–Says Bank Not Regulating Vendors
Amidst the sharp depreciation of the Liberian dollar against the United States Dollars, a situation which has steered inflation in the country’s economy, the Central Bank of Liberia (CBL) has come under barrage of criticisms from the National Foreign Exchange Bureau Association of Liberia for what the association termed as the bank’s slow-pace in raiding illegal foreign exchange business operators in the country.
Speaking in an exclusive interview Monday April 10, 2017 in Monrovia, the group assistant secretary general Nimely Sayeh, frowned at the CBL for not been vigorous in clamping down on illegal foreign exchange businesses across Liberia, a situation which according to him, is negatively impacting the country’s economy.
Sayeh indicated that CBL as the statutory regulator of foreign currencies in the country needs to put into place active mechanisms that will seek to restrain the function of illegal foreign exchange businesses on grounds that the existence of illegal foreign exchange businesses is hugely affecting the smooth operation of legal business operators.
He pointed out that the sharp increase in the illegal venture of foreign exchange activities in the country seems to be beyond the control of its regulator (CBL) as evidence that every local business is now engaged with foreign exchange activities.
Sayeh named gas stations, restaurants, scratch cards and cement dealers are those that are illegally engaged with foreign exchanging practices at the detriment of members of his association, something he stated the CBL as sector regulator has not been forceful in curtailing the unlawful practice.
He called on authority of CBL to get vigorous involved in raiding illegal foreign exchange businesses operating in the country; as said action will help regulate the undue depreciation on the country’s currency against the US dollar.
Sayeh also used the occasion to caution legal foreign bureau operators to disengage from unscrupulous acts that have the propensity to paint a dark cloud over the association’s operation.
By: R. Joyclyn Wea