New Bank Governor To Discard Old Leones By 31st December 2023- New Bank Governor Says

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By: Precious Miracle Kargbo

After two weeks of being installed into office, for effective and efficient control of national finance and transaction in the country. The newly appointed Bank Governor of the Bank of Sierra Leone, Dr. Ibrahim L. Stevens has confirmed that as of 31st December 2023, old Leones shall not be used as legal tender in the country.

The Bank Governor disclosed this information at the Committee on Approval in Committee Room One in Parliament on Monday 13th November, 2023, during the vetting process.

To start with, the Governor highlighted their plans of working relentlessly and tirelessly and everything humanly possible to make sure that the transition from the old currency to the new currency goes moves on successfully, he also added that that there are mechanisms which have been put in place for a robust plan to manage the transition wherein nobody will lose face and value loss during the process.

After a question was posed to him by the committee, he responded adequately by answering the question posed by the Committee Chairman who doubles as Leader of Government Business in Parliament, Hon. Mathew Yuma on the timeframe and sufficiency of new Leones to the public, Governor Stevens said in terms of the phasing out and timeframe of the transition, a release will be issued out very soon from the Bank of Sierra Leone explaining details of the transition without losing values and timeline in the business of every sierra Leonean citizens and their investments as this has been the fear of so many people in accepting the changes from old Leones to new Leones currency.

Expressively, the Governor went on to assert that the Bank’s core values of merit includes relevant leadership, partnership, and equity that will guide the activities and behavior of the Board of Directors, Management and Staff towards the achievement of its Vision, and related daily interactions, and decision.

He promised that as they uphold these values as an institution they will always do their best to ensure that their activities to the public is appreciated in a positive way and the predomination of the old Leones to the new Leones will follow sooth in this direction they have maintained all over the years of the institution.

Furthermore, Dr Ibrahim went on to comment that the transition period will be done in a very smooth way and citizens should also help out in contributing to the economy of Sierra Leone in a positive manner, so that the market and business world will recognize the development strides that the nation have made significantly and also advices all those with the old currency to take it for an exchange to the new Leones so that the transition process will be done with quite ease and effectively with no need to include any stern procedures on citizens for compliance.

 “We would have an orderly transition and also make sure that there are sufficient new Leones by January 2024. Subsequently, you can bring the old currency back to the Bank of Sierra Leone and get face value with the new currency. From now to December 31st this year, you would have an opportunity either to commercial banks, Bank of Sierra Leone, or any banks to replace old currency,” he intimated.

Meanwhile, their members of the Committee including Honorable Aron Koroma and Dickson Rogers made their statements and strongly cautioned the governor to be cautious in dealing with the redenomination of the Leones, as according to them, it is barely 48 days left in 2023 and the old Leones are still predominant in banks and bureaus nationwide. They added that if this process is to be done then it must be done in the right timing and the due processes must be followed, so that the public should be well informed and prepared for the transition process.

 In Addendum, the new Bank Governor rendered appreciation to his Excellency President Julius Maada Bio for appointing him from the position of Deputy Governor of the Bank of Sierra Leone (BSL), to the substantive Governor of the Central Bank. Dr. Stevens succeeds Professor Kelfala M. Kallon, who has been on indefinite leave since March this year and resound that it is because the President believe in his abilities and qualities that he was chosen for the position so he will do all his best to ensure that he execute every action of the institution in a professional and efficient manner.

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