The Central Bank of Liberia (CBL) revealed in a statement that it had burned more than half a billion mutilated Liberian dollar bank notes as part of the continuing currency reform process.
The exercise, which took place at Bentol, Montserrado County, on January 30, 2022, was open to the public.
CBL stated that it was doing all possible to maintain public trust in the country’s banking system. The exercise was available to the public in order to maintain public confidence and transparency in the ongoing currency transition initiative, according to a CBL release.
Several stakeholders, including representatives of the International Monetary Fund (IMF), the United States Agency for International Development (USAID), World Bank, African Development Bank, and the United Nations Development Program (UNDP), CBL said were invited to witness the event.
“Also invited were representatives of the House & Senate Committees on Banking & Currency, the Ministries of Finance & Development Planning and Internal Affairs; the Liberia Bankers’ Association; as well as civil society organizations and the press were invited to also witness the destruction of the mutilated banknotes,” the release noted.
CBL said the open-air destruction of the bank notes was being carried out with due adherence to the environmental standards of the country.