Sierra Leone re-sizes bank notes
Speech delivered by Hon. Alhaji Ibrahim Ben Kargbo, Minister of Information and Communication at the Launching Ceremony of the re-sized bank notes – Friday 14 May, 2010, at the Bank of Sierra Leone Complex
Your Excellency the President of the Republic Sierra Leone Colleagues Ministers Honourable Members of Parliament Your Worship the Mayor of the Municipality of Freetown Your Excellencies, members of the Diplomatic and Consular Corp Members of the Board and Management of the Bank of Sierra Leone Heads of Private Organizations Managing Directors of Commercial Banks and Other Financial Institutions Heads of Professional Organizations Members of the Fourth Estate Distinguished Guests, ladies and GentlemenI would like to extend my sincere thanks and appreciation to the Management and Staff of the Bank of Sierra Leone for inviting me to steer the ship of this very important ceremony, that is, the launching of our new family of resized banknotes.
In recognition of the honour bestowed upon all of us here today, I would like to pay tribute to the Management and staff of the Bank of Sierra Leone for maintaining high professional standards over the years. Truly, this event will have a special place in the annals of Financial Sector Development in general and Central Banking in particular, in Sierra Leone.
The new thinking of the Bank of Sierra Leone to open up the banking sector and allow new players has helped instill confidence in the economy and the banking sector in particular.
You may recall that at a Press Conference held at the Bank of Sierra Leone Staff Recreational Complex on 8th April 2010, the Governor of the Bank of Sierra Leone, Mr. Sheku Sambadeen Sesay announced the Bank’s plan to gradually replace all notes in circulation with a new family of resized banknotes. You will also recall that the Governor stated that the Bank’s decision to resize these notes was consistent with its strategy for developing the Bank’s currency management system which falls in line with current industry trend and international best practices.
Ladies and gentlemen, as you may be aware, the Central Bank is the sole authority responsible for issuing notes and coins in Sierra Leone which gives it the power to print notes and coins when it is deemed fit to do so. As the Governor will share with you shortly, the printing of currency notes is not an easy task. It is a very complicated, highly sophisticated and technical task. In this particular case, it was necessary to ensure both a high quality product in terms of durability – which from the opinion of the general public is lacking in the current bank notes and also a high level of security-finished banknotes to help counteract the observed increase in counterfeiting, thus frustrating the efforts of counterfeiters. Today is the culmination of a process of extensive consultations and deliberations.
I want to ask you to join me in congratulating the Bank of Sierra Leone for taking the initiative and putting in place this framework within a short time. I would however urge the Bank to ensure a smooth and convenient process for the withdrawal of the old notes so as not to disadvantage our people.
With these remarks and to get the program underway, it is now my honour and privilege, your Excellencies, Ladies and Gentlemen to invite the Governor of the Central Bank of Sierra Leone to make a statement.
Thank you.
Hon. Alhaji Ibrahim Ben Kargbo, Minister of Information and CommunicationStay with Sierra Express Media, for your trusted place in news!
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