Fanance Minister Uncovers additional factors leading to inflation

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Liberia’s finance and Development Planning Minister Samuel Tweah has unscored several factors leading to inflation in Liberia.

Minister Tweah among other things named less money in commercial banks and what he calls “hidden costs” at various importing agencies as essential dynamics hindering the economy.

According to MFDP Boss, monetary policy comes to fruition when requisite measures are holistically considered with the involvement of both private and public sectors.

He told the media minutes after his appearance at the House of Representatives to explain about Liberia’s 2019/2020 Fiscal Budget.

The Minister in the interview said domestic arrears which the government may lacksis another factor leading to the worrisome economic status.

Minister Tweah added that the government is working to finding more reasons leading to inflation in the country although the foreign exchange rate is high.

It can be recalled on Thursday, 25 April 2019, the Economic Management Team appeared at the Ministry of Information, Cultural Affairs and Tourism (MICAT) to provide information on how the government is working to curtail the prevailing situation in the country.

The Team headed by the Finance Minister told reporters that the country must have most of its money in banks in order to avoid depreciation in the currency value.

the EMT among other things highlighted digital money transfer as one of the ways forward to reducing inflation in the local market.

According to the President of Liberia’s Banking Association, John Davies when money is easily transferred through mobile and other digital means, there becomes a possibilities of the reduction of prices on good and services.