Sierra Leone Auctions Off Currency
 8th JAN 2007

The Bank of Sierra Leone, the country's central bank, disclosed on Thursday that it sold a minimum US$1.5mn Wednesday at the first weekly auction for the year 2007.

The bank said in a statement that it sold the amount at an exclusion rate of Le2, 950 to a dollar, with US$1mn traded in the non-competitive window.

Eligibility for participation in the Foreign Exchange Auction was based on the production of originals of all import documents in support of bids through commercial banks for onward transmission to the Bank of Sierra Leone for confirmation of compliance with auction guidelines for non-commercial bank participants.

The bank also announced that the auction provided a window for sellers of foreign exchange, including business houses, exporters, international organizations, NGOs and embassies, to sell their foreign exchange at the auction rate.

The minimum offer amounts were not less than US$10,000, the bank indicated.

The bank advised non-bank participants to forward originals of all import documents in support of bids through their commercial banks for confirmation of compliance with auction guidelines by Friday each week.

Source: panapress

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