He said out of 12.7 billion Liberian dollars in circulation since the new bank notes were printed, only 1.5 billion remain in the bank while the CBL risks losing 10.9 billion due to the lack of accountability.
Appearing yesterday before the Senate plenary to provide reasons why mutilated banknotes are still in circulation, Governor Weeks noted that the L$1.5 billion that came back to the bank is part of the mutilated note.
Governor Weeks said the CBL has used various measures to withdraw the mutilated money in collaboration and arrangement with the Liberia Marketing Association (LMA).
He explained that the CBL has created five windows in the country for the exchange of mutilated monies and also encouraged commercial banks to do the same. He said the CBL has instructed commercial banks against giving customers mutilated banknotes.
Following Governor Weeks justification for mutilated banknotes still being in circulation, argument erupted among the senators.
A motion for continuance of the discussion in executive session was subsequently made by Senator Varney Sherman of Grand Cape Mount County.