CBL and Commercial Banks Trade Accusations

Several Commercial Banks in the country have accused the Central Bank of Liberia (CBL) of releasing mutilated Liberia Bank Notes on the market.
Banks customers who made withdrawals from their respective savings have been given mutilated monies especially in the denomination of Liberia Five Dollars.They told this paper yesterday that the monies are so damaged that a lot can be useless after withdrawal.
Customers from several commercial banks have informed this paper that tellers would tell them that it is the Central Bank that gave the mutilated monies to the commercial banks.
It can be recalled that few months ago, the Central Bank of Liberia (CBL) commenced the distribution and issuance of the newly printed Liberian dollar banknotes.
The new Liberian dollar banknotes were distributed to commercial banks and other financial institutions throughout the country to serve customers who may wish to exchange mutilated notes for the new Liberian dollar banknotes.
But it seems the very mutilated monies that were withdrawn have been released back on the market.
A Central Bank official when contacted denied the CBL has sent mutes back on the market.
The source who preferred not to be named said it was instead the commercial banks that were trading wrongly.
For instance, he explained that commercial banks’ tellers would only give out five Liberian Dollar Bank notes to customers who they did not know and gave bigger denominations to the ones they have contact with, especially the money exchangers.
According to him, the CBL is investigating this kind of transaction and would act if evidence is shown. The official also denied the CBL was dealing with business people as being insinuated in many quarters.
He added that the CBL deals strictly with commercial banks on monetary transaction as enshrined in its charter.

Video of the day

All Liberia Party Standard Bearer Benoni Urey speaking to media executives at his residence in Careysburg.