In less than 48 hours after the President of Liberia Dr. George Weah gave a speech on the state of the Liberian economy, the exchange rate between the United States and Liberian Dollars have dropped dramatically.
The rate which was a high as L$165.00 to US$1.00 dropped by nearly 40%. While the rate is somewhere between 100 to 110, many Liberians see this a welcoming sign. During his speech on Monday, President George Weah announced plans by the government to address the economic crisis and also instituted some measures to regulate cash flow in the country. One of such measures is the regulation of foreign exchange bureaus which many see as being part of the problem in the instability of the US rate. The President also announced plans by the government to infuse an additional 25 million dollars in the Liberian economy to help curb the problem.
Meanwhile, many Liberians who spoke to The Liberian Billboard called on the President to pay some attention to the high prices of commodities. The citizens said, although the exchange rate has dropped, however, prices remain the same and in some instances are still climbing. They further stated that the drop in the rate will have no impact if prices are still high. Nevertheless, they expressed optimism in the leadership ability of President Weah and believe with time, he will improve conditions in the country.