In the face of stumble for Liberia Dollars at various Commercial Banks across Liberia, Finance Minister Samuel Tweah says government will endeavor to restore trust and confidence in the Banking sector.
Minister Twaeh said government is under obligation to improve the living condition of the Liberian people by addressing challenges undermining their progress.
He made specific reference to the current shortage of Liberian Dollars at the various commercial Banks across the Country.
Minister Tweah said the shortage of Liberian Dollars at the various commercial Banks is due to lack of trust in the banking sector.
Speaking Wednesday January 5,2021 in the Liberian Capitol,Monrovia, the Finance Minister,noted that 80-percent of Liberian Dollars is outside of the Banking sector, thereby undermining the capacity of commercial Banks to response.
Minister Tweah ,however, emphasized the need for the printing of additional Liberian Dollar Banknotes to stabilize the economy.
He argued that the printing of the additional Banknotes will convince those holding back from depositing their money in commercial Banks to return.
For the past two years, the economy of Liberia had been experiencing significant growth, Minister Tweah told Liberians.
“The International Monetary Fund recently recognized the sustained transformation being made by the Liberian Government in monetary and fiscal space of the Country”, He said.
In that regard, the IMF was able to give USD48.8 Million in support of the government.
“The Center Bank of Liberia is on course with the digital money technology gear towards promoting a cashless society,”Minister Tweah said.
