Section 48, THE BANK OF SIERRA LEONE ACT 2019

(1) The exchange rate policy of Sierra Leone shall beformulated 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 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 for a period not exceeding 12 months and may, with the approval of the Board, be extended for another period not exceeding 12 months. (5) Whenever the Bank imposes a restriction, it shall submit a report to the Minister within 7 days and every 3 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 the obligations of any international treaty to which Sierra Leone is a party.