MONROVIA, LIBERIA -The Central Bank of Liberia says it has made significant intervention to address the liquidity problems confronting the banking sector of the country.
A release quotes the Central Bank as announcing the arrival of additional four billion Liberian Dollar banknotes into the country on Monday, July 6.
According to the release, the money was safely secured in the vaults of the CBL Headquarters on Tuesday, July 7, upon arrival.
Prior to the printing of the new banknotes, the banking system had experienced dire liquidity problems, including mutilated banknotes and insufficient banknotes to meet depositors’ demand for cash.
Meanwhile, the CBL says it would work in collaboration with Kroll to begin a full technical validation process of the new banknotes in the coming days to ensure they comply with the contractual specifications.
By Joseph Koon