By Sorie Ibrahim Fofanah
The Governor of Bank Sierra Leone, Ibrahim Stevens says they have collected over eighty-five percent (85%) of the old Leones currency.
Stevens made this disclosure at the government’s weekly press briefing on 20th February this year at the Ministry of Foreign Affairs conference hall, Freetown. He recalled the collection and exchange of the Old Leones starting 31st December 2023 to March 1st this year and the old Leones could be changed through the various banks across the country till March 31st this year.
He assured the public that they would be receiving the old notes from members of the public even after March this year, but that it would be done at the Bank of Sierra Leone.
.He noted that the redenomination was done not because of the high exchange rate and inflation in the country at that time, adding “the objective was not to have stabilized the exchange rate and inflation.” The Bank Governor said their objective was about simplifying the Leone currency both inside and outside Sierra Leone.
The exchange rate, he said has been "stable", adding that they took "definite steps” affecting the exchange rate in making it “stable”. As a way to cushion the exchange pressure, he said they had to allow the use of foreign currencies in places like hotels, banks among others.
On the LE abbreviation he said it is the local currency code, and that SLE abbreviation code is reserved for International financial transactions.
Speaking about cashless payment, Stevens said they have licensed field tech entrepreneurs in allowing the use of digital platforms in financial services.
He spoke of Instant Payment digital platform that would be used to do cashless payments in financial transactions with the use of Quick Response (QR) code that would be used to scan the app facilitating the payment.
The central bank Governor however could not confirm when the cashless payment service would be available in all banks and other financial institutions.
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