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 CENTRAL BANK OF SIERRA LEONE
Before establishing 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.
However, following the attainment of independence in 1961, 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. They did however invest in the stock market. 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.
VISION
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 of Sierra Leone 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 organisation 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 behaviour of the Board of Directors, Management, and Staff toward the achievement of its Vision, and related daily interactions, and decisions.
The objectives of the Bank of Sierra Leone as spelt out in the Bank of Sierra Leone Act 2019 are:
- Issue and manage the currency of Sierra Leone
- Achieve and maintain price stability
- Contribute to fostering and maintaining a stable financial system
- Support the general economic policy of the Government
In the exercise of its function under this act, the Bank shall:
- Formulate and implement monetary policy financial regulations and prudent standards
- Act as banker, adviser, and fiscal agent of the Government
- Formulate and implement the foreign exchange policy of Sierra Leone
- Conduct foreign exchange operations
- Own, hold, and maintain the official international reserves including the gold reserves
- Establish, promote, license, and oversea sound and efficient payment and securities settlement systems and clearing systems
- License, register, regulate, and supervise financial institutions as specified in this Act or any other law
- Adopt and implement macro-prudential policy measures by regulations or guidelines
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