The Evolution of Banking in Sierra Leone

1586 WordsJan 11, 20127 Pages
INSTITUE OF PUBLIC ADMINSTRATION AND MANAGEMENT/ UNIVERSITY OF SIERRE LEONE MODULE: FINANCIAL REGULATION AND PRACTICES COURSE: BSC (HONS) FINANCIAL SERVICES (YEAR 4) ASSIGNMENT: DISCUSS THE EVOLUTION OF BANKING IN SIERRA LEONE NAME: MOHAMED KHALIL KOROMA REG: 4606 NAME OF LECTURER: MR N’JAI CONTENT 1. Introduction 2.1 Adam Smith and Modern Banking 2. Overview of Sierra Leone banking 3. Our Perception of Banking in Sierra Leone 4. Conclusion INTRODUCTION Mankind has always been seeking security and protection. This need has led him to scientific and tecological development on one hand and banking development on the other. In modern times the banking has become so necessary that…show more content…
The enabling legislation was passed on the 27 of March. The Bank of Sierra Leone was established in 1963, is the central bank of issue .the Banking Acts of 1964 provides for the regulations of commercial banks by the central bank, including the control of money supply. Poor revenue collection ,failure to control expenditure and heavy debt servicing requirements as a result of past borrowing characterized government finances in the 1980s and early 1990s. It is responsible by charter for the oversight of the country’s banks and advising the government on financial matters, management of domestic and foreign debts and maintaining of foreign exchange reserve. Despite the since independence Sierra Leone ‘economy has been characterized by financially disadvantageous exchange rate and government budget deficits which led to sizable deficit balance to payment deficit and inflation. Also IMF has been making numerous interventions to savage this situation. In the 1990s, there were six commercials banks operating in the country. Standard chartered Bank and Barclays bank of Sierra Leone are
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