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Saturday, January 28, 2023

BSL Urged to Address Plummeting Leone

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BSL Urged to Address Plummeting Leone

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Below is the full text of the letter:   

RE: REQUEST FOR MEETING WITH RELEVANT FINANCIAL ACTORS OVER THE PERSISTENT DEPRECIATION OF THE LEONE

Firstly we want to thank you for your open door policy and, we want to thank the bank for the willingness to provide the technical information we needed.

The Native Consortium and Research Centre calls on you to use your good office and immediately organize a round table conference with Commercial Banks, actors within the financial sector and those in the parallel currency market including Black Marketers, to discuss immediate and short-term measures that can be taken towards addressing the rapidly plunging Leone.

Sir, we expect you to give us a date as soon as possible so we can coordinate and have all the players informed and prepared well ahead of time.

We believe that we need to have a frank discussion on this problem as a group of Sierra Leoneans who should be made to commit themselves to national rather than personal gain and to start building a more sustainable financial future for our nation.

The Native Consortium & Research Centre is a Civil Society Think Tank Institution. Our main thematic area of focus is on Economic justice and Human right issues. We have always been concerned about the issues surrounding the value of our currency and the current situation seems to have confirmed our fears. In 2016, we participated in a similar meeting as we are now proposing, where we advised the former Bank Governor, Dr Kelfala Marrah, on how to craft ways to checkmate the depreciation of the Leone. From the Civil Society perspective, we recommend a road map, which led to a Presidential declaration on the restriction of dollar transactions within the economy.

We hope this request meets with your approval and we expect to meet with you at your earliest convenience.

The letter was signed by Edmond Abu (Jr.) Executive Director and copied to several stakeholders including the media.

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