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Liberia Completes Bidding Process For Printing Of L$4bn Banknotes

 

The Central Bank of Liberia has announced the completion of a bidding process for the printing of new Liberian Dollar (LD) banknotes.

The Bank made the announcement in a release, saying the bidding process was a competitive one.

Central Bank of Liberia (“CBL”) is pleased to announce that it has completed a competitive bidding process for the printing of additional Liberian dollar banknotes aimed at providing the public increased access to Liberian Dollars, the Bank says in a release.

The release stated that using enhanced procedures consistent with international best practices, the Central Bank of Liberia (CBL) reviewed the proposals submitted in response to a Request for Proposals (RFP), and selected the most competitive bid (Crane AB), based on cost and delivery time.

As a result, it says, the CBL intends to enter into a contract with Crane AB (“Crane”) for the printing and delivery of 4 billion Liberian Dollars banknotes (in L$500 denomination).

Under the terms of the contract, Crane will print and deliver the approved amount of banknotes to the CBL in Monrovia in a reasonable timeframe, the bank says.

The selection of Crane AB (‘Crane’) “is the result of a competitive and transparent procurement process that was opened to several major currency printers around the world.”

J. Aloysius Tarlue, Jr., CBL Executive Governor, stated that on March 12, 2020, the CBL issued an RFP, soliciting proposals for the printing of additional banknotes, with a deadline for responses on or before April 8, 2020.

The CBL received proposals from potential currency printing firms in advance of the deadline, according to the release.

Five internationally reputable currency printing companies were invited to participate in the bidding process. Subsequently, a specially dedicated Procurement Committee for printing of the additional banknotes conducted a rigorous evaluation process of the proposals, focused on both financial and technical aspects against a set of detailed evaluation criteria.

As a result of this process, Crane was recommended by the CBL Procurement Committee as the preferred supplier to print the additional banknotes with the technical advice of Kroll Associates Inc. (“Kroll”).

Mr Tarlue, Jr., added that the selection of Crane AB (‘Crane’) “is the result of a competitive and transparent procurement process that was opened to several major currency printers around the world.”

According to him, to ensure the integrity of the process and its full compliance with internationally accepted standards, the CBL worked with a team from Kroll.

The CBL will, with the technical assistance of Kroll, track the shipment of the additional banknotes from the printer to the CBL’s vaults, and into the banking system.

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