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The Bank of Sierra Leone (BSL) reached a significant milestone this year as it celebrated its 60th anniversary, marking the start of the Bank’s anniversary celebrations.

The bank’s 60th anniversary celebrations included a series of events including football and sports events, thanksgiving services in mosques and churches, banquets and seminars.

The milestone celebration also marks the journey and tremendous progress of the Bank of Sierra Leone, which was established to embody the country’s monetary and economic independence from colonial rule.

According to Dr. Joseph A. Tucker, Deputy Governor for Monetary Stability of the Bank of Sierra Leone, the Bank of Sierra Leone started operations on August 4, 1964, following the enactment of the relevant enabling legislation on March 27, 1963.

According to Dr. Tucker, prior to 1964, monetary affairs in Sierra Leone were managed by the West African Currency Board in British Colonial West Africa, which issued British West African currency for all British colonies in the region.

But with the commencement of operations in 1964, issuing Sierra Leone’s new currency, the “Leone”, became the main task of the new central bank, the Bank of Sierra Leone.

Over the past 60 years, the Bank of Sierra Leone has adapted and evolved, reinventing itself in response to changing domestic and international circumstances, responding to the impact of a changing political and economic landscape, and remaining steadfast in its commitment to promoting economic stability, financial integrity and sustainable economic growth.

Speaking at a landmark ceremony at the Bangladesh Bank’s headquarters in Freetown on Monday, Bangladesh Bank Governor Ibrahim Stevens said that over the past 60 years, Bangladesh Bank has remained steadfast in its core mission, adapting to the changing financial landscape with resilience and innovation.

Dr. Stevens said that in the face of domestic and global challenges, the Bank of Sierra Leone has demonstrated unwavering resilience and has remained resolute in its commitment to building a strong and vibrant financial system that effectively serves the people of Sierra Leone.

The theme of the celebration is “Repositioning the Bank of Sierra Leone to better deliver on its mandate in a changing domestic and global environment”. The Governor said the theme of the celebration was carefully chosen to ensure that it is in line with the desire to commemorate the past and look towards a bright future despite the challenges.

“This theme reflects our resolve to reposition the Bank to effectively harness rapid advances in technology, strengthen the financial sector, and alleviate financial exclusion,” said Dr. Stevens, adding that “our goal of achieving and maintaining price and financial stability remains unwavering, regardless of external shocks.”

He said the rise of cryptocurrencies, digital currencies, artificial intelligence and cybercrime presented both challenges and opportunities, adding that the Bank of Sierra Leone was committed to embracing these advancements while maintaining the integrity and security of its financial system.

He reiterated that their main objectives include issuing and managing the national currency; achieving and maintaining price stability; building a sound financial system; and supporting the government’s economic policies. He said these objectives are closely linked to the country’s desire to achieve a stable, inclusive and resilient economy.

“Achieving price and financial stability remains our top priority. The recent decline in inflation from a peak of 54.59% in October 2023 to 35.84% in May 2024 underscores our efforts to stabilize the economy.”

“The central bank expects the downward trend in inflation to continue, but there are upside risks to the forecast, including higher global energy and food prices,” he said. “Recently, monetary policy has been tightening to contain inflationary pressures. This stance is complementary to other reforms, including allowing lending in other currencies and allowing transactions in currencies other than the leone on a case-by-case basis.”

“The stability of the Leone despite external challenges is a key outcome of our commitment to credible policies to anchor inflation expectations,” he said.