By: Melvin Flomo
Monrovia, Liberia — Montserrado County Senator Abraham Darius Dillon has raised alarm over what he describes as an unreasonably short timeframe given to lawmakers to approve the printing of additional Liberian banknotes, warning that such a critical decision should not be rushed.
Speaking during a public hearing with Central Bank of Liberia (CBL) Governor Henry Saamoi, Senator Dillon questioned whether the Legislature could make a sound and informed decision on monetary policy within the limited period provided.
According to Dillon, lawmakers were granted ten working days to consider the authorization request for printing additional currency along with a supplemental budget. However, by the time the hearing was convened, only two working days remained.
“Do you believe the two days left are sufficient for me to make that decision?” Dillon asked the CBL Governor, expressing concern that the session marked the first formal hearing to justify the request.
Governor Saamoi acknowledged the concern but declined to directly respond in the open session, stating that the matter carried “executive implications” and would be better discussed behind closed doors. His response drew criticism from the Senator, who stressed the need for transparency in public hearings.
Dillon argued that the timing raises serious questions about the credibility of the process, particularly as lawmakers are expected to make decisions that could significantly impact the country’s monetary system.
During the hearing, the CBL confirmed that approximately L$48.7 billion printed under a previous administration had been fully accounted for through external audits. However, the bank disclosed that about 7% of banknotes currently in circulation are mutilated, reducing the amount of usable currency.
The CBL is now seeking authorization to print an additional L$79 billion—an amount Dillon noted would increase the overall money supply beyond what is currently accounted for.
“If I authorize the printing of L$79 billion, it will be in addition to what is left. That is a serious decision,” Dillon emphasized.
The Senator also raised concerns over the lack of clarity surrounding the cost of printing the new banknotes, noting that lawmakers were being asked to approve the proposal without firm financial estimates or detailed procurement information.
In response, the CBL indicated that while preliminary estimates exist, final costs would depend on legislative approval to begin procurement processes.
The bank further explained that the proposed banknotes would not include new security features but would be designed to improve durability, potentially extending their lifespan by one to two years.
Beyond policy discussions, the hearing also addressed challenges faced by the public regarding mutilated currency. Dillon highlighted complaints about commercial banks rejecting such notes. In response, the CBL clarified that banks are required to accept mutilated notes when customers deposit them, but must not issue damaged notes to customers. Citizens were also encouraged to report any violations directly to the central bank.
The CBL additionally referenced its ongoing “Clean Note Campaign,” aimed at educating the public on proper currency handling and reporting mechanisms.
As the Senate continues its review of the proposal, Senator Dillon reiterated that decisions of such magnitude require adequate time, transparency, and full legislative scrutiny.
“Sometimes these questions are not just for us, but to educate the public,” he said. “We must ensure the people understand and trust the decisions we make.”
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