Liberia: CBL launches Reintroduction of Coins

Governor Tarlue: “By next week, we expect the coins to be on the market.”


The Central Bank of Liberia’s (CBL) Executive Governor, J. Aloysius Tarlue, Jr. has finally launched the re-introduction of small denominations of coins for infusion into the country’s economy.
The minted coins are round and 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.
Governor Tarlue, who spoke on Wednesday, November 9 at the official launch of the five and ten dollar coins, said they will now address the astronomical increase in the prices of commodities on the market.
“So, again, I want to tell you thank you for the support and we want to fully launch the coins on the market,” he said. “This whole idea is that we want to change the psychology of this country and we want to bring stability here and ensure that we rebrand the CBL.”
Governor Tarlue said the “Doe Coins” are part of the currency and the banknote, and he indicated that there should be a special need for coins because the Liberian people have been patient for a very long period of time in terms of small change, and the coins are finally here and validated.
“By next week,” he said, “we expect the coins to be on the market.”
According to him, the coins are portable, can easily be used, and will not be a burden to anyone.
“I want to say that the coin is so good that if you lift it up and look at it directly in the sun, you will see that it has the Lone Star in its belly, which cannot be counterfeited,” Governor Tarlue said.
It can be recalled that in May 2021, the CBL was authorized by the 54th Legislature to print new family banknotes. The Legislature approved the printing and minting of money in the phase of three years, specifically 2021, 2022, and 2024.
It can be recalled that in December 2021, the CBL introduced the new Liberian dollar currency starting with the 100 Liberian dollar banknote in the tune of four billion Liberian dollars.
The amount, the CBL says, was intended to increase Liberian dollar liquidity in the economy.
However, the CBL Executive Governor said they brought in a lot of fives and tens in the amount of $462.5 million, representing 28 percent of the amount they wanted because, by 2023, there will be no money coming into the country.
“So, based on the calculation we have and the amount of money, the coin is enough to make sure that we don’t have problems with small change.” You and I both know that banknotes spoil quickly, especially the 5s and 10s, and that their lifespan is between three and four years. “For the 5 and 10s, we get no profit from them,” the CBL Boss stated.
Meanwhile, the launch of the reintroduction of the coins was attended by the president of the Liberia Bankers Association, Mr. George Mensah-Asante, Money Exchangers Association, Liberia Marketing Association, Motorcyclists, Liberia Business Association and staff of CBL.

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