NATIONAL NEWS
CAPITOL HILL – Montserrado County Senator Abraham Darius Dillon has criticized what he describes as a rushed process to approve the printing of additional Liberian banknotes, warning that lawmakers are being pressured to take a major economic decision without adequate scrutiny.
By Sampson W. Weah – sampsonwweah7@gmail.com
Speaking during a public hearing with Central Bank of Liberia (CBL) Governor Henry Saamoi, Senator Dillon questioned the limited timeframe provided to the Legislature, arguing that it undermines transparency and weakens informed decision-making.
He said lawmakers were initially given only ten working days to review the request, which includes the printing of new currency and a supplementary budget. However, by the time formal discussions began, only two days remained.
“Do you honestly expect me to make a decision of this magnitude in just two days?” Dillon asked, noting that the hearing was the first opportunity for the CBL to fully justify its request.
Governor Saamoi acknowledged the concern but declined to respond in open session, citing executive sensitivities and proposing a closed-door discussion.
Senator Dillon rejected the proposal, insisting that matters of such national importance must remain public.
He warned that the compressed timeline raises questions about the credibility of the process, especially given its potential impact on Liberia’s monetary stability.
CBL Officials During Senate Hearing
During the hearing, the CBL confirmed that L$48.7 billion printed under the previous administration has been fully accounted for through external audits.
However, it disclosed that about 7% of currency in circulation is mutilated, reducing usable cash in the economy.
The Bank is now seeking approval to print an additional L$79 billion. Dillon cautioned that such an increase could significantly expand the money supply.
“Approving L$79 billion on top of what already exists is not a routine matter. It carries serious economic consequences,” he warned.
The senator also raised concerns about the absence of a detailed cost breakdown, noting that lawmakers are being asked to approve the printing without a finalized budget or procurement plan.
In response, the CBL said preliminary estimates exist but final costs can only be determined once legislative approval is granted to begin the procurement process.
The Bank further explained that the new notes will not feature enhanced security upgrades but will instead focus on durability, with an expected lifespan increase of one to two years.
Addressing public complaints, Dillon cited reports of commercial banks rejecting mutilated notes. The CBL clarified that financial institutions are required to accept such notes for deposit but are prohibited from reissuing them into circulation.
The public, it added, is encouraged to report violations.
The Central Bank also highlighted its ongoing “Clean Note Campaign,” aimed at educating citizens on proper handling of currency.
As discussions continue, Senator Dillon urged caution, stressing the need for transparency and adequate review.
“This is about public trust,” he said. “The Liberian people deserve transparency, proper scrutiny, and enough time for us to make the right decision.”
