Bank of Sierra Leone
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The Bank of Sierra Leone is the central bank of Sierra Leone, a country in West Africa. It issues the country's currency, known as the Leone. The bank formulates and implements monetary policy, including foreign exchange.
[edit] History
At the time of Sierra Leone's independence in 1961 from the United Kingdom, the monetary system was controlled by the West Africa Currency Board. The WACB issued the British West African pound, a colonial currency tied to the pound sterling.
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.
In addition to issuing currency and managing monetary policy, the Bank of Sierra Leone is responsible, by its charter, for the oversight of the country's banks, and also advising the government on financial and economic matters, management of domestic and foreign debt, and maintenance of foreign exchange reserves.
Despite the Bank's charter, since independence Sierra Leone's economy has been characterized by financially disadvantageous exchange rates and government budget deficits which led to sizable balance-of-payments deficits and inflation. In addition, there have been numerous interventions by the International Monetary Fund.
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