Sierra Leonean Leone (SLL)

What Is the Sierra Leonean Leone (SLL)?

The Sierra Leonean Leone (SLL) is the national currency of Sierra Leone. It is issued by the nation's central bank, Bank of Sierra Leone. As of December 2020, one U.S. dollar bought 10,000 leone.

The leone is frequently addressed with the symbol "Le" before the numeral. For example, 100 leones might be written as Le100.

Figuring out the SLL

The leone supplanted the British West African pound as the official currency of Sierra Leone in 1964, at a exchange rate of two leones to each one pound. By June of 1986, to address constant overvaluation, the country adopted a floating exchange rate regime. Its banknotes course in denominations running somewhere in the range of 1,000 and 10,000 leones.

The economy of Sierra Leone experiences constantly high inflation. Thus, the leone is one of the world's most fragile currencies. Between June 2016 and December 2020, the leone has fallen from $0.00025 to $0.0001 USD per leone.

Sierra Leone is perhaps of the most unfortunate nation in the world and depends vigorously on outside aid. As per the United Nations Development Program, roughly 57 percent of Sierra Leone's inhabitants live below the poverty line. Fueling poverty was a slowdown in economic growth, enrolling 3.7% in 2018 contrasted and 21% in 2015.

Real World Example of the SLL

The Republic of Sierra Leone is a small West African country on the Atlantic coast. Home to the world's third-biggest natural harbor, Sierra Leone was once a British state and acquired independence in 1961.

Somewhere in the range of 1967 and 1991, a tyrant one-party government held power. Civil war broke out in 1991, unseating the government and continuing until 2002, claiming a huge number of lives and obliterating the country's infrastructure. In 2014, an Ebola episode overburdened the ability of the healthcare system, making a helpful crisis.

The economy of Sierra Leone is intensely dependent upon mineral extraction, especially diamonds and gold. In 2018, the total value of mineral exports came to $359 million, down from $433.1 million out of 2017. Sierra Leone sent out diamonds worth roughly $86 million. In 2018, the government collected $29 million from extractive industries through mining licenses, sovereignties, corporate taxes and other revenue sources.

In 2019, Extractive Industries Transparency Initiative said Sierra Leone had gained significant headway in executing standards to advance open and accountable management of its extractive industries. In any case, the group said Sierra Leone expected to gain ground in regions, for example, unveiling the presence of any barter arrangements or infrastructure agreements with private companies.

Highlights

• It is perhaps of the most fragile currency in the world, with its value relative to the U.S. dollar declining fundamentally between June 2016 and December 2020.
• Sierra Leone's economy is vigorously dependent on raw commodity exports, especially in its diamond sector.
• The Sierra Leonean Leone is the national currency of Sierra Leone, a West African nation which pronounced independence from Britain in 1961.