Section 31, The Bank of Sierra Leone Act, 2000

(1) The exchange rate policy of Sierra Leone shall be formulated and executed by the Bank. (2) The Bank may issue guidelines for the purpose of regulating the purchase, sale, holding or transfer of foreign exchange. (3) The Bank may, in order to achieve its objective under subsection (1) of section 7 or to avert a foreign exchange crisis, temporarily restrict the purchase, sale, holding or transfer of foreign exchange. (4) Any restrictions under subsection (3) shall initially be only for a period not exceeding twelve months and may be extended for another period not exceeding twelve months only with the approval of the Board. No. 3 Bank of Sierra Leone Act 2000 43 (5) Whenever the Bank imposes a restriction, it shall submit a report to the Minister within seven days and every three months thereafter containing the causes which have led to the imposition of the restrictions and the actions the Bank intends to take to remedy the situation. (6) Any restriction imposed under this section shall be consistent with any obligations acquired by Sierra Leone under any international agreement to which it is a party. [Margin: Additional responsibilities of Bank.]