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Sierra Leone loses 0.64 percent of value to American dollar in month

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Sierra Leone’s leone has lost 0.64 percent (Le62.52) of its value to the dollar in one month, from Le9710.63 on April 28 to Le9773.15 on May 28, according to the Bank of Sierra Leone.

Moreover, Sierra Leone’s year-on-year mining revenue has decreased by eighty-five percent, from $2.24 million in April 2019 to just $0.33 million in April 2020.

Mining accounts for more than eighty percent of the West African country’s export revenue, generating the lion’s share of its foreign currency reserves.

The drop in mining revenue is largely due to restrictions imposed by authorities to contain the Covid-19 that has infected seven-hundred and eighty-two people and claimed fourty-five lives.

Sierra Leone has banned all flights to the country and deployed its military to help enforce the closure of its borders with Guinea and Liberia in a bid to prevent the virus from spilling over to local communities.

– APA

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