-As Part of L$79 Billion Printing Plan Through 2030
MONROVIA – The Central Bank of Liberia (CBL) has unveiled a sweeping currency management plan that includes printing L$79 billion in new banknotes between 2026 and 2030, with a proposed L$2,000 denomination set to become the country’s highest-value note if approved by lawmakers.
Executive Governor Henry Saamoi disclosed the details on Tuesday during a Senate hearing, where he sought to allay concerns over potential inflationary pressures while outlining the bank’s long-term monetary strategy.
Phased Printing Schedule
Under the proposal, L$14.7 billion will be printed in 2026, with the remaining L$64.3 billion scheduled for production in subsequent years. Governor Saamoi emphasized that the program is “not just to add more money into the economy,” but rather a multi-pronged effort to replace degraded currency, meet rising cash demand, and support broader monetary policy objectives.
He noted that damaged notes currently account for approximately 7 percent annually of the previously printed L$48 billion stock, necessitating regular replacements to maintain the integrity of the currency in circulation.
A Higher Denomination and De-dollarization
The proposed L$2,000 note would surpass the existing highest denomination, marking a significant shift in Liberia’s currency structure. The CBL argues that a larger denomination would reduce printing and handling costs while facilitating larger cash transactions.
Saamoi further revealed that the L$79 billion figure is actually a reduction from an initially higher proposal. He cautioned that should Liberia move toward a “de-dollarization regime”—reducing reliance on the U.S. dollar in daily transactions—the demand for Liberian dollar banknotes could rise substantially. “If we move to the de-dollarization regime, there will be a need for additional banknotes beyond L$79 billion,” he told senators.
Notably, the CBL Governor has yet to disclose the estimated printing cost for the L$79 billion program. That figure, along with the broader proposal, requires legislative approval before the bank can proceed.
The last major currency printing and replacement cycle authorized by the legislature took place in 2021.
Liberia introduced a new family of banknotes starting in November 2021 and through 2022, with further, separate printings to replace worn-out, mutilated currency occurring between 2021 and 2024. These new, higher-security notes included denominations of L$20, L$50, L$100, L$500, and L$1,000.
In May 2021, the legislature approved printing L$48.734 billion in new, distinct currency to replace older, mutilated notes. The first batch of new L$100 notes arrived in Nov 2021, with 20, 50, 500, and 1,000 denominations following in 2022. The Central Bank of Liberia (CBL) has focused on replacing old, mutilated notes to ensure better quality currency in circulation.
Banknotes printed before 2021 were officially slated for withdrawal, with their legal tender status ending, allowing the new 2021-2022 series to dominate.
Recognizing the urgency of the matter, President Joseph N. Boakai Sr. summoned the 55th Legislature to a ten-day Special Session beginning April 9, 2026. In an official letter to House Speaker Richard Nagbe Koon dated April 6, 2026, the President invoked Article 32(b) of the Liberian Constitution, which empowers the chief executive to call an extraordinary session when national emergency or importance demands.
The Special Session, which runs through April 23, 2026, will consider two primary proposals: the printing of additional Liberian dollar banknotes and the passage of the 2026 Supplementary Budget, along with other urgent national matters.
President Boakai noted that while the legislature had adjourned sine die on March 19, 2026, following the completion of its first-quarter agenda for the Third Session, the urgency of currency and budgetary measures could not await the regular reconvening scheduled for May 8, 2026. He described the proposals as “time-sensitive and essential to the interest of the nation and its people.”
The CBL’s proposal now rests with the legislature, which must weigh the economic risks of injecting large volumes of new currency against the operational necessity of replacing worn-out notes and potentially reducing dollarization. Lawmakers are also expected to scrutinize the undisclosed printing costs and seek assurances on safeguards against counterfeiting and fiscal discipline.
