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Sierra Leone will cut three zeros from its currency and print more modest bills that fit into a normal wallet ,as the country fights runaway expansion, the national bank said on Thursday.
The new leone, as the new currency will be called, will be esteemed at around 10 to the US dollar, Kelfala Murana Kallon, the bank’s lead representative, told journalists.
“Not long from now, Sierra Leone will get another currency that will be known as the new Leone,” Kallon said.
“Our present currency is too huge to even consider squeezing into a wallet and we go through a lot of cash printing larger than average banknotes,” he added, in spite of the fact that he gave no date for the change.
Sierra Leone desires to recover send out seriousness and rein in expansion which have disintegrated the presumptive worth and buying force of the currency.
Despite the fact that swelling has been retreating lately, it was all the while running at 13.4 percent in 2020, as indicated by World Bank gauges.
Regardless of its wealth in precious stones and different products, the previous British settlement of 7.5 million individuals is among the world’s most unfortunate nations.
Its economy is tormented by defilement and was crushed by the 1991-2002 common conflict which left around 120,000 dead.
Endeavors at reconstructing were hampered by the Ebola pestilence of 2014-2016, a fall in world product costs and the Covid plague — all of which have disturbed exchange and speculation and hit trades.
“Our economy isn’t progressing nicely, the expense of rice, flour and sugar are going up every day, we need financial backers to foster the farming and mining areas to help the economy,” said Abubakr Kamara, a café proprietor in Central Freetown.
National Bank Governor Kallon said that the new currency notes will diminish exchange costs just as giving a “mental lift to the residents”.