Sierra Leone is rationing newly minted banknotes to prevent a
cash shortage – following a currency redenomination that was
itself meant to address cash shortages. Firms must apply to the
Bank of Sierra Leone (BSL) for cash sums above new withdrawal
limits. Looking forward, an effective payment switch and steady
central bank management will be key factors for stabilising money
supply and broadening the development of the financial system.
SIGNIFICANCE – NEW MONEY
On 8 July, seven days after a currency redenomination where new
banknotes with three fewer zeros were introduced, the BSL announced
that:
- Cash withdrawals from personal bank accounts would now be
limited to 30,000 new leones (USD2,180) per week.
