DIRECTIVES ON OVER-THE-COUNTER CASH WITHDRAWALS WITHIN THE BANKING SYSTEM IN SIERRA LEONE
8th July, 2022 TO: ALL LICENSED COMMERCIAL BANKS AND OTHER DEPOSIT TAKING FINANCIAL INSTITUTIONS WHEREAS the Bank of Sierra Leone is desirous of developing and modernizing the payment system in Sierra Leone; AND WHEREAS the Bank of Sierra Leone is desirous of reducing the cost of banking services (including cost of credit); and of driving financial inclusion by providing more efficient transaction options; AND WHEREAS the Bank of Sierra Leone is also desirous of improving the effectiveness of monetary policy in managing inflation and driving economic growth: Pursuant to Section 65 of the Bank of Sierra Leone Act, 2019, the Bank of Sierra Leone hereby issues the following directives: 1. Cumulative weekly over-the-counter limits for cash withdrawals per bank account from all commercial banks and other licensed deposit-taking institutions shall be as follows: (a) Le30,000,000.00 (Thirty Million Leones)/ NLe30,000.00 (Thirty Thousand New Leones) for individuals. (b) Le100,000,000.00 (One Hundred Million Leones)/NLe100,000.00 (One Hundred Thousand New Leones) for corporate entities. 2. The limit of Le50,000,000.00 (Fifty Million Leones)/NLe50,000.00 (Fifty Thousand New Leones) for interbank cheques has been removed. 3. Any bank or other deposit taking financial institution that violates these Directives shall be fined with a penal charge of 5% of the value of the relevant transaction.