Monrovia- October 28, 2021: The Plenary of the Liberian Senate has mandated a Joint Committee on Banking and Currency as well as Judiciary to do a comprehensive review of the document submitted by the Central Bank of Liberia (CBL) to the Senate to determine whether it corresponds with the Joint Resolution passed by the Senate for approval of the printing of new family of Liberian dollars banknote amount to L$48 billion and report to plenary.

Senators have raised concerns that the CBL in a communication recently sent to the Senate and the issues outlined in said document are in contravention of the joint resolution by the Legislature to print new family of Liberian Dollars banknotes.

The Senate also wants to know mechanisms and measures taken to put on the market the initial L$4 billion that the CBL disclosed will arrived in Country late November.

In conclusion, the Senate is concern about the Central Bank Communication of August 4, 2021 on the inclusion of L$1000 notes as opposed to the authorization given by the Legislature.

At the same time the Liberian Senate has mandated the Economic Management Team (EMT) to reappear on next Tuesday, November 2, 2021, along with the Minister of Finance and Development Planning.

According to the Senate Press and Public Affairs Release, the EMT will reappear to further explain itself on the appreciation of the Liberian Dollars on the Liberian market and the continuous hike in the prices of commodities on the market as well as mechanisms to remedy the situation.

Although authorities of the EMT to include the Executive Governor of the Central Bank of Liberia, J. Aloycious Tarlue, the Deputy Governor for Economic Policy, Dr. Musa Dukuly, Minister of Commerce, Maween Diggs, Natty B. Davies from the Liberian Chamber of Commerce , as well as the President of the Liberia Bankers Association, John B. S. Davies , and a representative of the Liberian Business Association amongst others appeared before the Senate on Thursday, October 28, 2021, the team has been asked to reappear due to several unanswered questions surrounding the appreciation of the Liberian dollars, while prices of commodities on the market continue to increase .This is intended to further inform the Liberian Senate on its position.