Liberian businessman, Kollie Gaygay has expressed dismay over the government of Liberia’s upcoming decision to infuse Four Billion of the new family of Liberian Banknotes in the economy without retrieving the current old money from the market.
Speaking to this media institution Tuesday at his Kollie Gaygay Business Center on the Bushrod Island, the young entrepreneur asserted that if national government through the Central Bank of Liberia, including other monetary policy makers fail to take off the old Liberian Dollars before infusing the new money, it will increase more suffering on the already struggling citizens across the country.
Kollie Gaygay further called on the government of Liberia to employ tougher security measures to guide the infusion of the New Family of Liberian Dollars in the economy.
He narrated that prior to the Legislature’s mandate to the Central Bank of Liberia to go ahead with the printing of the 48 Billion of New Family of Liberian Banknotes, it was squarely believed that the printing of the money is meant to liberate citizens from abject poverty, but stressing that from the look of things, it is not been seeing as expected.
He also expressed frustration over the government’s pending action to infuse the first Four Billion Liberian Dollars in the country’s economy without taking the same Four Billion Liberian Dollars of the current old Liberian Dollars from the market.
“The government should be conducting the security survey, I thought the one to be printed will be replaced with the same amount of the old money on the market because if they do that, it will unstable the economy, we saw this during the Madam Sirleaf regime, but it is uncalled for to have three different local Banknotes because it will increase the poverty of citizens
We should consider the common people, we don’t actually realize the potential of our economy due to the type of national leadership of our country
The appreciation of the Liberian Dollars was not done by national government, but money exchangers, we the buyers of USD determine the rate.
We as business people hardly receive
USD from buyers.” He narrated.
Meanwhile, Kollie Gaygay has predicted that there will be a huge depreciation in the Liberian Dollars and appreciation in the United States Dollars when the new money is printed and released in the economy, noting that the current exchange rate is being controlled by money exchangers in the country.
He is also admonishing the Liberian government to follow the monetary policies put in place by other neighboring countries in Africa and across the world.
“We will experience a huge increase in the exchange rate when the new money comes, the more Liberian Dollars on the market, the more it is devalued on the market, more importers will invest in our economy if we have one national currency,” Gaygay said.
