- Monetary unit:
- Country code:
- Sierra Leone, Republic
- of 71 620 sq. km
- English (state)
- SL (SLE) 694
Republic Sierra Leone Monetary unit is a leone, the component of 100 cents and manufactured by Bank of Sierra Leone.
Till August, 4th, 1964 monetary unit in Sierra Leone was the West African pound divided for 20 shillings both 240 pence and equalling pound sterling. On August, 4th, 1964 transferring to a decimal monetary system has been carried out. By new monetary unit has been declared a leone (equal 100 cents). The West African pounds were by degrees withdrawn from circulation and since February, 4th, 1966 have become invalid for a lawful legal tender.
In a cash turn-over there are denominations of denomination 1000, 2000, 5000, 10000 leone. On a nominal number it is visible that Cent division a leone is today especially formal. An official international designation of the this native currency is the combination of letters SLL (in the country - L ).
Since 1976 in Freetown (Sierra Leone) functions the West African clearing organisation - the institute of multilateral clearing payments first in Africa on a subregional basis. Its participants are 9 central banks representing 14 West African member countries of Economic community of the states of the Western Africa: Central bank of the states of the Western Africa, representing seven countries of the West African exchange rate union - Benin, Burkina Faso, Ivory Coast, Mali, Niger, Senegal and Togo, and central banks of Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Nigeria and Sierra Leone. Developing a clearing system of accounts, the West African clearing organisation promotes economy of currency resources of exhibiting countries, and also expansion of their mutual trade and currency cooperation.
In June, 2010 the Bank of Sierra Leone has manufactured a new series of notes which are a bit less on the size, than notes from the previous series, at them degree of protection against fakes is raised and they are more durable.
As a result of inflation, the note in 20000 leone will be shortly manufactured.
It is updated 03.2012