Who owns the Bank of Sierra Leone?
The Bank of Sierra Leone is a body corporate and is 100% state-owned. The Bank’s affairs (i.e. policies and general administration) are administered by the Board of Directors which comprise the Governor, the Deputy Governor and formerly 3 now 5 Non-executive Directors, all of whom are appointed by the Head of State.
What is Central Bank of Sierra Leone function?
The Bank of Sierra Leone is the central bank of Sierra Leone. It issues the country’s currency, known as the Leone. The bank formulates and implements monetary policy, including foreign exchange.
Who is the first bank governor of Sierra Leone?
Sheku Sambadeen Sesay
The first, Sheku Sambadeen Sesay, served five years from 2009 to 2014. The next two governors both served much shorter periods despite being appointed to five-year terms: Momodu Kargbo led the bank from 2015 to 2016, followed by Kaifala Marah who was governor from 2016 to 2017.
How many commercial banks are there in Sierra Leone?
Sierra Leone’s banking system is overseen by its central bank, the Bank of Sierra Leone and twelve commercial banks operate in the country.
What is Sierra Leone’s form of currency?
Sierra Leonean leoneSierra Leone / Currency
Who is the managing director of Sierra Leone commercial Bank?
MY PhillipsSierra Leone Commercial Bank / CEO
What are the objectives of the Sierra Leone commercial Bank?
Our Vision The market leader in financial services. of SWIFT (Society for Worldwide International Funds Transfer). promote food security drive in Sierra Leone and in line with government’s ‘new direction’ agenda. ease transaction processing.
When was FBN established in Sierra Leone?
I am especially happy at the progress FBNBank Sierra Leone has made since inception in 2005.
What are the types of bank in Sierra Leone?
Banking in Sierra Leone consists of a central bank, the Bank of Sierra Leone, seven commercial banks, and six community banks.
Who is the managing director of Sierra Leone commercial bank?
Which country print Sierra Leone money?
Countries that use the Leone The Leone is an official national currency and used only in Sierra Leone. 1 Leone is devided into 100 Cents.
What country is Sierra Leone money made in?
The currency of Sierra Leone is the Leone. The leone is only used in Sierra Leone. The leone was first introduced on August 4, 1964 and it replaced the British West African Pound. It replaced the pound at a rate of 1 pound = 2 leone.
Is commercial bank owned by the government?
The central bank is owned by the government, whereas the commercial bank is owned by shareholders.
What is the swift code for Sierra Leone commercial bank?
SIERRA LEONE COMMERCIAL BANK LTD
|Swift code (8 characters)||SLCBSLFR|
|Branch name||SIERRA LEONE COMMERCIAL BANK LTD|
|Branch address||CHRISTIAN SMITH BUILDING, 29-31 SIAKA STEVENS STREET|
What is the full name of first bank?
Dynamic Evolution. First Bank of Nigeria Limited (“FirstBank”), established in 1894, is the premier Bank in West Africa, Nigeria’s number one bank brand and the leading financial services solutions provider in Nigeria. The Bank was founded by Sir Alfred Jones, a shipping magnate from Liverpool, England.
Who is the chairman of first bank?
The Central Bank of Nigeria (CBN) has approved the appointment of Ahmad Abdullahi as non-executive director and chairman of First Bank Holdings PLC.
How many community banks are in Sierra Leone?
When was the Central Bank of Sierra Leone established?
Preliminary arrangements for the establishment of a central bank including the drafting of the legislation then commenced. On 27th March, 1963, the Bank of Sierra Leone Act became law and the Bank began operation on 4th August, 1964, the day Sierra Leone changed to the decimal system of currency.
What was the currency in Sierra Leone before the bank?
Prior to the establishment of the BANK OF SIERRA LEONE, the West Africa Currency Board was responsible for the issue of currency in Sierra Leone. It was obliged to buy and sell the currency it had issued, the West African Pound, at fixed rates against the Sterling in London.
Who appoints the bank governor of Sierra Leone?
The governor of the bank is appointed by the President of Sierra Leone for a term of five years. The Bank Headquarters is at Siaka Stevens Street in the Central business district in Downtown Freetown .