Bank of Sierra Leone (Central Bank of Sierra Leone)

By: EconomyWatch   Date: 9 September 2010

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The Bank of Sierra Leone is the central bank of the West African nation of Sierra Leone. A legislation to establish the bank was passed on 27th March 1963 and consequently the bank began its operations on 4th August 1964.

The bank is responsible for formulating and implementing the monetary policy. The bank is a body corporate and fully-owned by the state. The objectives of the Bank of Sierra Leone as stipulated in the Bank of Sierra Leone Act are:

  • Working towards ensuring monetary stability and a sound financial infrastructure in the country
  • Maintaining and promoting the internal and external value of the currency
  • Promoting credit and exchange conditions conducive to a healthy and balanced growth of the economy
  • Issuing, distributing and controlling the circulation of notes and coins in the country
  • Formulating and implementing the monetary policy in the country
  • Acting as the banker and advisor to the government on economic, financial and monetary matters
  • Managing the domestic and financial debt of the country
  • Acting as custodian and manager of the country’s foreign exchange reserves
  • Acting as a banker to the country’s commercial banks
  • Supervising the activities of the country’s banks and other financial institutions

The Board of Directors, which consists of the Governor, the Deputy Governor, and five non-executive Directors administer the activities of the bank. The Head of the State appoints all the members of the Board. The Governor is also the Chairman of the Board.

The tenure of Governors and the Vice-Governors is three years while for other members of the board it is five years. The members, however, can be reappointed.

The Address and Contact details of the bank is as follows:

Bank Sierra Leone

Address:
P.O. Box 30 Freetown SIERRA LEONE
Phone No.: ++232-22-22 65 01
Fax: ++232-22-22 47 64


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