At a press conference held by the Ministry of Information and Civic Education, Governor of the Bank of Sierra Leone, Dr. Ibrahim Stevens, announced significant progress in the country’s currency transition efforts.
Dr. Stevens revealed that over 80% of the old leones have been recovered, with plans in place to retrieve the remaining balance by the end of March.
The successful transition, Dr. Stevens noted, was attributed to meticulous planning, stakeholder engagement, and sufficient stocking of the new leones.
He reassured the public that even after the deadline, citizens would still be able to exchange their old leones at the Bank of Sierra Leone.
In addition to the currency transition, Dr. Stevens provided updates on the country’s economic stability.
He highlighted that the exchange rate has remained stable for nine consecutive months and emphasized the nation’s commitment to managing exchange rates effectively. Furthermore, he assured that Sierra Leone is meeting its foreign debt repayment obligations and disclosed that the country’s foreign reserve is equivalent to three months of import cover.
Exciting developments in the country’s financial infrastructure were also unveiled during the conference.
Dr. Stevens announced the imminent launch of an instant payment system on the national switch, enabling seamless transactions across all mobile networks and banks. He projected that citizens could expect further announcements in this regard within four months.
Looking ahead, Dr. Stevens outlined the Bank’s vision to transition towards a digital economy, emphasizing financial inclusion and the establishment of a cashless society.
As part of this vision, he revealed that the local abbreviation for the leones will be ‘NLe’, while internationally it will be denoted as ‘SLE’. Despite these changes, the Bank plans to retain ‘Le’ as the legal abbreviation for historical and accounting purposes, pending an amendment to the Bank’s Act which will be presented to Parliament.
