December 5, 2022

CENTRAL OF BANK OF LIBERIA CLARIFIES

The Central Bank of Liberia (CBL) says it is only minting coins in L$5 and L$10 contrary to speculations that it is minting L$30 and L$25.

The Central Bank of Liberia (CBL) says it is only minting coins in L$5 and L$10 contrary to speculations that it is minting L$30 and L$25.

The CBL in a statement issued Friday, August 12, said its move is consistent with May 6, 2021, Joint Resolution of the National Legislature authorizing the Central Bank of Liberia (CBL) to print and mint the new family of Liberian currency totaling L$48.734 billion.

CBL explained that delivery of the coins will begin in the 4th quarter of 2022 and infused into the economy through the commercial banks.

It stated that new coins are smaller, much lighter, and easier to carry than the previous coins in circulation.  The minted coins are round, nickel-plated steel, with the L$5 weighing 3.6 grams and the L$10 weighing 4.8 grams. The L$5 has the image of President Edward James Roye, while the L$10 has the image of President Joseph Jenkins Roberts.

The L$5 and L$10 coins, are part of the new family of Liberian dollar currency, with the rest of the new currency being the L$20, L$50, L$100, L$500 and the L$1,000 banknotes. The L$1000 is being introduced into the Liberian economy for the first time.

The Bank reassures the public that the currency reform is well on course and proceeding according to the implementation plan. Meanwhile, the Bank noted that it will soon launch a nationwide public education and sensitization campaign on the currency replacement exercise.

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