Bank of Sierra Leone

Leone

Www.bsl.gov.sl

West Africa Currency Board

The Bank of Sierra Leone which is located at 100% state-owned Central Bank of the Republic of Sierra Leone, with headquarters in Freetown.

History

For the independence of Sierra Leone, 1961, the monetary and financial system was led by the West African Monetary Council. As in all independent states was to implement an own central bank and currency in Sierra Leone's aspiration. Consequently, on 27 March 1963, the founding of the Bank of Sierra Leone was decided then on August 4, 1964 began its work.

Tasks

By Zentranbank Act adopted in 2000, the Bank of Sierra Leone takes many traditional functions of a central bank. In addition, she is responsible for bank affairs in rural areas and the issue of diamond certificates.

Future

Together with Gambia, Ghana, Guinea and Nigeria Sierra Leone adopted the "West African Monetary Zone Act ". Below was the establishment of the West African financial institution, which includes all central banks of the member countries. The aim is (similar to the model of the European Central Bank) to create the West African Central Bank, which aim at introducing a single currency, the Eco, for West Africa. Be there a few years already for electronic banking as well as travelers checks the WAUA (West African units accounts) as a common currency (see ECU).