The Governor of the Bank of Sierra Leone, Professor Kelfala Kallon has assured that the redenomination of the country’s currency is good for the growth of the economy of the country.
Professor Kallon made this statement on Monday 23rd August 2021, in a press conference organized at the conference hall of the Bank of Sierra Leone.
The redenomination exercise will allow for some zeroes to be removed from the current currencies. For example the current 1,000 Leones note will become 1 Leone, the 2,000 Leones will become 2 Leones, the 5,000 Leones will become 5 Leones and the 10,000 Leones will become 10 Leones. There will also be a new 20 Leones note.
Kallon said this is not a new measure, adding that many countries around the world had done it including Ghana in 2007 without any significant problems.
The Bank Governor said that the redenomination currency will not lead to any economic crisis, adding that they have done proper checks on the redenomination exercise from pounds to leones.
He emphasized that the redenomination exercise is very important to actualize the development trajectory of His Excellency President Julius Maada Bio and the ruling SLPP government. The Bank Governor went on to say that the redenomination of the leones will get rid of the queues at the ATM. Professor Kallon added that the redenomination of the leones will prevent huge withdrawal of the Leones from the Commercial Banks, adding that last year, there was huge withdrawals in Commercial Banksand to cushion the effect on ordinary Sierra Leonean. He appealed to members of the press to educate the general public on the important of the redenomination of the leones. Professor Kallon disclosed that the Bank of Sierra Leone will leave no one behind in the sensitization exercise of the redenomination of the Leones.
Responding to questions posed to him, Professor Kallon said that the Bank of Sierra Leone has published the notice and it has been gazetted. He further disclosed that they have been in touched with other Central bankers who have implemented such redenomination exercise and it was successful.
