IPNEWS: The Government of Liberia, through the Ministry of Commerce and Industry say it recognizes increasing transactions using the Liberian dollars with quotation of prices different from the officially published exchange rate by the Central Bank of Liberia, has directly constraint the purchase of goods and services for ordinary citizens amidst appreciating status of the Liberian dollar to the United States Dollar.

A release from the Ministry of Information stated that based on the prevailing situation and in a bid to prevent exchange rate profiteering by businesses and individuals, the Ministry of Commerce and Industry has taken  following regulations governing the conduct of trade and commerce within the Republic of Liberia.

The administrative Regulation of 2019 mandates that all businesses operating within the Republic of Liberia are carrying on all commercial transactions in both Liberian and United States Dollars as legal tenders.

The also states that all businesses are hereby instructed to display the daily Central Bank of Liberia exchange rate as well as a full price list of commodities in both Liberian and United States Dollars at their business premises at all times to give consumers purchasing options.

“Absolutely no business entity is allowed to coerce consumers to transact or purchase goods and services in either of the dual currencies in our economy; to do so would fall in breach of the Administrative Regulation of 2019 which constitutes an offense punishable by law with a fine.”

“With immediate effect, all business entities are required to take due notice of prevailing CBL daily exchange rate in setting the prices of their goods.” The administrative regulation stated.

Other portion of the government of Liberia administrative regulation states that all purchases at all medium and large businesses above LRD 500 should be invoiced to authenticate price stabilization.

Ministry of Commerce: “Unhealthy business practices such as hiking of prices and hoarding of commodities, et al are deemed illegal.”

“There shall be imposition of fines on individual (s) or business entity (ies) in proven violation of this regulation.
The Ministry of Commerce and Industry’s Inspectorate Division will closely monitor all businesses to ensure full compliance to this regulation in collaboration with the Ministry of Justice.”