Sierra Leone on Friday released new banknotes without many zeroes in a bid to restore its economy in the face of crunching inflation.
The Bank of Sierra Leone had the announcement in August last year revealing the public’s purchasing power would not be affected by it.
“We have removed three zeros from our banknotes but the money yesterday is the same value as today,” President Julius Maada Bio said at the unveiling of the new bank notes.
New notes of 10 Leones are the same as 10,000 Leones in the past as they have same purchasing power. The currency is about 75 cents.
Year-on-year inflation in Sierra Leone stands at over 24% according to the nation’s statistics agency.
“We are removing the ‘zeros of shame’ to get the currency properly aligned,” Morlai Bangura, a central bank director, had told AFP.
The Central Bank Governor had said the currency was too big to fit into wallets and caused Sierra Leoneans to spend too much money.