Regulatory Alerts2001-11-23
Regulation Concerning Transfer of Foreign Currency
The Central Bank of Liberia issued this regulation to establish clear rules for the free transfer of foreign currency in and out of the country without imposing exchange controls. Businesses and bank account holders may transfer unlimited amounts provided the funds remain deposited for at least three banking days, while unbanked individuals are permitted up to two over-the-counter transfers of US$5,000 each within a thirty-day period. Financial institutions failing to comply with these provisions face penalties of US$1,000 or twenty-five percent of the transaction value, whichever is greater.
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