The Governor of the Bank of Sierra Leone, Professor Kaifala Kallon, has confirmed in a radio interview in Freetown that less than two weeks after the launch of the new currency on July 1, 2022, he had realised that Eight Hundred Billion Leones have got missing from the bank.
Prof. Kallon’s revelations emerged following raining media reports on the management of cash flow to customers by commercial banks across the country, barely less than weeks after the introduction of the new notes/Leones (1 – 12 July 2022).
“The average Sierra Leonean does not need Thirty Million Leones (Le30, 000.00) per week for personal spending, and if it is a business man, the Bank will get to that,” he said.
The Bank Governor said that the Bank had put in place restrictions that customers could not make withdrawals of more than Thirty Million Leones (Le30, 000.00) per week, adding that “there are restrictions in other jurisdictions that are even harsher with the exemptions of all restrictions on cheques to enable all customers’ access cash”.
He said they were looking at the returns and to see what they would make out of it, as he disclosed plans to introduce a cash management system.
“So we are saying that the average person does not need Le30, 000.00 per week,” Prof Kallon declared, adding: “All the BSL is saying is that the amount of cash people get per week has to be managed.”
