Section 33, The Bank of Sierra Leone Act, 2000

The Bank may, either on its account or by order of the Government, enter into clearing and payments agreements or any other contracts for the same purpose with public and private central clearing institutions domiciled abroad. [Margin: International reserves.] 34 (1) The Bank shall establish and maintain an international reserve which shall consist of all or any of the following assets— (a) foreign exchange in the form of notes and coins or bank balances held abroad in foreign currencies; (b) gold; (c) any other internationally recognized reserve asset, including— 44 No. 3 Bank of Sierra Leone Act 2000 (i) the entitlement to make reserve tranche purchases from the International Monetary Fund or other international financial institution; (ii) the holding by Sierra Leone of special drawing rights of the International Monetary Fund; (d) bills of exchange and promissory notes, payable in convertible foreign currencies; and (e) debt securities issued or guaranteed by, and forward purchase or repurchase agreements concluded with or guaranteed by, foreign States or Central Banks or international financial institutions denominated and providing for payment in foreign currencies. (2) The Bank shall use its best endeavours to maintain the international reserves at a level which, in the Bank's opinion, shall be adequate for the execution of its monetary and exchange rate policies and for the prompt settlement of the country's international transactions. (3) If the international reserve has declined or, in the opinion of the Bank, is in danger of declining to such an extent as to jeopardize the execution of the monetary or exchange rate policies or the prompt settlement of the country's international transactions, the Bank shall submit to the Minister a report on the international reserves position and the causes which have led or may lead to such a decline, together with such recommendations as it considers necessary to remedy the situation, and the Minister shall cause the report to be laid before Parliament. (4) Until such time as, in its opinion the situation has been rectified, the Bank shall make such further reports and recommendations as it thinks necessary. [Margin: Reporting of foreign exchange transactions.]