NATIONAL NEWS
MONROVIA – The Central Bank of Liberia has announced a new measure aimed at boosting the circulation of Liberian coins, as it moves to address what it describes as a persistent shortage caused largely by public reluctance to use them.
Speaking during a presentation ceremony, the Bank’s Executive Governor, Henry Saamoi, disclosed that the CBL has donated several coin sorting machines to commercial banks across the country.
By: Trokon S. Wrepue – trokon1992seokin@gmail.com
The initiative is intended to strengthen the banking system’s capacity to distribute coins more efficiently to customers.
Governor Saamoi noted that the latest donation builds on similar support provided to commercial banks in recent months, reflecting the Central Bank’s continued efforts to improve liquidity management and ensure the availability of all denominations of Liberian currency.
He attributed the low circulation of coins in the market primarily to the refusal of some customers to accept them during transactions.
According to him, such practices undermine the effectiveness of the national currency system and disrupt everyday financial activities.
“Refusing coins is no different from rejecting banknotes,” Governor Saamoi warned, stressing that both forms of currency are legal tender under Liberian law.
Coin Sorting Machines
He cautioned that the rejection of coins constitutes a violation of national regulations governing the use of currency.
In a further step to encourage wider acceptance and use of coins, the Central Bank announced a new policy that will take effect from Monday.
Under the measure, at least one percent of every Liberian dollar withdrawal from commercial banks will be issued in coins.
The policy is expected to gradually reintroduce coins into everyday transactions, particularly for small-value purchases, while helping to ease the burden on higher-denomination banknotes.
Officials believe that increased circulation of coins will contribute to a more balanced and efficient monetary system.
The Central Bank has also urged both financial institutions and the public to cooperate with the initiative, emphasizing that the success of the policy will depend largely on public acceptance and consistent usage of coins in the economy.
