Section 51, THE BANK OF SIERRA LEONE ACT 2019

(1) The Bank shall own, maintain and manage theinternational reserves which shall consist of all or any of the following assets- 26 27 Foreign Exchange regime. Exchange rate policy. Foreign mark et operations Exchange. Clearing and payment agree-ments. International reserves. No. 5 Bank of Sierra Leone Act 2019No. 5 Bank of Sierra Leone Act 201928 29 (a) foreign exchange in the form of banknotes and coins or bank balances held abroad in convertible foreign currencies; (b) gold; (c) any other internationally recognised reserve asset in convertible foreign currencies, including- (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 inconvertible 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 convertible foreign currencies. (2) The Bank shall use its best endeavours to maintain the international reserves in a secure and liquid manner at a level which, in the opinion of the Bank, shall be adequate for the execution of its monetary and exchange rate policies and for the prompt settlement of the international transactions of Sierra Leone. (3) Where the international reserves have declined or, in the opinion of the Bank, are in danger of declining to such an extent as to jeopardise the execution of the monetary or exchange rate policies or the prompt settlement of the international transactions of Sierra Leone, the Bank shall submit to Parliament a report on the international reserves position and the causes which have led or may lead to such a decline, together with recommendations that it considers necessary to remedy the situation. (4) Until such time as, in the opinion of the Bank, the situation has been rectified, the Bank shall make such further reports and recommendations public as it thinks necessary or desirable. PART IX -MONETARY AND OTHER OPERATIONS