Value of The Sierra Leone Currency, Leone Depreciated in August Due to These Factors

The value of the Leone depreciated in August 2021 against the USD Dollar by 0.48%, according to Bank of Sierra Leone.

The mid exchange rate stood at $1 = Le10,258.18 on July 30 and $1=Le10,307.12 on August 31, 2021, a depreciation in value that might have been driven by so many factors, including the external stocks caused across the economy by the Coronavirus global pandemic.

Building a resilient economy capable of minimizing the cost and impact of external shock such as disease outbreaks and shock decline in prices of minerals in the international market is a target that the country has not yet met.

According to Premier News, debate about the economy and high inflation has sparked off among the public. Some argue that authorities could prevent high inflation from aggravating poverty if several policies including subsidies and tax cuts are introduced. Others say the Sierra Leone is a part of a global economic trend of low productivity, depreciating currency and high inflation.

However, Sierra Leone still can build a resilient economy capable of minimizing the cost and impact of external shocks as the Coronavirus outbreak.