SLL (Sierra Leone Leone)

What is SLL (Sierra Leonean Leone)’

Sierra Leonean Leone (sll) is the national currency of the Republic of Sierra Leone is a country in West Africa. The Sierra Leonean Leone is subdivided into 100 cents and is often presented with the symbol, in the form Le100 for 100 Leones. The Bank of Sierra Leone, established in 1964, questions and monitors the currency.

Breaking down the ‘SLL (Sierra Leonean Leone)’

In LML replaced the British West African pound as the official currency of Sierra Leone in 1964, at the rate of two leones to every one pound. By June 1986, to eliminate persistent overvaluation, adopted a floating exchange rate regime.

Banknotes circulate in 1000, 2000, 5000 and 10,000 Leone and coins of 10, 50, 100 and 500 Leone domination. Foreign currency can be exchanged at any of the commercial banks, recognised foreign exchange bureaux and most hotels. Sierra Leone suffers from high inflation due to civil war and economic struggle. As a result, an ambulance was always weaker and is one of the weakest currencies in the world.

Economic support for Sierra Leone Leone

Currently, Sierra Leone is one of the poorest countries in the world and depends mainly on foreign aid. According to the development programme of the United Nations, about 60 percent of Sierra Leoneans live below the poverty line. In the 1960s the GDP per capita in Sierra Leone grew 32%, reaching a peak of 107% in the 1970-ies. However, this pace was unsustainable, and he therefore declined by 52% in 1980-e years, and another 10% in the 1990-ies.

In 2017, world Bank data show the country is currently experiencing a 4.2% gross domestic product (GDP) deflator annual inflation of 14.7 percent.

The Republic of Sierra Leone is a small country in West Africa on the Atlantic coast. The country is home to the third largest natural harbour. A former British colony, Sierra Leone gained independence in 1961 and declared itself a Republic ten years later, in 1971.

Between 1967 and 1991, the authoritarian one-party government held all the power. A series of brutal civil war erupted in 1991, the overthrow of the government, and continuing until 2014, killing tens of thousands of lives and destroying the country’s infrastructure. In 2014, the Ebola outbreak overwhelmed the capacity of the health system the creation of a humanitarian crisis.

The economy remains heavily dependent on mining, particularly valuable diamonds and gold, whose annual production volumes are estimated at US $ 70 – $ 250 million. Since only a small fraction of the profitable mining industry goes through official channels of export, the country was unable to implement a substantial, widespread economic benefits from valuable stones. These resources are often the source of conflict, with the use of the funds often go to the purchase of weapons for military factions of the rebels or other undesirable initiatives.

Because the country earns a lot of foreign trade, the international monetary Fund (IMF) and the world Bank, which provide assistance to the country, urge countries to reduce state expenditures to maintain a balanced budget.

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