Bank of Sierra Leone Act, 2019
The current Act governing the Bank of Sierra Leone, reinforcing central-bank independence, price stability and financial-system oversight.
Summary
The Bank of Sierra Leone Act, 2019 is the principal statute governing the central bank. It reinforces the Bank's independence and modernises its legal framework in line with contemporary central-banking practice.
The Act provides for the Bank's primary objective of achieving and maintaining price stability, its autonomy in the conduct of monetary policy, and its responsibilities for financial stability. It sets out the Bank's governance, the appointment, tenure and functions of the Governor and Board, its exclusive right to issue currency, its role as banker and fiscal adviser to the Government, and its powers to license, regulate and supervise banks and other financial institutions.
Main provisions
- Establishes and governs the Bank of Sierra Leone as the central bank.
- States price stability as the Bank's primary objective and secures its autonomy.
- Provides for governance by the Governor and Board, with security of tenure.
- Confers the exclusive right to issue currency and conduct monetary policy.
- Provides for the Bank as banker and fiscal adviser to the Government.
- Empowers the Bank to license, regulate and supervise financial institutions.