MONROVIA, Montserrado – Following President George Weah’s speech on the state of the economy on Monday, the Central Bank of Liberia has cited all foreign exchange operators to a meeting on Wednesday to find a solution to the economic crisis.

According to a press release read on ELBC Radio on Tuesday, July 17, the management of the Central Bank said it was acting in response to measures announced by the president to revive the economy.

Weah said, among other things, that his government would infuse US$25 million into the economy to “mop up excess Liberian dollar liquidity.”

“All foreign exchange bureaus licensed and unlicensed will be closed on Wednesday from 8:00 a.m. to 8:00 p.m. to allow the full compliance of owners,” the Bank’s announcement read.

The press release added that police would enforce compliance with its order.

Money exchangers in Monrovia. Photo: Zeze Ballah

In April, the Central Bank had warned all illegal money exchange operators and businesses engaged in foreign exchange activities in the country to regularize their status by May 1 or risk confiscation of their money or closure of their businesses.

That move came amid concerns over what was perceived as a continued arbitrary hiking of the exchange rate by illegal money exchangers and some businesses.

The Bank noted that the actions of these unlicensed money exchangers were in direct violation of regulations and laws governing foreign exchange transactions in the country.

“These unauthorized money exchangers continue to undermine the CBL’s efforts to help mitigate exchange rate volatility, thereby resulting in the escalation of the prices of goods and services on the Liberian market which is significantly contributing to the hardship on the ordinary Liberian people and is counterproductive to the government’s Pro-Poor Agenda,” the Central Bank said.

The press release indicated at the time that all those concerned were advised to take note and act accordingly, as a joint task force would begin removing illegal foreign exchange operators from the streets.

In addition, the bank said it was working with the Commerce Ministry to monitor businesses violating the foreign exchange laws of the country by operating as unlicensed foreign exchange dealers.

But nothing substantive was done by the CBL in bringing the situation which has continued to increase hardship on ordinary Liberians.

Featured photo by Jefferson Krua