Rédaction Africa Links 24 with New Dawn
Published on 2024-04-01 02:55:00
The NEW DAWN published an editorial on March 28, 2024, titled “CBL brought the panic on Liberians,” discussing the deadline set by the Central Bank of Liberia (CBL) for the withdrawal of old banknotes and coins from circulation. However, it has been reported that the CBL is now considering extending the deadline by 45 days and is seeking approval from President Boakai for this extension.
The CBL has decided to extend the deadline for the exchange of old banknotes and the termination of their legal tender status by 45 days, starting from April 1, 2024, to May 15, 2024. This decision comes after the initial deadline of March 31, 2024, caused panic among the public and led to reluctance in trading the old banknotes and coins, disrupting market transactions significantly.
The extension of the deadline showcases thoughtful leadership from the CBL authorities, who have taken into account the concerns and challenges faced by the public in adhering to the previous cutoff date. Executive Governor J. Aloysius Tarlue has been commended for this decision, especially in light of the editorial published by the NEW DAWN that highlighted the challenges faced by consumers holding onto old banknotes.
The campaign to replace the legacy banknotes and coins with the new family of currency started on October 22, 2022, but faced obstacles due to poor road conditions and the distractions of the 2023 presidential and legislative elections. Despite these challenges, the CBL managed to retrieve a significant amount of the old banknotes from circulation, replacing L$21.41 billion of the estimated L$25.258 billion worth of banknotes targeted for removal.
The CBL is now urging President Boakai to approve the extension of the deadline by 45 days to allow commercial banks and citizens more time to exchange their old banknotes for the new ones printed in 2022. This extension is crucial to ensure a smooth transition and to give everyone ample opportunity to participate in the exchange process.
Furthermore, the CBL has assured the public that old banknotes can still be exchanged for the new currency even after the official deadline, providing a sense of relief for those unable to meet the cutoff date. By requesting this extension, the CBL has demonstrated its commitment to addressing public concerns and running an administration that prioritizes the well-being of its citizens.
In conclusion, the decision to extend the deadline for the exchange of old banknotes and coins reflects a considerate approach by the CBL towards the public and their challenges. With this extension, the CBL aims to ensure a smooth and inclusive process for the transition to the new currency, emphasizing the importance of accommodating the needs of all stakeholders involved in the exchange exercise.
Read the original article on The Newdawn Liberia
