Section 7, The Bank of Sierra Leone Act, 2000

(1) The objective of the Bank is to achieve and maintain monetary stability. (2) Without prejudice to subsection (1), the functions of the Bank shall be— (a) to foster the liquidity, solvency and proper functioning of a stable market-based financial system; (b) to formulate, adopt and execute the monetary policy of Sierra Leone; (c) to formulate, adopt and execute the foreign exchange policy of Sierra Leone; (d) to license and supervise institutions that engage in the business of receiving money deposits or other repayable funds from the public and extending credits for their own account, including bureaux of exchange and foreign exchange dealers; 32 No. 3 Bank of Sierra Leone Act 2000 (e) to own, hold and manage its official international reserves; (f) to act as banker and adviser to, and as fiscal agent of, the Government; (g) to promote the efficient operation of payment system and (h) to promote the safe and sound development of the financial system including safeguarding the interests of depositors. [Margin: Offices, branches, agents and correspondents.]