By Staff Writer
The Central Bank of Liberia has announced a new policy requiring that 1 percent of every Liberian dollar withdrawal be issued in coins, as part of efforts to improve coin circulation across the country.
The announcement was made by CBL Executive Governor Henry Saamoi during a presentation ceremony where the Bank donated several coin sorting machines to commercial banks.
According to Governor Saamoi, the initiative is aimed at addressing the persistent low circulation of coins in the Liberian market—a situation he attributed largely to public reluctance to accept coins during transactions.
“The refusal to accept coins is equivalent to rejecting Liberian banknotes, which is a violation of the laws of Liberia,” Saamoi warned.
He explained that the newly donated machines will support banks in efficiently sorting and distributing coins to customers, ensuring smoother implementation of the policy. The latest donation, he noted, builds on similar support provided to commercial banks in recent months.
Beginning Monday, customers withdrawing Liberian dollars from banks will receive at least 1 percent of their total withdrawal amount in coins—a move the CBL believes will gradually restore confidence and usage of coins in everyday transactions.
The policy is part of broader efforts by the apex bank to strengthen the national currency system and ensure all legal tender, including coins, remains in active circulation.
