What Is the Sierra Leonean Leone (SLL)?
The Sierra Leonean Leone (SLL) is the national foreign exchange of Sierra Leone. It is issued throughout the nation’s central monetary establishment, Monetary establishment of Sierra Leone. As of December 2020, one U.S. dollar bought 10,000 leone.
The leone is regularly represented with the logo “Le” quicker than the numeral. As an example, 100 leones may be written as Le100.
Key Takeaways
- The Sierra Leonean Leone is the national foreign exchange of Sierra Leone, a West African nation which declared independence from Britain in 1961.
- It is one of the weakest currencies on the planet, with its price relative to the U.S. dollar declining significantly between June 2016 and December 2020.
- Sierra Leone’s monetary device is carefully reliant on raw commodity exports, specifically in its diamond sector.
Understanding the SLL
The leone modified the British West African pound since the skilled foreign exchange of Sierra Leone in 1964, at an alternate worth of two leones to each one pound. Thru June of 1986, to right kind energy overvaluation, the country adopted a floating alternate worth regime. Its banknotes drift into in denominations ranging between 1,000 and 10,000 leones.
The monetary device of Sierra Leone suffers from continuously high inflation. As a result of this, the leone is one of the world’s weakest currencies. Between June 2016 and December 2020, the leone has fallen from $0.00025 to $0.0001 USD in step with leone.
Sierra Leone is one of the poorest international locations on the planet and is based totally carefully on external fortify. In keeping with the United International locations Construction Program, more or less 57 % of Sierra Leone’s electorate reside underneath the poverty line. Exacerbating poverty was once a slowdown in monetary growth, registering 3.7% in 2018 when compared with 21% in 2015.
Exact International Example of the SLL
The Republic of Sierra Leone is a small West African country on the Atlantic coast. Space to the sector’s third-largest natural harbor, Sierra Leone was once once a British colony and received independence in 1961.
Between 1967 and 1991, an authoritarian one-party govt held power. Civil struggle broke out in 1991, unseating the government and continuing until 2002, claiming tens of masses of lives and destroying the country’s infrastructure. In 2014, an Ebola outbreak overburdened the ability of the healthcare device, creating a humanitarian crisis.
The monetary device of Sierra Leone is carefully dependent upon mineral extraction, specifically diamonds and gold. In 2018, the entire price of mineral exports reached $359 million, down from $433.1 million in 2017. Sierra Leone exported diamonds worth more or less $86 million. In 2018, the government collected $29 million from extractive industries inside of the kind of mining licenses, royalties, corporate taxes and other source of revenue sources.
In 2019, Extractive Industries Transparency Initiative said Sierra Leone had made vital construction in implementing necessities to put it up for sale open and accountable keep watch over of its extractive industries. Alternatively, the crowd said Sierra Leone needed to make construction in areas similar to disclosing the lifetime of any barter arrangements or infrastructure agreements with private corporations.
