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.

History

Prior to the establishment of the BANK OF SIERRA LEONE, the West Africa Currency Board was responsible for the issue of currency in Sierra Leone. It was obliged to buy and sell the currency it had issued, the West African Pound, at fixed rates against the Sterling in London.

Following the attainment of independence in 1961 however, the need was felt for a separate monetary institution controlled by Sierra Leone. In his 1962/63 Budget Speech, the then Minister of Finance asserted, "No independent country can regard itself as truly independent until it has its own national currency. The time is not too distant when Sierra Leone too will have its own central bank".

Preliminary arrangements for the establishment of a central bank including the drafting of the legislation then commenced. On 27th March, 1963, the Bank of Sierra Leone Act became law and the Bank began operation on 4th August, 1964, the day Sierra Leone changed to the decimal system of currency.

Objectives

The objectives of Bank of Sierra Leone as spelt out in the Bank of Sierra Leone Act 2000 are:

• The promotion of monetary stability and a sound financial structure;
• The maintenance of the internal and external values of the Leone;
• The promotion of credit and exchange conditions conducive to the balanced growth of the economy;
• The issuing and distribution of notes and currency in the country;
• The formulation and implementation of monetary policy;
• Banker and adviser to the Government in financial and economic matters;
• The managing of domestic as well as foreign debt;
• Acting as custodian of the country's reserve of approved foreign exchange;
• Acting as banker to the Commercial Banks;
• The supervision and regulation of the activities of commercial banks and other Financial Institutions to ensure the health of the financial system;
• The administration of the operations of Structural Adjustment Programs where the bank has specific responsibilities.

Organization and Structure

The Bank's affairs (i.e. policies and general administration) are administered by the Board of Directors which comprise the Governor, the Deputy Governor and formerly 3 now 5 Non-executive Directors, all of whom are appointed by the Head of State. These are people of recognized standing and experience in professional, academic, finance or business matters. Thus because they have wide outside interests and are in a position of influence, these Directors bring a wealth of knowledge to the everyday work of the Bank.

The Governor, by law, is Chairman of the Board. The term of office of the Governor and the Deputy Governor is 5 years and that of the other Directors is 3 years. However, they may be re-appointed.

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 Headquarter is at Siaka Stevens Street in the Central business district in Downtown Freetown.

Vision Statement

The vision of the Bank is to is to "create a modern, effective and dynamic Central Bank that serves the overall financial, growth and development requirements of Sierra Leone, within the framework of a harmonized sub-regional financial system, and consistent with the demands of a globalized economic and financial environment".

Mission Statement

The mission of the Bank is to "formulate and implement monetary and supervisory policies to foster a sound economic and financial environment. To this end, the Bank aims at building and maintaining a strong and efficient organization with highly motivated professional employees working in the best interest of Sierra Leone".

Core Values

The Bank's core values of merit, relevance, leadership, partnership, and equity will guide the activities and behavior of the Board of Directors, Management and Staff towards the achievement of its Vision, and related daily interactions, and decision.

Useful links

Currency of Sierra Leone:

Sierra Leonean leone

List of Central Banks:

Central Banks

Official website of Bank of Sierra Leone:

www.bsl.gov.sl

Ministry of Finance and Economic Development:

www.mofed.gov.sl