The Sierra Leonean Leone continues to fall significantly against the U.S. dollar at the Forex Bureau as the current exchange rate stands at NLE18.30 to $1 on Friday.
This comes amidst rising inflation and economic challenges in Sierra Leone.
According to Mercury International CEO, Martin Michael, the dollar is getting to a rate where businesses to survive will have to start looking at serious austerity measures.
“For those not interested in forex rate or in the economy please close your eyes- for the rest- 18.30 this morning. It is going by .10 everyday..in 17 days at this rate it will hit SLE20….”
“Unlike Govt it is not a good thing for businesses to borrow to plug gaps in their budget.”, He wrote.
In July, Sierra Leone slashed three zeros from its banknotes in a bid to restore confidence in the currency even though the move has had no direct bearing on its value.
The country earns most of its foreign exchange from agriculture and mining minerals including iron ore and diamonds.