BREAKING NEWS

Liberia Runs Short Of Bank Notes

Africa News
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Long queues have reportedly been the order of the day in Automated Teller Machine (ATM) points in West African Country, Liberia as cash is said to have run out of many in the country.

 

It was gathered that customers trying to get money at bank counters have also complained they can't get Liberian dollars.

The ministry of finance says there is not sufficient money in the vaults of commercial banks because people are keeping money at home, a situation observers say is motivated by a lack of confidence in the banks.

Liberia has had a problematic recent history with banknotes.

In 2018, millions of dollars of freshly printed banknotes had been reported as going missing in between the port and the central bank.

Although an investigation found no evidence of this, it did find that more than 10 billion Liberian dollars had been printed without the necessary authorization.

As part of the effects, the cost of living has increased as inflation has soared and the Liberian dollar has reached its highest-ever price against the US dollar, making imports more expensive.

This prompted protesters to hit the streets earlier this year.

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