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Sierra Leone Commercial Bank have rounded up intensive sensitization on the introduction of the redenominated Leone notes and coins to replace the old Leone notes, the Bank of Sierra Leone (BSL) is procrastinating the redenomination process and way behind the commercial banks in terms of sensitization and other mechanisms required to commission the new redenominated Leone notes and coins.
It could be recalled that prior to Independence Day on 27th April 2022, there were wide speculations that the redenominated Leone notes and coins would be commissioned by the President on that historic day, when the current ruling political party was also founded.
Concerned citizens are therefore urging the Government to ensure that the BSL speeds up with the redenomination process so that the money would be commissioned as soon as possible.
How is the redenomination process affecting the escalation of prices of basic goods? Essentially, redenomination is intended to not only knock off three zeroes from the current currency, importantly also, it will reintroduce coins that will make smaller transactions much more realistic. For example, because there are no coins to give small change, price increases are marked arbitrarily by especially petty traders, market women and commercial drivers and their conductors or apprentices.
Moreover, with redenomination- of the currency, there would no longer be the need to carry about large sums of money in one’s possession. For example, Le1,000,000 with the last three zeros knocked off will now amount to only Le1, 000 which is very easy to carry in one’s wallet, pocket or back.
