Executive Director of Liberia Macroeconomic Policy Analysis Center, LIMPAC, at the Ministry of Finance and Development Planning, Del Francis Wreh has linked the drop in current exchange rate to the alleged hoarding of the Liberian Dollars by certain citizens, including business owners in the country.
Speaking over the weekend when he served as a guest at the Veterans Bureau of Liberia in the Samuel Kanyon Doe Community on the Bushrod Island, Wreh said business owners, monthly and yearly susu clubs’ members, among others, are said to be keeping some huge cash with them and not wanting to take their monies to the banking institutions to avoid encountering difficulties during withdrawal.
The LIMPAC boss further stressed that the current monetary issue regarding the gradual drop in the exchange rate is a normal happening that is experienced by Liberians and even the global community; something according to him, is also as a result of some monetary policies instituted by the relevant authorities in the country.
Wreh also disclosed that the first batch of the new family of Liberian Banknotes, when brought into the country, will be mixed with the current money on the market but clarified that all of the financial policies and disciplines needed for the printing of the money had already been put in place by the Liberian government, cooperation with international partners.
“The budget should not only focus on paying salaries but the security, education and health sectors; something that makes the budget sufficient.
Since the government stopped taking money from the Central Bank of Liberia to pay salaries, this is why the current exchange rate is dropping gradually.
Besides that, due to the sufficient and effective savings of national government, we are seeing free tuition programs at the University of Liberia, construction of major roads, we experience higher education system due to the government’s reform policies,” the LIMPAC boss asserted.
“Government, through the Ministry of Commerce, is working on modalities to ascertain the prices of commodities in accordance with the current rate, while we are also encouraging our People to start carrying their monies in the bank now,” he said.
Meanwhile, the Executive Director of the
Liberia Macroeconomic Policy Analysis Center has called on other national government officials to adequately educate and inform citizens about the workings of the Coalition for Democratic Change led-government across the country, adding that the lack of proper information dissemination has the propensity to spread myths against the government.
He further stressed that misinformation and disinformation scare away foreign investors from coming into the country, noting that when citizens are not educated and adequately informed, they make wrong decisions in the future.
Wreh also admonished Liberians to appreciate and be thankful to President George Weah for making some tough decisions in the reformation process within his government.