By Varney K. Sirleaf
Following a publication in the January 24, 2014 edition of the INQUIRER Newspaper in a story caption: “US Rate Drops”, the paper quoted some Forex Bureaus including the following, the Alpha-Kollie Forex on the Jallah Town Road, Divine Forex, Joy Forex, and Amanda Forex that they accused the CBL for the high rate increment in the exchange rate, something they said was misconstrued.
According to them, they said the day prior to the fluctuation in exchange rates, the bank auctioned some USD on market to forex bureaus and instructed all money exchangers to change at the rate of 80 to 1 the next day.
They explained further that with their full understanding of the economy where the daily rate is determined by the market and not the Central Bank of Liberia, it was just unfair to shift the blame on the bank as was stated by the report.
“Liberia operates a free market, therefore there is no way the bank can influence the market exchange rate,” they said.
The Money Exchangers further stated that the CBL has a monthly auction of USD to forex bureaus that have been helping to keep the exchange rate low.
They concluded that they have full support to the CBL and hope that they will work collaboratively to help stabilize the economy for a better Liberia.
However, they regret any action or damage done to the bank from the previous reportage which was misconstrued.