News Column

Hon. Koung Wants Dual Currency Regime Abolish

May 23, 2014

A Bill to amend PART V SECTION 19, Sub-section 1&2 of the provisions of the Act Establishing the Central Bank of Liberian has been introduced in the House of Representatives.

According to, Hon. Jeremiah Koung, the proponent of the bill, it is intended to make the Liberian dollar the single and official currency for all financial transactions in the Country.

The Nimba Lawmaker maintained that the United States Dollars can be reserved for the settlement of international obligations and foreign trade.

He noted that the use of both the Liberian and United States Dollars as legal tender on the Liberian market is not only affecting the business sector but rather causing serious constraints for local retailers, petty-traders, consumers, buyers and importers.

"Fellow colleagues, in my truest opinion, I believe this Plenary has the statutory mandate to take affirmative action that leads to making the Liberian Dollars the sole currency for all legal business transaction within our borders and when done, the problem of two markets (buying and selling) in

Liberia will be resolved." Hon. Jeremiah Koung concluded in his letter.

Hon. Jeremaih Koung represents District 1 Nimba County in the 53rd Legislature. He introduced the one Currency Regime Bill during the 29th day sitting of the House Plenary on Tuesday, May 20, 2014.The Bill was forwarded to the Committees on Banking and Currency, Judiciary and Ways, Means and Finance for proper scrutiny and recommendation to Plenary in two weeks.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: AllAfrica

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters