Sierra Leone unveils new generation of banknotes| MENAFN.COM

Thursday, 01 December 2022 10:53 GMT

Sierra Leone unveils new generation of banknotes


(MENAFN) In an effort to boost trust in the inflation-stricken national currency, Sierra Leone on Friday unveiled a new generation of banknotes that remove three zeros from the leone.

The Bank of Sierra Leone stated that the adjustment in August of previous year, emphasizing that it is not going to have an impact on the general populace's purchasing power.

At ceremonies at the central bank when the new banknotes were introduced, President Julius Maada Bio made a declaration, "we have removed three zeros from our banknotes but the money yesterday is the same value as today."

A note worth 10 new leones is comparable to a note worth 10,000 old leones, which goes for around 75 cents in United States dollars. According to the national statistics bureau, the state of West Africa saw year-over-year inflation in May of 24.87 percent.

A mountain of expensive paper money has been produced as a result of the output of banknotes in response to rising costs. On the other hand, even the simplest transactions need a large number of banknotes, and dishonest bank employees occasionally steal money from sealed bundles of cash.

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