Sierra Leone Lifts Restriction On Foreign Currency
24 December 2020
The Sierra Leone government has lifted a year-long restriction on foreign currency transactions.
The Bank of Sierra Leone (BSL) said on Wednesday that anyone can now hold as much money as they want in any currency. All restrictions on the amount of foreign currency individuals and businesses may hold within Sierra Leone have been lifted with immediate effect, the Bank said in a statement signed by BSL Governor, Prof Kelfala M. Kallon.
It also ordered commercial banks to reverse all restrictions in relation to the policy on their customers accounts.
The move came as a surprise to many, especially since the BSL didn t provide any explanation for the decision.
The East African
Thursday December 24 2020
Sierra Leone President Julius Maada Bio. The Sierra Leone government has lifted a year-long restriction on foreign currency transaction. PHOTO | AFP
Summary
The restriction was imposed in August 2019 at the height of a major economic crisis that was characterised by high inflation and shortage of the local currency, Leone.
It prohibited individuals or businesses to hold more than US$10,000 or its equivalent in any other foreign currency outside the banking system. It also prohibited export of same amount.
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The Sierra Leone government has lifted a year-long restriction on foreign currency transaction.
The Bank of Sierra Leone (BSL) on Wednesday said that anyone can now hold as much amount of money as they have in any currency.