Liberia - Foreign Exchange ControlsLiberia - Foreign Exchange
Liberia has a floating exchange rate system, with Liberian and U.S. dollars being legal tender. There are no restrictions on converting or transferring investment funds, profits, loans, or interest. The exchange rate is determined by market demand and supply forces. However, the CBL occasionally intervenes in the foreign exchange market through foreign exchange auctions and government T-bill auctions in order to stabilize the exchange rate, facilitate imports, maintain a low inflation rate, and spur economic growth. The CBL uses its foreign exchange auction as an intervention only, and it is not a regular practice. Large-scale business and government transactions are conducted in USD, while retail or day-to-day routine transactions are conducted largely in Liberian dollars. Contracts and tax agreements are typically specified in USD, and about 85 percent of taxes are paid in USD. The USD can be freely exchanged for Liberian dollars in commercial banks, licensed foreign exchange bureaus, petrol stations, and large supermarkets. It is advisable for foreign investors to conduct foreign exchange transactions at commercial banks or established licensed forex bureaus. There are many foreign exchange bureaus in and around Monrovia, some of which are not registered with CBL. However, it may take several days to exchange large sums of money due to a shortage of foreign exchange. Remittance inflows are a major source of foreign exchange in the Liberian economy. Transfer of sums in excess of USD$10,000 must be reported to CBL, and no more than USD$7,500 in foreign currency banknotes can be moved out of the country at any one time.Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.
Liberia Market Access Foreign Exchange