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CBL Vows Punitive Action Against Currency Hoarders
Date Uploaded: Sep 18, 2016

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CBL Vows Punitive Action Against Currency Hoarders

MONROVIA, September 17 (LINA) - The Central Bank of Liberia (CBL) has vowed to institute punitive action against individuals and businesses engaged in the hoarding of Liberian dollar banknotes.

The CBL said those involved in hoarding large volumes of currency, especially Liberian dollars, are using these cash hoards to artificially impact the exchange rate, something the bank said can be interpreted as an act of economic sabotage.

The warning by the CBL comes amidst a disclosure by the Bank that some business entities and individuals are operating outside of the banking system.

A release issued recently by the CBL says this unwholesome practice by some individuals or businesses undermines the integrity and soundness of the banking system and the economic system as a whole.

The CBL wants those engaged in the hoarding to desist immediately, urging the public to take note of the warning as it will take appropriate actions to penalize violators.

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