Sierra Leone Leone

Overview

The Leone is the official currency for Sierra Leone, formally known as the Republic of Sierra Leone. The currency is illustrated by the symbol Le and is partitioned into 100 cents. Small bank notes such as Le10,000, Le 5,000, Le 2,000 and Le 1,000 are used by residents. Coins are rarely used, but because they have so little value.

Economy

• The economic growth of the country has been relatively slow because of poor government and the impact of the civil war, as well as the decline in mining.
• Mining in diamond and other minerals has become one of the most dependable economy builders in Sierra Leone.
• The country is one of the biggest contributors of rutile, a titanium mineral,
• Agriculture has also become a major contributor the economy, accounting for approximately 52% of the country’s income.

History

• The Leone became the official currency of Sierra Leone in 1964, after the government decided to replace the British West African Pound at a 2:1 rate.
• Coins of ½, 1, 5, 10 and 20 cents were issued, which carried the face of Milton Margai.
• In 1996, when the period of inflation ended, new coins where issued for 10, 50 and 100 leones. In 2004, 500 leone coins were introduced.
• In 2010, the official bank of the country, The Bank of Sierra Leone, introduced much more durable Le10,000, Le5,000, Le2,000 and Le1,000 banknotes.