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Liberian Code of Law: Currency-Related Sections (Parts V)

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§ 19: Monetary Unit of Liberia

The official currency of Liberia is the Liberian Dollar (L$), which is divided into 100 cents.

Key Points

  • Prices must be indicated in Liberian Dollars and Cents.
  • The Central Bank of Liberia has the authority to issue banknotes and coins.

§ 20: Banknotes and Coins

The Central Bank has sole responsibility for issuing banknotes and coins. Notably, the Bank is not liable for any outstanding coins issued prior to this Act, as long as it covers its liabilities with non-negotiable securities.

Key Points

  • The Central Bank is not liable for outstanding coins issued prior to this Act.
  • No one can issue coins or banknotes without the Central Bank’s approval.

§ 21: Printing of Banknotes and Minting of Coins

The Central Bank arranges for printing and minting of banknotes and coins. Denominations, composition, form, and design are determined by the President upon recommendation from the Board of Governors.

Key Points

  • The Central Bank determines denominations, composition, form, and design.
  • Characteristics of banknotes and coins are published in the Gazette.

§ 22: Withdrawal of Banknotes and Coins

The Central Bank can withdraw circulating banknotes and coins with a notice in the Gazette and at least one other publication.

Key Points

  • The Central Bank has authority to withdraw circulating banknotes and coins.
  • Notice must be published in the Gazette and another publication.

Important Takeaways

1. Currency Control

The Central Bank has significant authority over currency issues, including printing and minting.

Various currencies are accepted as legal tender in Liberia, including the Liberian Dollar, US dollar, and others authorized by the Central Bank.

3. Counterfeiting

Issuing counterfeit coins or banknotes is a serious offense punishable with fines and imprisonment.