Bong County District #3 Representative George Mulbah remains unwavering in his stance to ensure that the right thing is done as regards the issuance of new Liberian Dollar banknotes into the Liberian economy by the Central Bank of Liberia. He continues his red alert with the new five hundred dollars banknote which bears images of unknown persons.
“The Central Bank of Liberia published the Sample of the New Bank notes to be circulated in the Liberian Economy. There are photos of some unknown Elderly men who do not reflect national symbol. I am considering opening a national debate on this,” the tough-talking lawmaker said in an interview with The Capitol Times over the weekend via mobile. The Central Bank Liberia (CBL) announced on July 27, 2016 that it is in the final stage of releasing new banknotes into the Liberian economy with the introduction of a new 500 Dollars denomination. According to a CBL press release, the printing of the new banknotes is in keeping with its statutory mandate to at all times ensure that the integrity of the Liberian Dollar is uncompromisingly maintained. The new series also introduces a new denomination of L$500 (Five Hundred Dollars), in addition to the present denominations. The Bank noted that this new series includes, among others, the unifying nature of the existing Liberian Banknotes, and as such, has maintained all previous portraits. The CBL indicated that it has also reinforced the security features in the new series, which are both visible and invisible. In addition, the release says the Bank has ensured that the new series is printed on a higher quality substrate to guarantee longevity and reduce porosity. In 2000, the CBL introduced the new Liberian Dollar bank notes as a unified currency to replace the old “J.J.” banknotes. Since its introduction into the economy, the Liberian banknotes have undergone minor technical redesign and security feature enhancements. All this is geared towards maintaining public confidence and at the same time deterring fraud and counterfeiting, CBL says. In addition to preventing fraud and counterfeiting, the CBL also takes keen interest in tackling the two major risk issues associated with banknote lifespan, namely: soiling and porosity. The CBL, therefore, confirms to all stakeholders, including the general public that the new series of banknotes to be released will be fully on par with the existing Liberian Dollar Banknotes as legal tender for all transactions. To assist with what is anticipated to be Frequently Asked Questions (FAQ) about the new series of banknotes that will be issued soon, a FAQ Sheet is also being issued to assist all stakeholders in clarifying any questions regarding the new banknotes, the CBL release said. Representative Mulbah noted that notwithstanding the National Legislature’s approval of L$5 billion to be printed by the CBL, the only photos required to be on “our national currency are the president and the seal of the nation. I strongly believe that those photos represent a relative of some of our decision makers in the monetary sector of the Nation. Based on this, the Bong Lawmaker vowed that “this money shall not be allowed in our Economy.” In a social media Facebook exchange, Representative Henry Fahnbulleh expressed his desire to join the Bong County District #3 lawmaker in making sure that the debate is taken to the Plenary for consideration.