Regulatory Alerts2023-01-01
The Bank of Sierra Leone (Amendment) Act 2023
The President and Parliament of Sierra Leone enacted the Bank of Sierra Leone (Amendment) Act 2023 to amend Section 26 of the central banking legislation. The amendment empowers the Bank of Sierra Leone to establish guidelines permitting foreign currencies as a valid medium of exchange domestically. It further requires that receipts from these transactions be credited to local foreign currency accounts, sold to licensed exchange dealers, or applied toward external obligations through financial institutions.
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