The Bank of Sierra Leone is the central bank of Sierra Leone. It issues the country's currency, known as the Leone. The bank formulates and implements monetary policy, including foreign exchange.
Organisation and activities
The current governor of the Bank of Sierra Leone is Sheku Sambadeen Sesay, who was appointed by president Ernest Bai Koroma on July 1, 2009. He succeeded Samura Kamara who took over as Sierra Leone Minister of Finance. The current deputy Governor is Andrina Rosa Coker, who was appointed by president Ernest Bai Koroma on October 6, 2008.
The Bank Headquarters is at Siaka Stevens Street in the Central business district in Downtown Freetown.
The Bank is engaged in policies to promote financial inclusion and is a member of the Alliance for Financial Inclusion (AFI). And on 20 December 2012, the member institution announced specific commitments toward AFI's Maya Declaration to move further toward the eradication of financial exclusion in Sierra Leone.
History
In order to create an independent economy for the new country, the government drafted legislation to create a central bank and a new currency. The enabling legislation was passed on 27 March 1963 and the bank began operations on 4 August 1964. At the same time, the Leone was inaugurated, using a decimal system of currency.
See also
- Banking in Sierra Leone
- Economy of Sierra Leone
General:
- Central banks and currencies of Africa
References
- ^ http://www.afi-global.org/about-afi/members
External links
- Official site: Bank of Sierra Leone
- Bank of Sierra Leone on the Sierra Leone Encyclopedia 2006
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