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Bank of Sierra Leone Act, 2011

An Act governing the Bank of Sierra Leone, strengthening the central bank's autonomy and its functions in monetary policy and financial supervision.

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Summary

The Bank of Sierra Leone Act, 2011 governed the Bank of Sierra Leone as the central bank, strengthening its autonomy and clarifying its mandate. The Act provided for the Bank's primary objective of price stability, together with its responsibilities for the financial system.

It provided for the Bank's governance and the independence of the Governor and Board, its powers over currency and monetary policy, its role as banker to the Government, and its supervision and regulation of banks and other financial institutions. It was later replaced by the Bank of Sierra Leone Act, 2019.

Main provisions

  • Governs the Bank of Sierra Leone and states its objectives, including price stability.
  • Strengthens the autonomy of the central bank and its Board.
  • Confers powers over currency issue and the conduct of monetary policy.
  • Provides for the Bank as banker and adviser to the Government.
  • Provides for the supervision and regulation of financial institutions.
  • Later replaced by the Bank of Sierra Leone Act, 2019.