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Despite the situation, Liberia couldn’t allow the proposition for the eradication of dual currency in the country at this particular stage because Liberia does not have the productive capacity to institute a single currency regime.
International financial system would not have confidence in the country’s low economic output, especially coming from conflict and being characterized by mismanagement of its economy over the decades.
The house should delay moving toward a single currency in the immediate future until productive capacities are more greatly improved. Until we add value to our own currency through Liberian businesses, we cannot have a single currency.
We need to take our economy from the hands of foreigners, formalize the informal business sector and then we are ready for a single currency. Despite the high rate of exchange-L$114 to US$1, Liberia’s economy recovery is in fact still being supported by the use of the dual currency system.
Recent statistics from the central bank of Liberia (CBL) indicates that more than 70 percent of board money (M1 and M2) is denominated in United States dollars. Accordingly, the used of the dual currency regime has been a blessing for Liberia’s economic recovery.
While Liberia has officially sanctioned the use of the United States dollar as legal tender, it is not the only country in the world with high dollarization. Other countries, such as Ecuador, El Salvador, Panama, and Timor Leste have higher propositions of foreign currency deposits to broad money. The strength of any country currency depends on productivity for local investor or citizens.

Mai Sawo Williams Booth
“For me, I do not agreed with those calling for a one currency regime. Our entire life has been depended upon other foreign nations, therefore moving to a one currency will have a negative effect on our struggling economy.” While it is true the United States dollar has dominated our local currency, it would also be good to consider the difficulties that come along, that is to say we are not strong in enough to take ownership of our economy because most of the businesses in Liberia are owned by foreign nationals. When this happens, it will also drive investors away since every businessman aims at making profits.

Ediamond Tartee ECA
For me, even though we cannot get the United States dollar from the market, it would be fair enough for the Liberian government to put some mechanisms into place to stop the fluctuation of US dollar on the Liberian market. She linked the dramatic increase of the United States dollars as key factor responsible for the increase in the price of major commodities on the Liberian market. She wants the government through the Central Bank of Liberia put a system in place so as to regulate the exchange rate. “Despite the fact that we want to encourage investors to invest in our nation’s economy, we should also ensure that there is stability especially so that we have lots of unemployed people in our country. We should create the level playing field for them to fit in.”

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