Western Union's Unethical Deal With Liberia Central Bank
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Money converted by Western Union into Liberia Dollars is not widely accepted by Liberian businesses. Liberia Government itself conducts its financial transactions in US Dollars. That is, the US Dollar is the main currency in Liberia. Yet, somehow, Western Union and Money Gram connived with Liberia Central Bank to forcefully convert 25% of US Dollars sent to Liberia into the widely rejected Liberia Dollars. In other Countries with dual currency systems, their local currencies are accepted everywhere as legal tender. This is not the case with Liberia where the average person lives on less than US$2.00 per day. What then is the rationale for the forceful conversion of 25% of US Dollars remitted to Liberia into Liberia Dollars when US Dollars is widely used by Government and businesses? This is mind-boggling. Western Union and Money Gram make huge profits and the Liberia Government, in conjunction with Western Union and Money Gram, raise US Dollars for the Liberia Central Bank. This scheme cheats Senders and Recipients since the converted currency (Liberia Dollars) is not widely accepted and valued by Liberians, and is not on a one-to-one par with the US Dollar. Given the exchange rate of L$156 - L$185 to US$1.00, Recipients and Senders are being short-changed. We seek the help of Congress to help stop this ongoing unfair and unjust quasi arrangement between Western Union, Money Gram, other Money Transfer Companies and the Liberia Central Bank.Note that personal remittances from Diaspora Liberians amounted to about US$580 millions in 2017.
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