first_imgThe Liberia Business Association (LIBA) has rejected the proposition for the eradication of dual currency in Liberia, arguing that the country does not have the productive capacity to institute a single currency regime.LIBA said the international financial system would not have confidence in the country’s single currency owing to the country’s low economic output, coming from conflict and being characterized by mismanagement of its economy over the decades.The Secretary General of LIBA, Ms. Leelai M. Kpukuyou, gave her expert opinion to lawmakers yesterday in Ganta, Nimba County, during a five-day retreat on the Proposed Amendments to the 1986 Constitution of Liberia.Ms. Kpukuyou said though timing is important, LIBA believes that the House of Representatives should delay moving toward a single currency in the immediate future until productive capacities are greatly improved.“Until we add value to our own currency through Liberian businesses we cannot have a single currency,” Ms. Kpukuyou said. “We need to take our economy from the hands of foreigners, formalize the informal business sector, then we are ready for a single currency.”She pointed out that despite the high rate of exchange – L$88 to US$1 – Liberia’s economic recovery is in fact still being supported by the use of the dual currency system.She said recent statistics from the Central Bank of Liberia (CBL) indicate that more than 70% of broad money (M1 and M2) is denominated in US dollars.“Accordingly, the use of the dual currency regime has been a blessing for Liberia’s economic recovery,” Ms. Kpukuyou said.“While Liberia has officially sanctioned the use of the United States dollar as legal tender, it is not the only country in the world with high dollarization. Other countries, such as Ecuador, El Salvador, Panama and Timor Leste have higher proportions of foreign currency deposits to broad money.”The strength of any country’s currency depends on productivity for local consumptions and for export, which will allow the country to maintain a considerable balance, according to Kpukuyou .During the formal opening program, the Presiding Chairman on the House Joint Committee on Good Governance, Elections and Inauguration and Judiciary and the Chairman on the Constitutional Review Committee (CRC) gave an overview of the retreat.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

first_imgSix Inconnu swim club members were in Edmonton two weeks ago to compete at the Speedo Western Canadian Long Course Open. Of the six swimmers, three posted personal best times in various events.Alex Hedges made it to the B final in the 50 metre freestyle race. She also set personal best marks in every distance she swam in over the weekend. The achievements were said to have been a significant accomplishment for her as it was her first time competing against such a high level of swimmers.Emma Murdock posted a personal best in the 50 metre butterfly, and Brittany Welsh made the B final in the 50 metre backstroke. It marked the first time Welsh had qualified for a final against competition as high as it was.- Advertisement -Cale Murdock qualified for four B finals at the meet in the 50, 100, and 200 metre butterfly, and the 50 metre backstroke.Skyeler Kerr made the A finals in the 50, and 100 metre butterfly. He also made the A finals in the 50, and 100 metre freestyle, and the 50 metre backstroke.Benjamin Blackmon was in the A finals in the 50, 100, and 200 metre breaststroke, and the B final in the 200 and 400 metre individual medley. Blackman made a significant improvement in his 1,500 metre freestyle time as he improved it by 55 seconds by finishing in 17:59.59. The new time was also a club record.Advertisementlast_img read more