IPNEWS: The Liberian House of Representatives has approved a resolution authorizing the Central Bank of Liberia (CBL) to print up to L$79 billion in new banknotes.
The decision was reached following a report from the House Committee on Banking, Currency, and Insurance. Before the printing process can officially begin, the resolution must be sent to the Liberian Senate for final concurrence.
The primary purpose is to swap out old, worn, and mutilated banknotes currently in circulation.
The new currency aims to address ongoing cash shortages and strengthen local payment networks.
Lawmakers emphasized that this move is not intended to expand the money supply or trigger rapid inflation.
The central Bank of Liberia holds the operational independence to decide when and how much currency to physically print and release based on economic indicators.
The bill has been sent to the upper house; if the Senate concurs, international procurement with currency printers will begin.
To prevent mismanagement, the House has mandated that the CBL submit quarterly implementation reports.
