Bank of Sierra Leone

Results of the Five Hundred & Eleventh Foreign Exchange Auction held by the BSL on 3rd March, 2010

Total amount offered for sale...............................................US$1,700,000.00

Of which

Amount offered through the competitive window.................................US$1,700,000.00

Total amount sold................................................US$1,700,000.00

of which:

Amount sold through the competitive window.........................................US$1,700,000.00

Total Amount offered for sale by the Public................................................................NIL

Total Value of Acceptable Bids................................................US$1,752,000.00

Auction Rate Struck per US$.................................................................LE3, 688.94

The Bank of Sierra Leone also wishes to make the following announcements:

The next foreign exchange auction will take place on Wednesday 10th March, 2010.

•    The Bank of Sierra Leone will offer to sell an amount of US$1,700,000.00 through the Competitive window of the auction on Wednesday 10th March 2010.

- Bids from Oil Companies should be submitted in multiples of US$50,000 up to a maximum amount of US$400,000.00 per bidder, per auction. 

- Bids from rice importers should be submitted in multiples of US$50,000.00 up to a maximum amount of US$100,000.00 per bidder, per auction.

- Bids from general merchandise (all other eligible imports) should be submitted in multiples of US$5,000.00 up to a maximum amount of US$50,000.00 per bidder, per auction.

The foreign exchange auction also provides a window for sellers of foreign exchange like Business Houses, Exporters, Other International Organisations. NGOs and Embassies to sell their foreign exchange at the auction rate on the date of the auction. The minimum offer amount should not be less than US$10,000.00

 The Bank of Sierra Leone also announces for the information of the general public that for bids to be eligible for participation in the Foreign Exchange Auction, non-bank participants should ensure that they forward originals of all import documents in support of bids through their commercial banks for onward transmission to the Bank of Sierra Leone for confirmation of compliance with the Auction Guidelines by Friday 3:00 p.m. each week.

FINANCIAL MARKETS DEPARTMENT BANK OF SIERRA LEONE