Central Bank of Liberia will begin introducing the new Liberian dollar currency starting with the 100 Liberian dollar banknote to the tune of four billion Liberian dollars this December.
According to a release from the CBL, this amount is intended to increase Liberian dollar liquidity in the economy during the festive season.
The second consignment of four billion Liberian dollars of the new family of 100 dollars banknote will be brought into the country during the first quarter of 2022 to commence the gradual replacement of mutilated banknotes.
The new 100 Liberian Dollars banknote is part of the 48.734 billion of the new family of Liberian dollar currency authorized by the 54th National Legislature in May 2021, to be printed and minted in three years, specifically 2021, 2022, and 2024.
The introduction of the new currency will be done in line with the Implementation Plan of the Currency Changeover, developed in consultation with the International Monetary Fund to ensure a gradual, smooth and transparent process.
The introduction of the remaining 100 Liberian Dollars banknote and other denominations to include L$20, L$50, L$500, and L$1000 banknotes, and the L$5 and L$10 coins is due to take place in the latter half of 2022.
The destruction of the old banknotes will be done through enhanced internal control and transparent process, to ensure full accountability to all stakeholders, the release noted
Meanwhile, the CBL has reassured the public that it will continue to provide updates on the delivery and infusion of the new family of Liberian dollar banknotes and coins, as well as the withdrawal and destruction of the old banknotes, urging the public not to panic