Concord Times (Freetown)
Ibrahim Tarawallie
5 November 2009
Freetown — Governor of the bank of Sierra Leone has received commendation from his Nigerian counterpart for his effort in stabilizing the country's economy even at the wake of the global financial crisis.
Lamido Sanusi who was on a visit in the country told senior officials of banking institutions and journalists at the bank of Sierra Leone Auditorium that Sambadeen Sesay has done well in trying to find a solution to the depreciation of the Leones to that of the dollar.
"I want to commend the bank governor of Sierra Leone for the great work he is doing in the banking sector," he said.
He said his visit was to help build strong cooperation between himself and Mr. Sesay adding, "I will network with my counterpart in Sierra Leone and others in the sub-region to ensure that there was strong cross board supervision."
Sanusi said Nigerian banks operating in the country were Sierra Leonean banks noting that they must respect the rules and regulations of the banking sector.
"The global financial crisis should serve as a good model for Africa on how to manage the economy," he maintained.
He said in the wake of global financial crisis, they have completed test with all the banks in Nigeria and 14 of them were safe and sound whiles 10 have given deadline to raise their capital.
Governor of bank of Sierra Leone, Sambadeen Sesay said the visit of his counterpart from Nigeria was to appraise key stakeholders on recent developments in the Nigeria banking sector.
"The visit of Lamido Sanusi will help foster the good relationship between the two countries," he said.
He said they were very careful in assessing and given licenses to banks in the country and that the global financial crisis has impacted into development countries.
"The Leones has depreciated to about 30% since January this year. Export has decline in terms of value and quality," he maintained.
Be the first to Write a Comment!
Copyright © 2009 Concord Times. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
