Liberia - Banknotes shortage intensifies
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by FricNews · Nov 08, 2019 - 9:11
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-as teachers strike in Bomi County
As the shortage of Liberian banknotes hit the economy, leaving commercial banks in the country with limited cash to meet depositors’ demands, public school teachers in Bomi County, western have reportedly laid down chalk in demand of three months’ salaries.

Report reaching the New Dawn from the county says despite several meetings held between the local office of the Ministry of Education and aggrieved public school teachers, no resolution seems to be in sight.

Local correspondents on the ground narrate that teachers have been told to open accounts with commercial banks in the county in readiness to receive their monthly salaries, but having met said requirement, the government is yet to debit money into the teachers’ accounts because of lack of cash.The situation is even worse in Monrovia, where customers pouring at ATM machines operated by commercial banks are unable to make withdrawals.

A female communication officer at one of the commercial banks operating in the country, the United Bank of Africa (UBA) confirmed the shortage and noted that the bank relies on the Central Bank of Liberia for regular supplies of cash for transaction purposes, but this has not been forthcoming.She said as the result, the UBA Management has resorted to rationing payment to customers with a withdrawal ceiling of 100,000 Liberian dollars per day, while US$ withdrawal is being restricted to $12,000 daily.

However, most customers, who managed in receiving payment, are giving mutilated Liberian banknotes, and told the money comes from the Central Bank’s vault.

Neither the Central Bank nor the Ministry of Finance that prepares salaries for public employees has made any official comment on the situation.
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