Africa

Liberia: Looming Money Shortage At Banks Sparks Anxiety

Monrovia, 12 Dec 2018: Stern refusal  by commercial banks in the Liberian capital to fully honor withdrawal requests from customers in two consecutive days this week citing shortage of money supply at those banks is arousing arouses anxiety among Liberians during the ensuing festive holiday season.
Liberian Bank For Development and Investment

Liberian Bank For Development and Investment

Local media Wednesday quoted many customers who are complaining that commercial banks they visited failed to disburse the amounts the customers wanted to withdraw.

Customers complained that tellers just gave out 5000 Liberian dollars to some who wanted LD25,000, while many others returned home empty handed after embarrassed tellers remarked: “We, cannot give out what is not available.”
One frustrated customer said, “I walked home  Wednesday empty handed because I paid my last (money) to go  in town to the bank”
But Central Bank Executive Governor Nathaniel Patray denied liquidity shortage at the banks without citing explicit assurances. The parity rate between the US dollar to Liberian dollar is $1USD to $157 LD.
Commercial banks giving customers with this bad news when conclusive investigation into the reported “missing of LD15.5 billion” remains a pipe dream.
Local Monery Changer In Liberia

Local Monery Changer In Liberia

Accountability campaigners are also up in arms and demanding judicious explanation about what Finance Minister Samuel Tweah did with the US$25 million stimulus package that President George Weah announced was infused into the economy to stabilize the Liberian dollar against the rising US currency.

Minister Tweah reportedly said he directly exchanged $15 million of the amount with forex bureau operators outside of the official banking system. He has yet to identity, let alone, explain what happened to the balance $10 million USD.
Liberians on various social media platforms have been venting anger frustration at the deteriorating economic condition and hard times they are experiencing.
By Tepitapia Sannah
Bureau Chief
West Africa