2014
Liberia News Agency