First Batch Of New $100 Liberian Banknotes Arrives In The Country

In an effort to stabilize the Liberian Economy, the Central Bank of Liberia (CBL) says the first L$4 billion new 100 Liberian dollar banknotes have arrived in the country, commencing the introduction of the L$48.734 billion new family of Liberian dollar currency. The new banknotes, according to the CBL, were safely secured in the vaults of the CBL headquarters on Friday, November 26, 2021.

According to a statement from the bank, the arrival of the new banknotes at the Roberts International Airport (RIA) was witnessed by the Chairs of the House and Senate committees on Banking and Currency, the International Monetary Fund (IMF) Resident Representative to Liberia, representatives of the United States Agency for International Development (USAID) and Dr. Patrick Conteh, the Resident Advisor to the CBL.

“At the point of arrival at the RIA, the IMF, USAID representatives and the legislators, together with CBL governors, verified that the number of boxes containing the money was consistent with the number shared by the manufacturer of the banknotes and uploaded to the aircraft” the release noted.

The international partners, together with members of the management, Technical Committee for Currency Reform (TCCR) and internal CBL auditors also verified each marked box against its number on the files, as the conveyor belt rolled them unto trucks. A second round of verification took place after the arrival of the money at the Central Bank office in Monrovia, to ensure the number of marked boxes received and loaded unto trucks at the RIA added up to the total number of boxes delivered to the CBL.

According a CBL press release, “The CBL and Kroll will undertake a full technical validation process of the new banknotes in the coming days, to ensure they comply with the contractual specifications. Following the validation process, CBL will make the new banknotes available to the Liberian public through the commercial banks for the festive season.”

The new banknotes are part of L$48.734 billion approved by the National Legislature in May this year to be printed and minted.

“The arrival of the new 100 Liberian dollar banknotes is an important milestone in addressing the persistent liquidity challenges that the Liberian economy has faced over the years. CBL will continue to work to ease the liquidity challenge at commercial banks, mainly during the festive season. There is therefore no need to panic and rush on banks for the new money,” said Executive Governor J. Aloysius Tarlue, Jr.

The CBL disclosed that it has engaged a broad range of stakeholders, including commercial banks, Liberia Business Association, Liberia Chamber of Commerce, non-banking financial institutions, including mobile money agents, money exchangers, microfinance institutions, as well as the Civil Servants Association, National Teachers Association, National Traditional Council of Liberia, Federation of Liberian Youth and the National Civil Society Council of Liberia, explaining the currency change over process.

The bank also disclosed that it launched its public education community town hall meetings across the country on November 15, 2021 in Nyein Town, Todee District, Montserrado County, to educate citizens and foreign residents on the currency change over process.

The bank extended its gratitude to the Executive, the National Legislature, international donor partners and the public for their support in this process and assured them of its full commitment to promote transparency and accountability at the CBL and ensured the availability of money in the bank.

According to them, the first batch of newly printed currency will be in the denomination of hundred dollars’ Liberian banknotes in circulation in December to ease the consistent shortage of Liberian dollars around Christmas festivities. Mr. Kamara revealed that the CBL is working with the U.S. firm Kroll Associates, USAID, and the International Monetary Fund in printing the new family of banknotes and that security features of the money have been completed.

He said the currency reform process that runs from 2021 to 2023 is in two phases; noting that Phase (I) will roll out between November and December while Phase (II) will involve withdrawal of old banknotes in circulation starting January.

“There is no reason why the public should panic, the three banknotes will work hand-in-hand until the old banknotes are replaced”, he assured.

He said to ensure transparency and accountability, the CBL is working with Kroll and the IMF. “Thanks to USAID for all the financial support for Kroll to be with us.”

“Our target is to mop up the 25 billion in circulation. By 2022 we should be able to mop up 50 to 60 percent. Then by 2023, the entire 25 billion will be out of circulation; we have all of the control in place”, Mr. Jlorplay explained

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