23.8 C
Sierra Leone
Monday, August 15, 2022

No Banking in Sierra Leone on June 30

HomeNewsNo Banking in Sierra Leone on June 30

No Banking in Sierra Leone on June 30

Date:

Related stories

MPs Debate Amendment of Salone Constitution

By Parliamentary and Public Relations Department The Parliament of Sierra...

3 Arrested with Ammunition at Tokeh Checkpoint

At about midday on Saturday 13th August, 2022, personnel...

CGTN poll: 78.34% of people believe China vitalized world economy

Credit: China Global Television Network More than 78 percent of...

ZHAO QIAN: Why China reacts strongly to Pelosi’s trip to Taiwan

Credit: The STAR Credit: ZHAO QIAN (Correspondent of China...

By Aruna Turay

Pursuant to Section 122(2) of the Banking Act, 2019, the Bank of Sierra Leone has announced that Thursday, 30th June 2022 shall be declared a bank holiday.

This is with regards to systems and transactions, and accordingly all commercial banks and deposit-taking institutions shall be closed to the public.

Whereas paragraph 1 of Public Notice No. 223 published in the Gazette on 16th June, 2022 states that “pursuant to Section 1 (3) of the Redenomination of the Leone (Characteristics) Regulations 2021, the redenominated currency shall become legal tender effective 1st July, 2022”.

In addition, pursuant to Section 122(1) of the Banking Act, 2019, on Friday 1st July 2022 which is the appointed date for the redenominated currency to become legal tender, banking hours shall be from 11 am to 6 pm.

Also, pursuant to Section 65 of the Bank of Sierra Leone Act, 2019, effective 1st July, 2022 for the purposes of exchange of existing to redenominated currency, over the counter limit per transaction shall be as Le30,000,000.00 (thirty million leones) for individuals and Le100,000,000.00 (one hundred million leones) for corporate entities.

Latest stories

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once