The bank’s proposal includes a L$2,000 note, which if printed, will become the highest denomination so far, the country has printed.
Authorities at the Central Bank of Liberia (CBL), have confirmed its intention to print additional L$79 billion in new banknotes.
The exercise will run from 2026 to 2030, and is proposing a L$2,000 denomination as part of the development.
Although, CBL deputy governor, James B. Wilfred recently told the media that the bank will not introduce a family of new banknote, but rather printing additional currency to replace damaged or mutilated notes.
However, CBL Executive Governor, Henry Saamoi, told senators on Tuesday, April 21, in Monrovia that the exercise to print new money was firmly on course.
Saamoi, who appeared at a senate hearing said, L$14.7 billion will be printed in 2026, with the remaining L$64.3 billion to be produced in the years that follow.
Plan Targets Old Notes, Reserves, and Policy Tools
Governor Saamoi told senators that the printing exercise is “not just to add more money into the economy.”
The new notes, he said, will replace old and damaged banknotes, respond to growing cash demand, and support wider monetary objectives.
He puts the damaged notes at 7 percent annually of the L$48 billion previously printed.
He said, the plan is also designed to strengthen the Liberian Dollar, and improve monetary policy operations.
Additionally, Saamoi said, the L$79 billion is not the amount initially proposed, which was far above the amount to be printed.
He added that the amount proposed is an estimate from now to 2030: “If we move to the De-dollarization regime, there will be a need for additional banknotes beyond the L$79 billion.”
L$2,000 Note Proposed
The bank’s proposal includes a L$2,000 note, which if printed, will become the highest denomination if approved.
The current highest bill is L$1,000.
Saamoi is yet to disclose the amount required to print the L$79B to underwrite the printing cost of the proposed banknotes.
The proposed additional banknotes printing, and new denomination require legislative approval before the CBL can proceed with the process.
The bank’s last major printing and replacement cycle was authorized in 2021.