By Alpha Abu
The Bank of Sierra Leone (BSL) has commenced public education on the new Leone currencies that are soon to be circulated in the country. A float parade began from the bank’s headquarters in downtown Freetown, with a truck providing electronic visual display of the various new notes, accompanied by educative messages.
The event on Saturday 19March 2022 involving hundreds of people went through the streets of parts of central Freetown and ended up at BSL’s Kingtom Conference facility. The Governor of the country’s central bank, Professor Keifala Kallon told a jam packed hall that included representatives of financial institutions and social groups, about the efforts to get the new Leone notes.
He said the redenomination process was a resetting of the country’s currency in tune with the changing times. He stressed that there will be no change in the value of the Leone when the new notes come into circulation. On the new and old currencies which would be used side by side, until the latter are gradually withdrawn within a specific period of time, Prof. Kallon emphasised they would all be of the same value.
The bank governor called for collective efforts to enable the new initiative to succeed. He said the government, commercial banks, businesses and staff of BSL should all protect the money from falling in value.
He extended gratitude to the commercial banks, acknowledging that without them, the financial systems won’t work. He also thanked the staff of BSL for their dedication in helping stabilise the banking sector during the difficult periods of hoarding of the Leone, the coronavirus outbreak and in the face of the on-going Ukraine/Russia conflict.
He said the sensitisation drive will be taken across the country with the full involvement of the Association of Commercial Banks,the Teachers Union, Bike Riders Union and other groups. He expressed the desire of the bank to explore an electronic system that will see less use of general cash transaction in the “not too distant future”.
BSL’s Public Relations Officer Beresford Taylor explained about the bank’s regional outreach engagement in relation to the redenomination, which will be led by directors, a process which he said will commence immediately.
The redenomination process will see the removal of the last three zeros on the Leone. Whilst the value is expected to remain the same, it will replace the bulkiness of notes that has over the years created inconveniences for especially people doing higher value cash transactions. For the first time ever, there will be the introduction of the highest denomination 20 Leone note which is equivalent to what is presently the value of twenty thousand Leones. The present highest denomination is ten thousand Leones and this will eventually become 10 Leones when the redenomination process is officially implemented.
Copyright © 2022 Politico (21/03/22)
