There was concern that people in Liberia would panic over the currency crisis. There was a crash in the value of the country’s currency against the U.S. dollar. And Liberia’s finance minister was summoned to parliament to explain what’s happening.

“Let’s be careful about what we say about the economy. Inflation, ladies and gentlemen, is not out of control,” Amara Konneh told lawmakers, and added that the government was “concerned” about the trend.

“The exchange rate has increased from 60 Liberian dollars (LRD) for a U.S. dollar to 87 in less than a year, causing alarm over spiraling living costs,” reports Business Standard.

Right now, Liberians can use their own currency as well as U.S. dollars to buy goods and services. Civil service salaries are actually paid in U.S. dollars.

Ordinary citizens, however, who are paid in local currency are expected to pay their taxes in U.S. dollars.

“When you have eight billion LRD circulating in the economy and you don’t have the corresponding US dollars circulating to reach an equilibrium, you will have this situation,” Konneh said.

“We need to buy US dollars before going to purchase goods out of the country. When the goods are here we have to pay our taxes in US dollars. If we don’t increase the price, we will lose,” an Indian businessman in Monrovia told AFP.