Liberia: Banknotes in short supply, banks run-out of cash
Liberian commercial banks have run out of money resulting in shortage of banknotes across the country.
The shortage of banknotes means customers of banks have to form long queues at cash machines.
Liberia’s ministry of finance said on Tuesday that there is not sufficient money in the vaults of commercial banks.
It claimed people are keeping money at home. Liberia’s economy is struggling, flattening the confidence people have in the local currency.
There have been protests in recent months after the disappearance of some $104million worth of bank notes in 2018.
The disappearance of huge consignments of the money printed abroad in China and Sweden shocked many Liberians.
Officials were unable to account for the missing consignments containing the banknotes. They were brought into Liberia between November 2017 and August 2018.
Although the containers, the money was kept inside left the port in the capital, Monrovia they could not be found.
The government launched an investigation into the missing banknotes with some officials banned from traveling abroad.
Charles Sirleaf, the former Central Bank governor and son of former President Ellen Johnson Sirleaf were among those the ban affected.
President George Weah who took over in 2018 promised to fix the economy and fight corruption.
Source: Africafeeds.com
