Sierra Leone launches re-denominated currency to strengthen value | Business and Economy News


Critics and the opposition say the re-denomination of the leone is complicated and provides no worth.

Sierra Leone is launching a re-denominated foreign money, knocking three zeroes off financial institution notes however preserving their worth unchanged, its central financial institution has stated.

Monetary transactions with the West African nation have been suspended since Wednesday in preparation for the re-calibration of the leone foreign money, Central Financial institution Governor Kelfala Murana Kallon advised Reuters.

President Julius Maada Bio would be the first particular person to make use of the brand new notes at a central financial institution launch occasion within the capital, Freetown, in a while Friday.

Authorities have stated the change will make it simpler to hold money and use it for funds.

It additionally got here amid efforts to strengthen the tumbling leone, which is now fluctuating at about 13,000 to the greenback.

“It’s a psychological increase realizing that the leone has appreciated in opposition to the greenback, a minimum of on the face of it,” college pupil Ibrahim Mattia advised Reuters.

However critics, together with the principle opposition All Folks’s Congress celebration, stated the re-denomination was complicated and added no worth.

“A lot uncertainty,” stated a middle-aged civil servant, Mohamed Koroma. “We wait to see the place this beauty transfer leads us to amid the current arduous financial local weather.”

The denominations of Sierra Leone’s financial institution notes are at present 1,000, 2,000, 5,000 and 10,0000 leone.

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