The Governor of Bank of Sierra Leone ( BSL), Professor Kelfala M. Kallon will today address nation with regards hoarding of newly released redenominated Leone notes by unscrupulous people undermining the country’s economy.

According to very reliable sources, some rogue bankers in some commercial banks are allegedly conniving with business people to withdraw large quantities of the redenominated Leone notes and hoarding them at their business entities for transactions that do not reflect positively on the national economy

Though the Central Bank has issued directives on over-the-counter cash withdrawals with the banking system in Sierra Leone, sources say some commercial banks are flouting those directives. It could be recalled that the Bank of Sierra Leone on Friday 8th July, 2022 issued the following directives: 1. Cumulative weekly over-the-counter limit for cash withdrawal par bank account from all commercial banks and other licensed deposit-taking institutions shall be as follows: (a) Le30,000,000.00 (Thirty Million Leones)/NLe30,000.00 (Thirty Thousand New Leones) for individuals. (b) Le100, 000, 000.00 (One Hundred Million Leones)/NLe100,000.00 (One Hundred Thousand New Leones) for corporate entities. 2. The limit of Le50,000,000.00 (Fifty Million Leones)/NLe50, 000.00 (Fifty Thousand Leones) for interbank cheques has been removed. The directives cautioned that “Any bank or other deposit taking financial institution that violates these Directives shall be fined with a penal charge of 5% of the relevant transaction.

Meanwhile, many people are complaining about the difficulties involved in withdrawing money from the various commercial banks in Freetown and the provinces either because of the alleged scarcity of the redenominated Leone notes or the reluctance of commercial banks to give out money to the public based on unexplained policy, especially individuals. While the redenominated Leone notes are scarce in circulation as the old Leone notes take over the market, many Sierra Leoneans believe the redenominated Leone currency is considerably appreciated against the US Dollar and other currencies in Africa, noting that if the situation continues, it will boost investor confidence and the economy to justify that the strategy of the Bank Governor Professor Kelfala M. Kallon is working.

It is therefore expected that the hard cash policy the Bank Governor would be addressing today could involve stringent measures to discourage hoarding of the new redenominated Leone currency