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The Bank of Sierra Leone has in a public notice issued out to answer questions and clear doubt of the people on the re-denomination of the Leones, revealed whether the re-denomination will affect wages and salaries.
The Bank of Sierra Leone clears the air by assuring Sierra Leoneans that their wages and salaries will only be denominated in the new currency but its value will remain the same.
“For example, if you are now earning Le600,000 a month and you spend Le400,000 on your household needs, and save Le200,000. It means that you will now earn Le600, spend Le400 on your household needs and save Le200. Thus, your situation remains the same” the Bank explained.
It further stated that after the commencement of the new leones, all Leone assets and liabilities (including bank deposits), prices, fees, rents, and contracts (including salaries and wages) will be re-denominated by dropping three zeroes or moving three decimal points to the left.
Therefore, there is no need for fear or panic because if you have been paying Le5,000,000 for rental and or School fees, you will be paying the same amount in the denominated form which will be Le 5000.
