Ministry of information and civic education press Conference

Ministry of Information and Civic Education's Press Conference 20th February 2024 KEY HIGHLIGHTS Governor of the Bank of Sierra Leone Dr. Ibrahim Stevens disclosed to the public that very soon citizens will start enjoying an instant payment system on the national switch, according to him, this will enable citizens to perform transactions across all mobile networks and banks. He said in four months' time citizens should expect an announcement from him. Dr. Stevens said the vision of the Bank is to go digital to achieve financial inclusion and a cashless society. Governor Dr. Stevens went on to update the public that the abbreviation for our leones is 'NLe' locally and internationally is 'SLE'. He also said that for historical and accounting purposes the Bank intends to keep the 'Le' as a legal abbreviation as the Bank is working on taking an amendment of the Bank's Act to Parliament in order to retain the 'Le' in the Act. The Bank Governor revealed that they have recovered over 80% of the old leones and that they are determined to collect the remaining balance by the end of March. He attributed the successful transition to proper planning through stakeholder engagements and enough stocking of the new leones. He assured the public that, even after the deadline, citizens are free to take their old leones to the Bank of Sierra Leone. Dr. Steven added that the exchange rate has stabilized for up to 9 months now and that, the Bank is working hard to manage the exchange rate. He also said the country is not lagging behind in repayment of foreign debts. The Bank Governor informed the public that the country's foreign reserve is 3 months of import cover. The Commissioner General, of the National Revenue Authority Mrs. Jeneba Kpaka-Bangura said NRA collected NLe 10.1 billion in 2023 from the NLe10.277 billion target set by IMF which is about 4% short. This according to her was due to the 2023 General Election, Curfew, and other security issues in the country. She revealed that Parliament has set NLe14.972 billion as a target for NRA in 2024. The Commissioner General urged citizens to use the Electronics Cash Register(ECR) in other to collect their GST receipt. She said by collecting receipts from the ECR you have ensured your GST payment goes to the Government. The Director General of the National Civil Registration Authority(NCRA) Mr. Mohamed Massaquoi called on citizens to go for their National Identification Card as it is mandatory. The Card entails every citizen's National Identification Number(NIN) so it is vital for all citizens to have theirs. The National ID Card will enable citizens to access social services and help the government plan well. The National Identification Card is available in every District and the deadline is March 31st,2024. Information and Civic Education Minister Chernor Bah called on citizens to imbibe the culture of paying taxes as that is the only way the government can increase salaries and bring more developments.