—MOVES TO ESTABLISH DOMESTIC GOLD PURCHASING PROGRAM
Mr. Henry F. Saamoi , Governor, Central Bank of Liberia, says the CBL will shortly begin the licensing of money ex-changers in a bid to curb arbitrary hike in exchange rate.
Recently, the government announced an appreciation of the Liberian dollars against the United States dollars.
Addressing scrolls of member from various financial institutions, private sector, money ex-changers, street vendors at the CBL Conference room Friday, , Mr. Saami stated that the CBL in collaboration with the Money Ex-changers Association of Liberia will jointly collaborate in weeding out illegal foreign exchange operators in the streets, in marketplaces, and in communities.
He stated that recent appreciation of the Liberian currency, is due to ongoing collaboration with the Money Ex-changers Association in licensing of the foreign exchange vehicles that are operating, quote unquote, illegally.
So what we encourage the leadership of Nafibu to continue its collaboration with the CBL, to identify those illegal foreign exchange vehicles that are not licensed, so that they can come through the licensing process of the central bank.
“Now, we will continue to monitor the situation. We agree that our teams will be exercised along with you to work out there to be able to identify these illegal or non-licensed foreign exchange vehicles. So that’s something that we have a commitment that we will work with you to be able to bring everyone into the formal sector.
Because if they are not licensed, we will consider them as informal. So once they are licensed, we will bring them in formally. And then there’s a reporting requirement also from you.
So we will continue. It’s a public target. Like all citizens, it cannot be an event that will start today.
Because what is happening is that today, a foreign vehicle can just jump up in a community and the central bank is not aware of that. But you have to help us bring that to the attention of the central bank and work with you to make sure that we can speak to them and try to bring them in. Also, there’s the issue of livelihood that we also have to be very, very careful about as we go. it’s shutting them down. So we’re also careful about that. But I think we can put measures in place where we can license them and bring them to operate within the organization.” Mr. Henry F. Saamoi, CBL Governor, told representatives of financial institutions.
Addressing concerns of street vendors involved with foreign exchange, the CBL Governor said it is aware of that situation, however, it requires collaboration between the people and the central bank to be able to address the situation.
“The issue of licensing, in terms of licensing, is now being caused by the regulation. So we need to have a try licensing of foreign vehicles on all the exchanges. So if the street vendors are part of the ecosystem, we can’t just remove them or put them out of the market.
Like I said, there is a level component to that. And so what we’ll try to do is to work with them so that they can also be licensed. But it’s a process.
Again, we’ve been here for a year now. And we’ve made some strides. Certain areas, we’re moving fast, while Certain areas, we are still slow. But we intend to address all of these issues that affect and confront our financial system.” Mr. Henry F. Saamoi told representatives of financial institutions on the prevailing prevention of exchange rate and arbitrary hike in exchange rates.
Meanwhile, the Central Bank of Liberia (CBL) has announced the commencement of processes aimed at establishing a Domestic Gold Purchasing Program as part of efforts to strengthen the country’s reserve management framework.
Executive Governor Henry F. Saamoi made the disclosure during the presentation of the Monetary Policy Communiqué for the fourth quarter of 2025. Governor Saamoi noted that the initiative has received the approval of the Central Government and is aligned with similar programs already operational in several countries across the region. Such programs enable central banks to purchase domestically produced gold to bolster their reserve assets, promote currency stability, and enhance economic resilience.
Governor Saamoi further revealed that a 16-member inter-governmental delegation recently completed a study tour in Ghana and has returned with key recommendations to guide Liberia’s approach. In light of this, the CBL has constituted a Technical Committee to design the operational framework for the program.
He added that the Bank, in collaboration with the Central Government, will soon engage stakeholders—particularly actors in the private sector—to discuss and refine the proposed structure of the program.
Governor Saamoi’s remarks followed a concern raised by the President of the Gold Dealers Association regarding the need for Liberia to retain a portion of its domestically produced gold within the country.
“The establishment of a Domestic Gold Purchasing Program marks a significant step toward diversifying our reserve assets, strengthening monetary stability, and promoting greater value retention in the national economy,” Governor Saamoi stated.
