Regulatory Alerts2019-01-01
The Bank of Sierra Leone Act 2019
Enacted by the President and Parliament of Sierra Leone, this legislation continues the Bank of Sierra Leone as an autonomous body corporate tasked with issuing currency, maintaining price stability, and implementing monetary policy. The Act establishes a Board of Directors comprising the Governor, Deputy Governors, and six non-executive directors to formulate financial regulations, supervise licensed institutions, and manage foreign exchange operations. It repeals the 2011 Act while preserving existing statutory instruments, caps direct government lending at five percent of domestic revenue, and grants the Bank tax exemptions, legal immunity, and preferential rights to ensure independent macroeconomic management.
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