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Rep. Bartekwa Re-Echoes Mutilated....
Date Uploaded: Jun 15, 2017

Grand Kru County Representative Numene Bartekwa

 

Rep. Bartekwa Re-Echoes Mutilated Banknotes Inquiry

By Wilfred Gortor

MONROVIA, June 14 (LINA) - Grand Kru County Representative Numene Bartekwa has re-echoed his call for the Central Bank of Liberia (CBL) to give reasons why there still exist a "huge quantity of mutilated Liberian dollar banknotes" on the market.

It can be recalled that the Grand Kru lawmaker on February 9 this year called on the plenary of the House of Representatives to invite the CBL to explain the proliferation of mutilated Liberian dollar banknotes on the market.

Following his complaint, the House voted unanimously to summon the Executive Governor of the CBL to appear before that body to adequately address the matter as discussed by the House.

But, it seems that since the pronouncement by the House following the alarm by Bartekwa, it has failed to exercise its oversight role by getting the CBL Governor to answer to the claims, something the lawmaker believes should be addressed by the body.

In a communication addressed to House Speaker Emmanuel Nuquay Tuesday,

Bartekwa re-emphasized the need for authorities of the CBL to answer to the concern, especially after the House granted it the permission to print additional banknotes to replace the mutilated ones.

In his February 9 communication, Bartekwa complained that as a result of the proliferation of mutilated banknotes, the people of Liberia are finding it difficult to transact business on a daily basis, something which, he also claimed, was partly responsible for the harsh economic condition in the nation.

Bartekwa noted that prior to the printing of the new banknotes the CBL committed itself to withdraw damaged Liberian banknotes from the market.

Bartekwa also drew the House's attention to acts by the CBL to print not only additional banknotes, but new currency bearing different forms, shapes, colors, and denominations.

He termed this act by the CBL as a "complete contradiction" of the commitment and mandate given to the apex bank by the legislature.

“The huge quantity of Liberian banknotes that was already in circulation was added on by another huge quantity of the new banknotes that were printed without any withdrawal from the market, thereby causing confusion between sellers and buyers," Bartekwa noted.

It can also be recalled that as part of its recommendations to the plenary for the endorsement of the CBL request to print additional banknotes to replace damaged ones, the House Joint Committees on Banking, and Currency; Ways, Means and Finance and Public Accounts and Expenditure noted that the nation is experiencing a shortage of currency as a result of the huge mutilated notes and foreign exchange impact, among others.

Although the House approved the CBL request, much to the dissatisfaction of the legislature, the huge quantity of mutilated banknotes continue to surface on the Liberian market.

Meanwhile, the House has once again assigned the matter to its relevant committee, hoping that this time around the committee will fully engage the CBL to ensure an amicable solution to the inquiries of the Grand Kru lawmaker.

LINA WSG/TSS/PTK

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