banner1
banner2
Banner3
Banner 4
 
News:
Sierra Leone
Select another country

Prior to the establishment of the Bank of Sierra Leone, the West Africa Currency Board was responsible for the issue of currency in Sierra Leone. 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. The Bank serves as the country’s central bank located in the capital city, Freetown. It is involved in traditional banking roles and other non-traditional banking roles such as Diamond certification and rural banking. The Bank’s current governor is Sheku Sambadeen Sesay.

Sierra Leone Banks

There are a number of licensed commercial banks operating in Sierra Leone. The list includes: Access Bank, Ecobank, First International Bank, Guaranty Trust Bank, International Commercial Bank, Sierra Leone Commercial Bank, ProCredit Bank, Skye Bank, Standard Chartered Bank, United Bank for Africa and Zenith Bank

Currency

The Leone (currency symbol: Le, currency code: SLL) is the official currency of Sierra Leone. It is subdivided into 100 cents. The banknotes are in dominations of 500, 1,000, 2,000, 5,000 and 10,000 leones. Because of inflation, a 20,000 Leone banknote will soon be introduced, at a date to be confirmed. The most frequent used coins are the 10, 50 and 100 cents. The 20 and 500 leones coins are rarely used.

The Leon per US$ rate is 3,950 (2010). The inflation rate in Sierra Leone was 11.7% in 2007.

Sierra Leone operates a floating exchange rate system, and foreign currencies can be exchanged at any of the commercial banks, recognized foreign exchange bureaux and most hotels.

Credit card use is limited in Sierra Leone, though they may be used at some hotels and restaurants. There are a few internationally linked automated teller machines that accept Visa cards in Freetown operated by ProCredit Bank.


Back to top>