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Liberia: New Coins in Pipeline?

Started by Bimat, June 12, 2013, 03:49:48 PM

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Bimat

Liberia: CBL Minting Liberian Dollar Coins? Senate Wants Governor's Clarity, Implications

BY TOM B. NYENUR, 11 JUNE 2013

The Liberian Senate on Tuesday voted to cite the Central Bank Governor Dr. Mills Jones amid report that the entity is poised to infuse various denominations of Liberian Dollars coins into the economy.

Report says the CBL has resolved to have the various dominations of Liberian Dollars infused into the economy including twenty five cents, fifty cents and one dollar coins in a bid reduce the present cost of inflation.

Some members of the senate in reaction to the report were of the conviction that the move was critical to bringing economic relief to the citizenry.

The Senate's Banking and Currency Committee chaired and co-chaired by Grand Gedeh and Lofa counties Senators Isaac Nyenaboand Sumo Kupee said the coins infusion will go a long way in reducing the prices of essential commodities.

Senators Nyenabo and Kupee argued that prices especially those of local produce will be sold for fifty cents and dollars in the presence of the local coins.

They were also of the conviction that the cost of transportation will similarly be reduced in the same manner were the coins to be infused in the economy.

The senate however wants the CBL Governor appear before the august body next week to provide clarifications relative to the plan in terms of the total amount the bank want to infuse in the economy.

Although Senator Nyenabo explained that the CBL was only proposing to mint the money and has not done so, some senators were of the opinion that the CBL has already minted the coins without reference to them.

Senators including Cletus Wotorson(LAP, Grand Kru), Dallas Gweh(Rivercess) and Prince Johnson(Nimba) argued that that CBL did not have the authority to mint money without the senate's authorization.

Nyenabo countered that the legislature in an act in 1999 delegated to the CBL the responsibility to mint money at will without legislative approval.

Source: All Africa
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

<k>

I thought that Liberia had last issued circulation coins in the 1970s, but apparently the most recently issued ones are dated 2000. However, their design looks old-fashioned, so Liberia could use a nice new modern thematic design series, such as you find in a lot of other African countries. The other problem is that the US dollar is worth around 75 Liberian dollars, so a Liberian 25 cent coin would presumably be more or less useless.
Visit the website of The Royal Mint Museum.

See: The Royal Mint Museum.

Enlil

I would say all the coins would be useless. Polies are usually in the clouds anyway. Maybe a 1, 2, 5 and 10 dollar coins and 200, 500 and 1,000 dollar banknotes.

Pabitra


Bimat

Quote from: Pabitra on April 02, 2014, 12:25:38 PM
Any recent developments on this?

No, I haven't heard of new Liberian coins after I posted that news. Central Bank of Liberia is of no use either. ::)

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.