Single Currency Regime Proposed
-House Speaker Favors US Dollars
In an effort to remedy and, perhaps fully address once and for all, Liberia’s unending daunting economic complication, House Speaker, Dr. Bhofal Chambers has suggested a single currency regime for the Liberian commerce and trade.
In his proposal, Speaker Chambers prefers the use of the United States dollars amid prevailing excruciating challenges that entangles Liberian economy. Addressing a news conference at the Capitol Building in Monrovia, Speaker Chambers said, monetary control in the Liberian economy was seriously challenged by the lose availability of the two Liberian currencies in multiple styles and denominational value.
Speaker Chambers who endeavored to blame former President Ellen Johnson Sirleaf on the current financial crisis in the country said, in the climaxing days of her presidency created what described as “an economic gulag”, relating to a soviet style economic and militarily fashioned scenario, purpose for compel compliance on economic activities.
According to the Speaker, the Liberian dollars were printed in huge quantity by the Sirleaf regime and flooded the economy with such unspecified amounts chasing the few United States Dollars coming in the Liberian commerce and trade corridors.
He recalled that the past government was warned by the 53rd Legislature against printing new bank notes and other economic pundits, but, according to him, the former Liberian leader did not listen, thus contributing seriously to the present condition.
Another indicator the Speaker proffered is the low security features on the new bank notes printed by the Ellen’s regime, which has given rise to the wanton counterfeiting of the Liberian dollars by unscrupulous individuals.
The Speaker, however stated his cognizance of Liberia’s balance of trade deficit, but intoned that the country exports and imports imbalances cannot be singularly responsible for the current economic debacle.
He called on the government to move and withdraw the multiple local currencies from circulation, adapt the United States Dollars and subsequently introduce a highly sophisticated secured feature prone currency.
The Speaker told the media gathering that until some radical decisions were taken to curve the prevailing economic crisis in the country by adapting a single currency, the woes would deepen.
Meanwhile, the Maryland County lawmaker however, assured the Liberian people that the economic issues the country is faced with would be overcome by the Weah’s Administration, as government was finding lasting solution to the situation.
Assuring the Liberian people, the House Speaker noted that the state of the country is strong and secured and wish the people a happy and memorable observance of the 171stt independence day.