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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

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