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CBL Boss Raises Red Flag On Dual Currency
Date Uploaded: Dec 07, 2013

By Calvin Brooks

MONROVIA, Dec 07 (LINA) - The Executive Governor of the Central Bank of Liberia (CBL), Dr. J. Mills Jones, has cautioned that any attempt to restrict the dual currency regime will worsen inflation in Liberia..

Governor Jones made the statement Friday night at a dinner to climax of the banker’s week celebration organized by the Liberia Bankers Association at the Monrovia City Hall.

Jones observed that countries which have minted their own currencies are faced with serious inflation problems than Liberia is experiencing as a result of the unfavorable exchange rate of their currencies against foreign currencies, particularly the United States dollar.

He said the CBL is not printing the United States dollars or other foreign currencies, so these currencies must be earned through the level of productive ventures a country is engaged in and through its export base.

Dr. Jones stressed that that CBL has intervened in the Liberian currency exchange market with US$71.65 million to contain the inflation and stabilize the foreign exchange rate in the country.

He emphasized that a single currency, particularly the Liberian dollar, circulating in the economy will not stabilize inflation as people expect.

Meanwhile, the president of the Liberia Bankers Association, John Davies has said to ensure financial stability in the Liberian economy, money borrowers should develop good credit culture.

He said the banking industry is crucial to the economic growth and development of Liberia, noting that the banking industry has pumped US$38 million into the Liberian economy to provide access to credit.

Davies said the banks will continue the ‘naming and shaming’ of creditors who are defaulting on loans payment, calling them ‘a detriment to the banking industry’ in the country.

LINA CB/TSS/PTK

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