Section 56, THE BANK OF SIERRA LEONE ACT 2019

(1) The Bank may require financial institutions to holdminimum reserves in Leones or in foreign currencies, on account with the Bank in pursuance of its objective of determining monetary policy. (2) The reserves required to be held in the Bank by financial institutions under subsection (1) shall be the same for all banks for each category of liabilities. (3) The Bank shall, by order, directive or guidelines establish the calculation and determination of the required minimum reserves, required to be held in the Bank by financial institutions under subsection (1). (4) In cases of non-compliance with the requirements under subsection (3), the Bank may levy penalty interest or impose sanctions to comparable effect. Custodial Facilities. Open market and credit operations. Minimum reserves No. 5 Bank of Sierra Leone Act 2019No. 5 Bank of Sierra Leone Act 201932 33