CBL Proceeding Well With Currency Reform Project -Completes new designs of both the banknotes and coins

MONROVIA – The Central Bank of Liberia says it has completed the new designs of both the banknotes and coins, disclosing that the designs were endorsed by the Board of Governors in line with the Amended and Restated CBL Act (2020).

Making the disclosure Wednesday, June 8, 2022 during a media briefing, the CBL Management said since the approval by the National Legislature and the Executive in May 2021, the Central Bank of Liberia has been proceeding well with the currency reform project amidst several challenges, revealing further that the Board of Governors and Senior Management continue to guide the process, while a Technical Committee for the Currency Reform (TCCR) has been set up to implement the project, with transparency, accountability and credibility being the key hallmark.

Regarding details about the new banknotes and coins, the CBL management said it has completed the new designs of the banknotes and coins with technical support from Kroll, and that there more fundamental changes to the 5s and 10s considering both denominations are being minted in coins, even though the portraits remain the same.

According to the CBL, the designs of the 20s, 50s and 100s remain the same, while the portrait of the 500s now carries the seven people that made the Liberian National Flag and portrait of the 1000s carries the sixteen tribes and the Capital Building at the back.

Regarding the procurement process, the CBL said, considering the urgency for liquidity in December 2021 and the need to ensure transparency and value for money, the Board of Governors approved three procurement processes: Sole sourcing procurement for L$8.0 billion; Competitive bidding for the remaining banknotes; and Competitive bidding for the coins.

Disclosing that the procurement process was highly competitive, the CBL said five internationally-reputable printing companies participated, including De La Rue (UK), Oberthur (France), Orell Fussli (Sweden), Crane (Sweden) and Giescke + Devrient (G+D) (Germany).

With regards to minting of the coins, the CBL said five internationally-reputable minting companies participated, including Royal Mint (UK), Mint of Finland (Finland), Mint of Poland (Poland), Royal Dutch Mint (Netherlands) and Royal Canadian Mint (Canada).

Following the competitive procurement process, Royal Mint and G+D were selected and approved by the Management and Board of Governors.

Partnership with Commercial Banks

The CBL further disclosed that as per its policy, the currency exchange process will be conducted only through the commercial banks and regulated financial institutions.

“In this regard, the Bank in February this year signed an MoU with the commercial banks. A technical working group has been set up to monitor the implementation of the MoU and respond to any issues real-time. The MoU also requires joint public education programs,” the CBL said.

Estimated Delivery timelines

The CBL also stated that the remaining banknotes and coins will begin arriving in the country in the second half of this year.  Considering the public outcry about the coins, the CBL has negotiated with the minting companies to expedite the delivery of the coins.

With regards to public education and sensitization campaigns, the CBL said it continues to update the public through its Money Matters Program on ELBC, while finalizing work on the new education materials and plan on embark on a mass public education campaign soon, for which the role of the media will be very crucial in this effort.

Comments are closed.