Bank of Sierra Leone
HeadquartersFreetown, Sierra Leone
Established27 March 1963
Ownership100% state ownership[1]
GovernorDr. Ibrahim Stevens
Central bank ofSierra Leone
CurrencyLeone
Reserves470 million USD[1]
Websitehttp://www.bsl.gov.sl/

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 Dr. Ibrahim L. Stevens, who was appointed by president Julius Maada Bio, and took office on the 16th November 2023 after he was approved by Parliament. The governor of the bank is appointed by the President of Sierra Leone for a term of five years.

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).[2] On 20 December 2012, the member institution announced specific commitments[3] toward AFI's Maya Declaration to move further toward the eradication of financial exclusion in Sierra Leone.

Governors

  • Gordon E. Hall, 1963–1966
  • Samuel Bamidele Nicol-Cole, 1966–1970[4]
  • Samuel Lansana Bangura, 1970–1979
  • Arthur Salaco Christopher Johnson, 1979-1980-?
  • Jim Fornah, 1981–1985[4]
  • Victor Bruce, 1985–1986[5]
  • Abdul Rahman Turay, 1987-1992-?[6]
  • Stephen Mustapha Swaray, 1993–1997
  • Christian Kargbo, 1997–1998
  • James Sanpha Koroma, 1998–2003
  • G. Melvin Tucker, acting, 2003
  • James David Rogers, 2003–2007
  • Samura Kamara, 2007–2009
  • Sheku Sambadeen Sesay, 2009–2014[7]
  • Momodu Kargbo, 2014–2016[7]
  • Kaifala Marah, 2016–2017[8]
  • Patrick Saidu Conteh, 2017–2018[9]
  • Kelfala M. Kallon, 2018- 2023[9]
  • Dr. Ibrahim L. Stevens, 2023-[10]

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 introduced to replace the British West African pound, using a decimal system of currency.

See also

References

  1. 1 2 Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  2. ↑ "AFI members | AFI Global". Archived from the original on 20 February 2012. Retrieved 17 February 2012.
  3. ↑ "Bank of Sierra Leone makes specific commitments to Maya Declaration". AFI Global - Bringing smart policies to life.
  4. 1 2 Fyle, C. Magbaily (2006). Historical Dictionary of Sierra Leone. Scarecrow Press. ISBN 9780810853393.
  5. ↑ "Keesing's Record of World Events". 1987.
  6. ↑ "Keesing's Record of World Events". 1988.
  7. 1 2 "A Critical Look at the Bank Governor's Letter to the Minister of Finance – Global Times News".
  8. ↑ "Board of Directors". 17 November 2016. Archived from the original on 17 November 2016. Retrieved 3 May 2020.
  9. ↑ "Board of Directors". 10 December 2017. Archived from the original on 10 December 2017.
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