Governor Weeks said the printing of the five hundred dollars banknote is the constitutional duty of the President, and is intended to save the current banknotes on the Liberian market.
Speaking before the special Legislative Committee set up recently by embattled House Speaker Alex Tyler to probe the printing of the banknote, the CBL Governor said the printing of the five hundred dollars banknote has no impact on the Liberian economy, and wants it to go into circulation.
He said the security feature and images stamp on the money cannot be counterfeited as the security feature and images have special alteration which cannot be easily tempered with.
Governor Weeks also said the National Legislature has no power to decide when CBL should print new banknotes in the country, but can only be informed about the printing.
He said it is only the President who has the power to order the printing of the new banknote upon the recommendation from the CBL Governor and not the National Legislature.
The CBL boss also noted that under the act that created the Bank, the printing of the new denomination lies in the purview of the President, while the CBL ask the Legislature on the quantity that should be printed in denomination with composite designs.
The Committee which is headed by Margibi County Representative Ben Fofana differed with the CBL Governor and said his statement is “preposterous” and contravenes the CBL laws.
Another member of the Committee, Nimba County Representative Harrison Yealu said the Governor violates the law by printing additional new banknotes without the consent of the National Legislature.
Representative Yealu said the Legislature approved the printing of new notes to replace the mutilated ones which are causing inflation on the Liberian market, and not printing additional denomination.
He promised to take the issue to plenary to discuss the matter, and any decision from plenary will be binding by law.