Capitol Hill, Liberia – The House of Representatives Committee on Banking and Currency has commenced public hearings on the Central Bank of Liberia’s (CBL) proposal to print an additional L$79 billion in Liberian dollar banknotes, as lawmakers begin examining the potential economic implications of the request.
The hearings, which opened at the Capitol, are expected to determine whether the proposed currency printing is justified and consistent with Liberia’s monetary and fiscal objectives before the committee submits its recommendations to the House Plenary.
Committee Chairman Representative Anthony Williams said the committee is undertaking a comprehensive review of the proposal to ensure that any decision reached is in the best interest of the Liberian economy.
According to Rep. Williams, lawmakers are assessing the proposal’s potential impact on inflation, money supply, liquidity management, and overall macroeconomic stability.
He disclosed that while much of the hearings will be conducted publicly, certain portions will be held behind closed doors because of issues considered sensitive to national security and monetary policy.
Appearing before the committee, Central Bank of Liberia Deputy Governor Musa Dukuly defended the proposal, arguing that the request is based on sound economic projections and the country’s future currency needs.
Dukuly informed lawmakers that Liberia’s economy is projected to grow by 5.5 percent in 2026, while inflation is expected to remain at 6.3 percent.
He explained that the proposed printing is intended to strengthen the country’s currency reserves in line with programs supported by the International Monetary Fund (IMF) and to replace approximately L$48.7 billion in Liberian banknotes printed between 2021 and 2024, which are expected to deteriorate and reach the end of their useful lifespan by 2030.
According to the Deputy Governor, replacing worn-out banknotes is necessary to maintain confidence in the national currency and ensure the continued efficiency of Liberia’s payment system.
Providing expert testimony during the hearings, former Central Bank Governor Elie Saleeby urged lawmakers to carefully evaluate the proposal before granting approval.
Saleeby advised the committee to consider internationally recognized monetary standards, including Liberia’s gross domestic product (GDP), inflation outlook, foreign exchange reserves, and the appropriate mix of currency denominations needed to support economic activity without fueling inflationary pressures.
He emphasized that decisions involving currency printing should be guided by sound economic principles and long-term financial stability rather than short-term considerations.
The public hearings are expected to continue over the coming days, with additional experts and stakeholders anticipated to provide input before the committee finalizes its report.
The committee’s recommendations will subsequently be submitted to the House Plenary, which will decide whether to approve the Central Bank’s request to print the additional L$79 billion in Liberian dollar banknotes.
