Central Bank of Liberia Moves to curtail Illegal Foreign Exchange Operations

MONROVIA - July 2016:

 

The Central Bank of Liberia (CBL), has observed with serious concern the re-emergence of illegal foreign exchange operators in Monrovia and its environs, in violation of the Central Bank of Liberia Act of 1999, the New Financial Institutions Act of 1999 and the Regulation concerning the licensing and supervision of foreign exchange bureaus in Liberia.

 

Accordingly, the CBL has commenced the removal and shutting down of illegal money changers from the streets of Monrovia and its environs. The enforcement exercise, which started Monday July 18, 2016, will involve several measures, including confiscation of funds of violators. It will continue until otherwise advised by the CBL.

 

The CBL, is hereby, directing all illegal foreign exchange operators to immediately desist from doing foreign exchange business without the authorization of the Bank.

 

The CBL advises the public not to do business with foreign exchange operators who are not licensed by the CBL.