From All Africa

Amidst the swelling rate of the United States dollars against the Liberian currency, Lofa County District number one representative said the use of dual currencies in Liberia is a ‘shared nonsense’ that needs urgent attention.

Rep. Eugene Fallah Kparkar told this paper in an interview Monday at the Capitol Building that the use of dual currencies do not only undermine, but is as well depleting the local economy.

“I see the use of dual currencies, the Liberian dollars and US dollars in the country as ‘shared nonsense’ which needs urgent consideration,” he emphasized. He added “the use of the Liberian dollars simultaneously to the US dollars is a threat to the country’s economy which needs to urgently be addressed.”

The paralleled rate between the US and Liberian dollars stands at $1 US dollar to L$82 or above. The Central Bank of Liberia and other economists have indicated “market forces are responsible for the soaring gap between the US and Liberian dollars.”

However, the Lofa County lawmaker blamed the problem on the ineffectiveness of country’s revenue collection which he claimed is not aggressive in a way that enables the country generate enough money.

Rep. Fallah-Kparka said the ineffectiveness of authorities at the Ministry of Finance to collect revenue is not only posing serious threat, but also causes constant budget shortfall in the country.

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