MONROVIA – November 17, 2021: The Central Bank of Liberia (CBL) has launched an awareness campaign intended to inform and educate the public on the printing of a new family of Liberian dollar currency. Speaking at the launching ceremony Monday, November 15, 2021, the Executive Governor of the CBL, Mr. J. Aloysius Tarlue, Jr., said the process leading to the printing of a new family of Liberian dollar banknotes will begin with the introduction of new banknotes in L$100 denomination in December 2021. The Executive Governor confidently assured the people that the money will arrive in the country in time for the holiday season to address liquidity needs during the festive season.
Executive Governor Tarlue informed residents of Todee that the new L$100 banknote is part of the L$48.734 billion of a new family of Liberian dollar currency authorized by the 54th National Legislature in May 2021 to be printed and minted in three years, specifically 2021, 2022 and 2024. The introduction of the new currency, he said, will be done in line with the Implementation Plan of the Currency Changeover of the CBL, developed in consultation with the International Monetary Fund (IMF) and Kroll & Associates, to ensure a gradual, smooth and transparent process.
The Executive Governor said the second consignment of the new L$100 banknote will arrive in the first quarter of 2022, while the introduction of the other denominations, including the L$20, L$50, L$500, and L$1000 banknotes (including L$100), and the L$5 and L$10 coins will take place in the latter half of 2022 and that there will be no printing or delivery of the new banknotes in 2023.
Executive Governor stressed “Please be patient and don’t rush. We will bring in more money into the country. But you will continue to use the old money along with the new money; and we will let you know ahead of time when we are ready to remove all the old money from the market,” adding, ‘every existing Liberian dollar in circulation will be exchanged between 2022 and 2024.” The process, Executive Governor Tarlue said, will be carried out through commercial banks and their agents under stringent supervision and monitoring of the CBL in keeping with the Joint Resolution of the National Legislature.
The occasion was also graced by local officials, including clan, town and paramount chiefs, as well as the Minister of Internal Affairs, Varney Sirleaf and Montserrado Superintendent, Florence Brandy. The officials welcomed news of the replacement through infusion of new Liberian dollar banknotes into the banking sector and encouraged citizens to help spread the news.
The engagements, which are being facilitated by the Liberia Media for Democratic Initiatives (LMDI) in collaboration with the CBL, are the first batch of 16 public forums that will be conducted throughout the country including, Margibi, Grand Bassa, Bomi, Gbarpolu, Grand Cape Mount and Nimba, among others.