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Liberia’s Central Bank Wins International Award for Banknote Series

The Central Bank of Liberia (CBL) has been awarded the esteemed “Banknote Series of the Year” award by Reconnaissance International.

The award was presented to representatives of Giesecke + Devrient (G + D) Currency Technology, the company responsible for printing the new Liberian banknotes, at a ceremony in Abu Dhabi, United Arab Emirates on March 8, 2023.

The new Liberian banknotes, according to a CBL release, were selected by Reconnaissance International as the most outstanding banknote series of the year due to their unique and distinct security features.

The Central of Liberia Awarded for the Introduction of the Best Banknote Series of the Year at a Ceremony in Abu Dhabi, UAE

The updated designs on the banknotes effectively represent both the traditional and modern features of Liberia, which was also noted by the awarding body.

“The regional banknote of the year award recognizes outstanding achievement in the design, technical sophistication and security of a banknote series, with emphasis on reflecting the cultural heritage of the issuing country in the note, and the relevance of the overall design and symbolism,” Reconnaissance International wrote in a published on its website — recognizing the Liberian banknotes.

“The front of the L$1,000, for example, shows the 16 ethnic groups of Liberia, as a symbol of the origin of the country and national unity, while the L$500 has a new image the seven ladies who designed the Liberian flag on the front, recognizing the role of women in the formation of Liberia and national development,” the company said.

Founded in 1988, Reconnaissance International is a leading global source of business intelligence on currency, optical and digital document security, personal identification, authentication and brand protection.

It banknote award recognizes that successful banknotes should combine visual artistry and high levels of technical and security sophistication, with considerable emphasis placed on reflecting the cultural heritage of the issuing country in the note, and the relevance of the overall design and symbolism to the issuing country.

The new family of Liberian banknote awarded Best Banknotes series. The L$20, L$50, L$100, L$500 and $1000 are secured with state-of-the-art rolling star and threads.

In November 2021, the Central Bank of Liberia (CBL) released a new family of currency, starting with the new 100 Liberian dollar to replace the old currency. The upgraded designs of L$20, L$50, L$100, and L$500 denominations were introduced, along with a new high denomination of L$1,000, while the L$5 and L$10 denominations were minted as coins.

The new banknotes feature unique and advanced security features, including state-of-the-art rolling star and threads with each having a five-pointed star. The threads also incorporate a different color-changing effect, and the text ‘CBL’ and the denomination number can be seen as cleartext when held up to the light.

During the award presentation in Liberia, the CBL Executive Governor, J. Aloysius Tarlue, expressed gratitude to G+D management for the successful partnership that led to CBL receiving the globally recognized award.

Receiving the award in Liberia, CBL Executive Governor, J. Aloysius Tarlue thanked the Management of G+D for the “successful partnership that culminated in CBL receiving the globally recognized award.”

“CBL is honored to receive these awards and dedicates them to President George M. Weah, for his unflinching support towards the currency reform and the 54th National Legislature for their oversight throughout the entire process,” Tarlue said on March 13, while receiving the award.”

“Also, to the Liberian people and our partners (USAID and IMF), including KROLL, who provided the Bank with the necessary technical assistance on the designs and security features of the new Liberian dollar banknotes and coins.”

According to CBL Deputy Governor for Operations, Nyemadi D. Pearson, that the award is a manifestation of the Bank’s emphasis on transparency, accountability, and integrity, which characterized the Bank currency reform program.

Deputy Governor for Economic Policy, Dr. Musa Dukuly said the Award was a testimony that the Bank had now gone global.

The G + D team, for their part, thanked CBL for the confidence reposed in the firm, adding that the award is an indication that it was worth working with the Bank. The new family of Liberian banknote awarded Best Banknotes series. The L$20, L$50, L$100, L$500 and $1000 are secured with state-of-the-art rolling star and threads.

The award featured categories for the Banknote awards – Best New Series, Best New Banknote and Best New Commemorative Banknote – with Liberia, the UAE and Qatar, respectively, all receiving recognition this year.

Meanwhile, International Association of Currency Affairs (IACA) has also recognized the new $5 and $10 Liberian dollar coins as one of the FINALISTS for Best new coin series for the 2023 Excellence in Currency Awards.

Liberia’s $10 and $5 coins have been nominated by IACA as best coin series for 2023

Ghana’s GH₵1 coin, Canada’s $2 coin minted in memory of Queen Elizabeth and the United Kingdom’s 50 penny coin minted in honor of King Charles III are also finalists in the same category with Liberia.

“All the nominations were outstanding, and we thank all the nominees for their time and interest to participate in our Awards program,” the IACA stated on its website.

“Our IACA voting delegates will be voting for their favorite in each category to determine our winners.  All finalists will be recognized and the Winners announced at the Currency Conference in Mexico City, May 15 & 16, 2023.”

IACA, which was formed in 2004, is a non-profit independent member organization to promote and encourage excellence in the cash cycle and provide a platform for knowledge sharing and collaboration on matters of strategic importance.

IACA is the only organization in the cash community that brings together central banks along with the industry and cash service suppliers providing a neutral forum and working together to help influence industry direction—making currency and the industry the best it can be.

The introduction of the new Liberian banknotes has been supported with a massive nationwide public education campaign and a launch of new mobile app to enhance the public understanding of the security features of the notes.

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