Author Topic: Liberia: New Series of Banknotes Launched  (Read 2998 times)

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Offline Bimat

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Liberia: New Series of Banknotes Launched
« on: July 28, 2016, 06:06:18 AM »
Central Bank of Liberia to Introduce New Liberian Bank Notes

Monrovia - Since the start of 2016, the Liberian economy which experienced two recent shocks-the outbreak of the deadly Ebola virus and the decline in the prices of commodities including iron ore, rubber, and others on the world market has been experiencing downturn which is compounded by devaluation of the Liberian dollars specifically in exchange with the United States dollars-its main local trading partner.

[...]

The Central Bank of Liberia in an apparent attempt to help solve some of these problems affecting the currency requested Legislative endorsement to print and replace mutilated bank notes.

In a statement issued Wednesday, the bank announced that in keeping with its statutory mandate to at all times ensure that the integrity of the Liberian Dollar is uncompromisingly maintained, it will shortly introduce a new series of banknotes into the Liberian economy.

The CBL statement indicated “This new series includes, among others, the unifying nature of the existing Liberian Banknotes, and as such, has maintained all previous portraits. The CBL has also reinforced the security features in the new series, which are both visible and invisible.

In addition, the Bank has ensured that the new series is printed on a higher quality substrate to guarantee longevity and reduce porosity. The new series also introduces a new denomination of L$500 (Five Hundred Dollars), in addition to the present denominations”.

The bank has also announced that the bank notes expected to be infuse on the market soon have security features that will prevent fraud and counterfeiting.

“The CBL also takes keen interest in tackling the two major risk issues associated with banknote lifespan, namely: soiling and porosity.

The CBL, therefore, confirms to all stakeholders, including the general public that the new series of banknotes to be released, will be fully on par with the existing Liberian Dollar Banknotes as legal tender for all transactions”, the Bank declared.

According to the CBL, some of the features of the new bank notes will help the public, professionals, machines and the bank itself to detect any counterfeiting.

Amongst some of the common ways of identifying any possible counterfeit bank notes, the bank stated that looking, feeling, tilting, using hand held devices, UV Lamp, Magnifying glass, Low Speed-Vending, ATMs and high speed-Sorting can help.

New domination introduced

One of the major improvements in the CBL attempt to handle the currency situation is the introduction of a new denomination-the LD$50 single banknote.

The new denomination will in one way or the other help in meeting some of the requirements of good money-its portability.

Trading with the new L$50 when the quantum of money involved is huge will be much easier as compared to the L$100, 20, 10 or 5.

The portability feature of the currency is clear shown in recent time when it appears that there was shortage of L$5 banknote on the local market and traders were even hesitant in accepting purchase using large quantity of L$5 banknotes since the quantum has to be so huge to meet a certain amount for purchase.

Financial experts believe that the CBL could even make more changes by introducing L$1,000 single bank note which can be useful for transactions involving huge sums of money.

The Nigerian Naira for example is printed in denominations of 10, 20, 50, 200, 500 and 1000. The one dollar Naira which was the lowest has already phased out making 10 to be the least denomination of the Nigerian banknotes.

Besides coins known as pesewas, the Ghanaian Cedis banknotes also have denominations of 1, 5, 10, 50, 100 and 1,000.

The Ivorian banknotes are also printed in denominations of 500, 1,000, 2,000, 5,000, 10,000 francs.

Liberia could also be better printing its bank notes like neighboring countries to meet the portability requirement of money.

Source: Front Page Africa Online
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Offline pargoo

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Re: Liberia: New Series of Banknotes Launched
« Reply #1 on: July 30, 2016, 05:02:42 AM »
Nice to see upgrades after so many years.  Can't wait to get my hands on some.

Offline Bimat

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Liberia: New Series of Banknotes Launched
« Reply #2 on: August 01, 2016, 06:47:05 AM »
‘CBL Not Mandated To Add New Features, Denomination To Existing Currency’

“If You read the communication, they did not ask to change features on the money or introduce $500 bank notes, so I don’t know where that authority came from”-Julius Berrian, Chairman Banking and Currency Committee, House of Representatives

“This new series includes, among others, the unifying nature of the existing Liberian Banknotes, and as such, has maintained all previous portraits.

The CBL has also reinforced the security features in the new series, which are both visible and invisible.  In addition, the Bank has ensured that the new series is printed on a higher quality substrate to guarantee longevity and reduce porosity.

The new series also introduces a new denomination of L$500 (Five Hundred Dollars), in addition to the present denominations”, the bank stated.

Since the announcement, there has been a public concern that the CBL is overstepping its mandate by introducing new features and denomination which, some say, was not mandated by the Legislature.

The CBL has claimed that the action is part of its mandate and it also got legislative endorsement.

No legislative mandate

But Representative Julius Berrian, Chairman of the House of Representatives Committee on Banking and Currency told FrontPageAfrica that the Legislature did not give the bank any mandate to make changes in features such as color, size and denomination on the Liberian dollars.

Representative Berrian has raised concern over the CBL’s authority to change features in the new bank notes and print new five hundred Liberian dollars denomination.

In an interview with FrontPageAfrica, the district #10 Montserrado County lawmaker said the request from the CBL which was granted by the Legislature was to replace mutilated bank notes, not to change features or add new denomination.

Not stating what the Legislature would do, he said: “If you read the communication, they did not ask to change features on the money or print additional L$500 bank notes so I don’t know where that authority came from.”

The CBL is claiming that the decision is in keeping with its statutory mandate to at all times ensure that the integrity of the Liberian Dollar is uncompromisingly maintained.

Conflicting explanation

Recently, Finance Minister Boima Kamara who served as Deputy Governor for Economic Policy at the Central Bank of Liberia, told the Senate during confirmation hearing that the banknotes to be printed by the CBL will replace mutilated banknotes.

Kamara also said the new banknotes will not be infused in the economy but rather kept in the vault.

Said Kamara: “As Legislature, it is prudent. I say this because over the years, the bank has not printed money. It has collected mutilated notes so printing new notes will replace those that have been destroyed and not increase the amount of Liberian dollars on the market as people think.”

Contrary to former Deputy Governor Kamara’s comments before the Senate that newly printed banknotes will not be pumped on the market, the CBL announced that it will shortly introduce a new series of banknotes into the Liberian economy.

Total mutilated banknotes unknown

In the wake of the printing of new banknotes, the CBL is yet to give the total amount of damaged banknotes to be replaced through the printing of new banknotes.

One legislative source confided in FrontPageAfrica that the CBL earlier requested the go-ahead from the Legislature to print L$50 million.

The Legislature granted the CBL the mandate to print L$50 million but one lawmaker confided in FPA that the figure looks to have been increased with another lawmaker saying he heard a figure higher than the one the CBL requested.

The failure of the CBL to publicly announce the amount of new banknotes being printed is raising more concerns that the bank is operating the monetary policy of the country in secrecy.

The CBL has not also been able to explain how it intends to treat the issue of multiple colors for same denominations expected to be in circulation on the Liberian market. There is no indication that the new printed banknotes will replace all the existing ones on the market as this was not the request by the CBL to the National Legislature to have the existing currency replaced.

Political Loans deplete CBL Reserve?

FrontPageAfrica has gathered that the CBL loan scheme which led to millions of Liberian dollars being pumped in the economy led to the depletion of the bank’s reserve of Liberian dollars and the bank is using the issue of replacing mutilated banknotes to print huge amount of Liberian dollars to get the reserve intact.

Beginning 2013, the Central Bank under the governorship of Dr. J. Mills Jones pumped millions of Liberian dollars into the economy, giving loans to businesses; and up till date, the bank is yet to disclose the total amount of money given out in loans.

Repayment of these loans also remain unknown as former Governor Jones, who was considered “poverty Doctor” by some Liberians, is now a Presidential aspirant as he has accepted a petition to contest the Presidency in 2017.

One source indicated that the CBL is finding it difficult to recollect loans given to businesses because some of the loans were made without proper records.

Governor Jones, during his tenure, said he had no regret giving out loans to empower Liberians but the trend of his loan scheme which was characterized by printing of t-shirts with his picture and other elaborate programs in places he visited led to suspicion that he was using the loan program to push his political agenda.

Not long Jones tenure ended and he is now fully in politics and has accepted a petition from some Liberians to contest the presidency.

Many are watching to see what actions the legislature will take to ensure the CBL provides clearer information about the amount of damaged Liberian dollars to be replaced, how much new banknotes are being printed and why the change in features-color, size and how the newly printed banknotes will be used simultaneously along with the existing banknotes.

Article 34 (b) of the constitution gives the legislature the power to levy taxes, duties, imports, exercise and other revenues, to borrow money, issue currency, mint coins, and to make appropriations for the fiscal governance of the Republic, subject to the following qualifications: which includes; all revenue bills, whether subsidies, charges, imports, duties or taxes, and other financial bills, shall originate in the House of Representatives, but the Senate may propose or concur with amendments as on other bills."

Source: Front Page Africa Online
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Offline Bimat

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Liberia: New Series of Banknotes Launched
« Reply #3 on: August 02, 2016, 05:11:47 PM »
Here is the official press release by Central Bank of Liberia:

Central Bank of Liberia (CBL) To Issue New Bank Notes Soon

MONROVIA – July 27, 2016: The CBL wishes to inform the general public that in keeping with its statutory mandate to at all times ensure that the integrity of the Liberian Dollar is uncompromisingly maintained, the CBL will shortly introduce a new series of banknotes into the Liberian economy.
 
This new series includes, among others, the unifying nature of the existing Liberian Banknotes, and as such, has maintained all previous portraits. The CBL has also reinforced the security features in the new series, which are both visible and invisible.  In addition, the Bank has ensured that the new series is printed on a higher quality substrate to guarantee longevity and reduce porosity. The new series also introduces a new denomination of L$500 (Five Hundred Dollars), in addition to the present denominations.
 
In 2000, the CBL introduced the new Liberian Dollar bank notes as a unified currency to replace the old “J.J.” banknotes. Since its introduction in to the economy, the Liberian banknotes have undergone minor technical redesign and security feature enhancements. All this is geared towards maintaining public confidence and at the same time deterring fraud and counterfeiting.  In addition to preventing fraud and counterfeiting, the CBL also takes keen interest in tackling the two major risk issues associated with banknote lifespan, namely: soiling and porosity.
 
The CBL, therefore, confirms to all stakeholders, including the general public that the new series of banknotes to be released, will be fully on par with the existing Liberian Dollar Banknotes as legal tender for all transactions.
 
To assist with what is anticipated to be Frequently Asked Questions (FAQs) about the new series of banknotes that will be issued soon, a FAQs Sheet is also being issued to assist all stakeholders in clarifying any questions regarding the new banknotes.
 

And here a pdf file that explains features of the new banknotes.



Aditya


« Last Edit: August 02, 2016, 06:25:36 PM by Niels »
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Offline Bimat

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Liberia: New Series of Banknotes Launched
« Reply #4 on: August 03, 2016, 05:13:32 PM »
The CBL Governor’s Nightmare, As House Committee on Banking and Currency Threatens ‘Vote Of No Confidence’

August 3, 2016

Barely a week after the Central Bank of Liberia announced the printing of a new bank notes including a new five hundred Liberian dollar denomination, the House Committee on Banking and Currency has threatened to lead a campaign of vote of no confidence in the Governor of the Central Bank of Liberia (CBL) Mr. Milton Weeks should the bank go ahead to circulate the bank note in question.

The CBL in its announcement recently said the move was in keeping with its statutory mandate to ensure that the integrity of the Liberian Dollar is maintained, and noted that it will shortly introduce a new series of banknotes into the Liberian economy, notably among the new notes,  a new bill in the L$500 denomination.

But speaking to Legislative Reporters Tuesday, the Co-Chairman of the House Committee on Banking and Currency, Representative Saah Joseph said the Legislature is not aware of the Central Bank’s decision to go ahead and print a new denomination of Liberian dollar.

According to him the action of the CBL is contrary to a proposal presented that the committee in two separate communications from President Ellen Johnson- Sirleaf and authorities of the Central Bank of Liberia.

He disclosed that the Liberian Chief Executive and authorities of the CBL both had requested the printing of new bank notes to replace mutilated bank notes on the Liberian market.

Representative Joseph said after conducting several meetings and conferences on the printing of new bank notes, the committee submitted its findings to the House Plenary, to grant the CBL’s request to print new bank notes to replace the mutilated ones.

The CDC lawmaker expressed displeasure over what he termed as the bank’s unilaterally move to introduce a new 500 dollar denomination with new security features inserted without the consent of the Legislature.

He wants plenary of the House of Representatives institute the necessary action to prevent the CBL from printing new denominations until consultations are held on the advantages and disadvantages associated with the printing process.

“Such decision must not be a taken by the CBL without the consent of the Legislature giving its oversight functions in the printing of new banks notes and in keeping with the Liberian constitution, the Montserrado county lawmaker pointed out.”

He said it is the right to of the National Legislature to approve the printing of new bank notes to be pumped into the Liberian economy.

Representative Joseph said the Lower House will resist any attempt by the bank to go ahead with its plans to printing bank notes with a new five hundred Liberian dollar denomination.

Source: GNN Liberia
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Offline Bimat

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Liberia: New Series of Banknotes Launched
« Reply #5 on: October 03, 2016, 08:17:26 AM »
PRES. SIRLEAF RECEIVES NEW BANKNOTES

Created: Monday, 03 October 2016 00:41
Published: Monday, 03 October 2016 00:41

President Sirleaf has received specimen of the initial series of the newly printed banknotes from Central Bank Executive Governor Milton Weeks-denominations ranging from L$1 to $100.

An Executive Mansion release said President Sirleafreceived the new banknotes on Thursday, September 29, 2016 in the Cabinet room of the Ministry of Foreign Affairs and commended Governor Weeks and team for the hard work, as well as the level of professionalism.

Presenting the new banknotes to President Sirleaf, Central Bank Executive Governor Milton Week said the series of the newly printed Banknotes is guaranteed and has features that cannot be duplicated easily, expressing gratitude to President Sirleaf for the support given the Central Bank adding. “It is my pleasure to present to you today the initial series of the new currency that have been produced by ‘Print Currency’ - a US-based company, but manufactured in Sweden,” he said.

Governor Weeks indicated that the denominations covering LD$001 to 100 (L$5, L$10, L$20, L$50 and L$100) has been completed and expected to be released to the public this October, and will also replace mutilated bank notes already in circulation. The newly introduced denominations contain portraits of ordinary Liberians on the front, and Liberian wildlife on the back.

The CBL has ensured that the new series is printed on a higher quality substrate to guarantee longevity and reduce porosity. In separate remarks, Vice President Joseph N. Boakai and Senate Pro-Tempore Armah Jallah thanked Governor Weeks and team for job well done and admonished them to create more awareness on the handling of the new money by citizens.

[...]

Source: The New Dawn Liberia
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Online malawi

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Re: Liberia: New Series of Banknotes Launched
« Reply #6 on: October 03, 2016, 09:32:03 AM »
PRES. SIRLEAF RECEIVES NEW BANKNOTES







Governor Weeks indicated that the denominations covering LD$001 to 100 (L$5, L$10, L$20, L$50 and L$100)



So , no new 500 Dollar note ?
« Last Edit: October 03, 2016, 10:15:06 AM by Figleaf »

Offline Bimat

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Liberia: New Series of Banknotes Launched
« Reply #7 on: October 03, 2016, 09:35:49 AM »
So , no new 500 Dollar note ?

Possibly it's not ready yet...

Aditya
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Offline Bimat

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Liberia: New Series of Banknotes Launched
« Reply #8 on: October 11, 2016, 09:00:35 AM »
New banknotes were put into circulation on October 06, according to Press Release by Central Bank of Liberia. New banknotes are being printed by Crane Currency.

Aditya
« Last Edit: November 08, 2016, 06:26:01 AM by Bimat »
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Offline eurocoin

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Re: Liberia: New Series of Banknotes Launched
« Reply #9 on: October 13, 2016, 09:04:00 PM »
PRES. SIRLEAF RECEIVES NEW BANKNOTES

Judging from the photos, they are very happy with the new notes :D





Offline Bimat

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Liberia: New Series of Banknotes Launched
« Reply #10 on: November 08, 2016, 06:25:34 AM »
Counterfeiting Liberian Dollars - Man Arrested With Fake Notes

Monrovia - Barely a month following the introduction and circulation of new bank notes in the country by the Central Bank of Liberia (CBL), Police have arrested a man identified as Trokon Mason with counterfeited Liberian Dollars.

Mason has been charged with forgery/counterfeiting and economic sabotage in violation of sections 15.70 and 15.80 of the new penal law of the Republic of Liberia and forwarded to the South Beach prison to be detained to await trial by the Monrovia City Court

It is not clear whether the banknotes caught on the suspect is the new ones recently put in circulation by the CBL, but Police say Mason, a resident of Chocolate City in Gardnesville was arrested and allegedly had in his possession LD$6,200 at a local motel.

“Suspect Trokon Mason was at the “Think For Yourself Motel” orders for drinks and while in the process of paying for said drinks, it was discovered that money used to buy was a fake /counterfeit Liberian Bank notes,” a Police charge sheet in the possession of FrontPage Africa indicated.

The charge sheet also stated that the money was found in the pocket of the suspect and was presented to the Police during investigation, though they failed to state who turned him over to the Police.

 The action of Mason, according to the Police, was done knowingly with the sole purpose to deceive or harm another person or the Government of Liberia by infusing the fake bank notes into the economy.

 During investigation, the Police also stated that the suspect admitted to the commission of the crime.

Prior to defendant Mason’s arrest, a Nigerian national was arrested earlier this year in the border town of Bo with over $150,000 worth of fake Liberia bank notes in the one hundred denomination.

The fake Liberia bank notes were hidden in a television set while the Nigerian was traveling from Sierra Leone to Liberia through Bo border point when he was nabbed by members of the joint security where he was later charged and forwarded to the Monrovia City Court at the Temple of Justice following investigation at the headquarters of the Liberia National Police on Capitol Hill.

While at the Monrovia City Court at the Temple of Justice, the Nigerian national was duly charged with the alleged commission of the crime of counterfeiting and economic sabotage in violation of sections 15.70 and 15.80 of the new penal law of the Republic of Liberia and also ordered detained at the Monrovia Central Prison, pending prosecution by the Monrovia City Court at the Temple of Justice.

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