Liberia just lost cash worth 5% of its GDP

This is from Reuters:

A series of shipments of notes ordered by Liberia’s central bank from printers overseas have disappeared since last year after passing through the country’s main ports, Liberia’s information minister Eugene Nagbe told local radio on Tuesday.

The missing amount is the equivalent of nearly 5 percent of the West African country’s gross domestic product (GDP).

This Yahoo story has more details.

Front Page Africa has specific shipment details.

The Liberian economy is dominated by both the Liberian (L$) and American dollars ($). In the recent past Liberian legislators have tried to make the L$ the sole legal tender for local transactions in an effort to turn the economy into a “single currency regime.” The fact that there are millions of US dollars worth of L$ floating around will not inspire confidence in the Liberian dollar.

The Liberian dollar is not doing well in the currency markets.

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