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

Montserrado County Flag

 

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.
LINA PR/JMG/WSG/TSS/PTK

latest headlines
Liberia’s Postal Administration Owes US$6.4m - Report
The debt burden of Liberia’s postal administration stands at US$ 6,491,631.73 million, the Ministry of Posts and Telecommunications (MoPT) has ...more
ECOWAS Launches Program To Combat Fistula In Sub-region
The Commissioner for Social Affairs and Gender of the ECOWAS Gender Development Center (EGDC) has launched an ambitious program to combat obstetr ...more
‘Liberia-Cameroon Ties At New Height’ - Shoniyin
Deputy Foreign Minister B. Elias Shoniyin says since the establishment of diplomatic relations between Liberia and Cameroon in the 1960s, ties be ...more
ECOWAS Prexy Urges Member States To Ensure Wellbeing Of Citizens
The President of the ECOWAS Commission, Marcel Alain de Souza, has challenged ECOWAS members states to redouble their efforts towards the enhance ...more
AFC Pledges Support To ECOWAS Commission
The Chairman of the Twenty- First Meeting of the Administration and Finance Committee (AFC) of ECOWAS, Mr. Benedict Roberts, has pledged the Comm ...more
FM Kamara Opines 54th Anniversary Of Africa Day ‘Important Milestone’
Foreign Minister Marjon Kamara has said the observance of the 54th anniversary of “Africa Day” was an “important milestone” which the con ...more
 
All rights reserved © 2013 - 2014
Liberia News Agency