Page 4
Monetary Developments
Broad Money (M2) expanded by 3.74 per cent to Le230.25bn
in December, 2016 slightly higher than the growth of 3.41 per
cent (Le203.09bn) in November 2016. The
growth in M2 was on account of increase in
both Net Foreign Assets (NFA) and Net
.
Domestic
Assets (NDA) of the banking
system. NFA increased by 3.24 percent
(Le106.97bn). The growth in NFA was a reflection of the
US$33.87mn IMF disbursement for budgetary and Balance
of Payment support. NDA expanded by 4.30 per cent
(Le123.28bn). NDA increased as a result of the Le119.79bn
increase in domestic credit to the Government by the Banking
System. Government borrowing from the Bank of Sierra Leone
grew by 8.04 per cent (Le92.10bn) in December 2016 from
4.55 per cent (Le49.82bn) recorded in November 2016.
Government borrowing from commercial banks expanded by
3.37 per cent (Le76.40bn) in December 2016 from 1.92
percent (Le44.39bn) contraction in November 2016. Reserve
Money (RM) growth slowed to 12.80 per cent (Le243.59bn) in
December 2016 from 13.55 per cent (Le227.08bn) in
November 2016. This growth slowdown was as a result of
significant inflows during the review period. However, Currency
Issued and Bankers’ Deposits increased by Le153.59bn and
Le89.29bn in December 2016, respectively. Credit to the
Private Sector contracted by 1.74 per cent (Le21.96bn) in
December 2016 from 0.87 per cent (Le10.92bn) growth in
November 2016. Yields on Government Securities exhibited
mixed trend while that on savings and Time Deposits
remained unchanged during the review period. Annual yields
on 91-days and 364-days Treasury Bills (TBs) decreased from
9.59 per cent and 31.38 per cent in November 2016 to 9.38
per cent and 30.22 per cent in December 2016 respectively,
while that on 182 days TBs increased from 15.52 per cent to
16.17 per cent in the same period. Interest rates on 12-months
and 24-months Treasury Bonds remained unchanged at 5 per
cent and 14.38 per cent, respectively.
Exchange Rates Developments
Exchange rate movement showed remarkable improvements
during the month of December 2016.
Monthly average exchange rate of the Leone
to US Dollar for December 2016 reflected an
appreciation in all foreign exchange markets on both
the buying and selling fronts. On the buying front, the Leone
appreciated by 5.57 per cent to Le7,486.84/US$1; 3.28 per
cent to Le7,166.81/US$1; 2.56 per cent to Le7,240.41/US$1
and 1.91 per cent to Le7,162.55/US$1 in the parallel market,
Notes:
n.a
**
N/A
R
+
-
Not Available
Nil
Not Applicable
Revised
- Provisional
Monthly Economic Review
December 2016
Monthly Economic Review
Chart 3. Exchange Rates Development
Official
Comm. Banks
Bureaux
Parallel Mkt
6,000.00
5,700.00
$
S
U
/
e
L
5,400.00
5,100.00
4,800.00
4,500.00
4,200.00
3,900.00
5
-1c
e
D
6
-1
eb
F
6
-1r
p
A
6
-1
n
Ju
Pe riod
6
-1
ug
A
6
-1t
c
O
6
-1c
e
D
official, commercial banks and bureau markets, respectively.
Similarly, on the selling front, the parallel market, official,
commercial banks, bureaux and auction rates appreciated by
5.54 per cent to Le7,563.16/US$1; 3.28 per cent to Le7,311.59/
US$1; 2.46 per cent to Le7,441.57/US$1, 1.53 per cent to
Le7,338.56/US$1 and 1.16 per cent to Le7258.80/US$1,
respectively. The premium between the official and the parallel
market rates narrowed by 4.47 per cent from Le518.91/US$1
in November 2016 to Le320.04/US$1 in the review period,
reflecting the relative stability of the Leone.
International Reserves
Gross International Reserves position of the Bank of Sierra
Leone stood at US$503.79mn as at end December 2016,
indicating an increase of 2.39 per cent when compared to
US$491.73mn recorded in November 2016. This development
was on account of total inflows of US$53.05mn which
outweighed total outflows of US$37.37mn indicating a net inflow
of US$15.68mn. Notable inflows during the period comprised
US$38.87mn being Aid disbursement of which, US$33.01mn
was in respect of balance of payment (BOP) and budgetary
support under the ECF programme and US$5.85mn being
budgetary support from ECOWAS and Kuwait. Other inflows
included; US$2.48mn being grant for electricity supply from
ECOWAS and US$8.00mn being capital gains from the
takeover of ILUKA resources by Sierra Rutile; and US$3.32mn
being export receipts. Significant outflows comprised
US$30.77mn, being payments for goods and services of which;
US$11.80mn being sale of foreign exchange in the Bank of
Sierra Leone’s weekly foreign exchange auction, US$9.73mn
being government travel and other government expenditures,
US$6.83mn being payments for infrastructure projects and
US$1.30 being Embassies/Missions’ payments. Other outflows
included debt service payments to other multilaterals and
bilateral creditors (US$3.44mn), OPEC/OFID (US$1.36mn),
IMF (US$1.08mn) and World Bank (US$0.72mn).
Research Department
Published February 2017
D i a m o n d s ('0 0 0 C a ra ts )
I n d u s tri a l ('0 0 0 C a r a ts )
G e m ('0 0 0 C a ra t s )
B a u x it e ('0 0 0 M T )
R u t ile ('0 0 0 'M T )
Ilm e n it e ('0 0 0 M T )
G o ld (O u n c e s )
A g r i c u l tu r e
C o ffe e (M e t ric T o n s )
C o c o a (M e t ric T o n s )
M an u factu r e d G o o d s
B e e r a n d S to u t ( '0 0 0 c tn s )
M a lt in a ('0 0 0 C a r to n s )
S o ft d r in k s ( '0 0 0 C r a te s )
C e m e n t ('0 0 0 M T )
P a in t ('0 0 0 G a llo n s )
A c e tyl e n e ('0 0 0 C u F t)
O x y g e n ('0 0 0 C u F t )
C o n fe c ti o n e r y ('0 0 0 L b )
C o m m o n S o a p ( '0 0 0 M T )
D e c -1 5
J a n -1 6
F e b -1 6
M a r -1 6
43.82
6.42
37.80
**
**
**
74.05
5 7.2 9R
1.2 1
5 6.0 7
11 6.6 4
7 .6 9
1.7 3
18 0.8 6
54.81
7.81
46.99
101.00
8.58
1.56
127.98
66 .04
10 .41
55 .63
111 .07
10 .51
**
222 .06
**
**
71 0.7 6
464.26
260.09
83.00
24.02
104.04
32.10
26.40
26.14
30.27
300.11
56.01
na
7 7.9 9
2 3.9 8
10 5.9 8
2 5.6 7
2 4.4 5
1 6.0 0R
4 1.0 0R
29 0.0 8
5 4.5 0
na
88.54
21.87
101.35
24.32
25.98
14.00R
36.00R
293.54
8.21
na
**
Monthly Inflation Rate
%
Annual Inflation Rate (Yr-on-Yr) %
Consumer Price Index
Source: Statistics Sierra Leone
P R O D U C T IO N
A p r -1 6
M a y -1 6
J u n -1 6
J u l -1 6
A u g -1 6
S e p -1 6
O c t-1 6
N o v -1 6
4.75
1.96
2.79
12 9.74
1 0.42
1.54
71 5.77
84 .69
11 .75
73 .45
123 .42
10 .75
0 .75
372 .35
79.49
9.96
69.53
126.72
13.46
2.73
1055.31
19 .49
6 .51
12 .98
130 .40
14 .40
3 .90
645 .26
59 .43
19 .49
39 .94
125 .97
14 .02
3 .25
**
2 1.0 8
8.26
1 2.8 2
9 2.1 2
1 4.6 6
**
**
1 9.00
7.58
1 1.43
11 9.58
1 6.59
3.48
1.12
6 4.80
3 1.01
3 3.79
125 .98
1 5.77
4.91
8.09
413.34
38 .09
55 6.09
16 1.24
364 .94
124 .25
185.00
**
**
**
**
**
**
**
**
**
**
**
79 .45
15 .60
100 .08
27 .57 R
20 .87
12 .00
48 .00
293 .30
8 .21
na
8 0.90 R
1 9.80 R
10 5.9 0R
3 0.90 R
1 6.00
1 1.50
4 1.50
28 9.72
7.23
na
85 .92
21 .00
81 .69
28 .40
19 .80
13 .89
41 .90
285 .09
48 .90
na
31.33
20.70
69.97
25.60R
16.90
17.60
45.87
277.90
54.76
na
57 .90
23 .90
78 .66
26 .65 R
14 .65
12 .43
27 .50
287 .98
50 .80
na
69 .90
24 .56
76 .66
23 .46
15 .90
20.900
30 .80
279 .09
47 .66
na
7 1.8 7
2 3.4 6
7 7.9 7
2 5.1 0
1 7.6 7
2 1.3 4
2 7.9 7
19 3.8 4R
4 4.1 3R
na
7 6.89
2 3.54
7 8.86
2 6.43
1 6.87
2 3.67
2 6.55
19 6.78
1 2.33
na
8 9.65
2 4.65
7 9.09
2 4.56
1 8.77
2 3.90
2 4.45
198 .90
3 5.87
na
F l o u r ('0 0 0 M e tr i c to n s )
S o u r c e s : M a n u fa c tu ri n g I n d u s tri e s , G o l d a n d D i a m o n d D e p a rtm e n t
Table 2.
Volume 18 Issue 12
economic developments took place: The Executive
Board of the International Monetary Fund (IMF) on
7th December 2016 completed the sixth review of
Sierra Leone’s performance under the Extended
Credit Facility (ECF) arrangement, leading to a
disbursement of SDR24.44million, about
US$33.23million. This brings the total disbursements
under the arrangement to SDR186.66million (about
US$253.81 million). On the 15th December 2016,
the Governor of the Bank of Sierra Leone, Dr. Kaifala
Marah and the Statistician-General of Statistics
Sierra Leone Mr. Mohamed King Koroma, signed a
Memorandum of Understanding aimed at facilitating
data sharing between their two institutions. The Bank
Highlights
Sierra Leone’s macroeconomic performance
continued to be mixed during the month of December
2016. Performance in the real sector, particularly the
manufacturing sub-sector recorded low production
levels in December 2016, mainly on account of
limited material inputs. The national year-on-year
inflation rate increased from 15.26 per cent at end
November 2016 to 17.41 per cent at end December
2016 reflecting the lag effects of the fuel price
adjustments. The overall fiscal balance registered a
deficit of Le103.93bn in December 2016 from a
surplus of Le19.74bn recorded in November 2016.
The monthly average exchange rate of the Leone to
M in e ra l
Bank of Sierra Leone
website-www.bankofsierraleone-centralbank.org
Inflation Rates - National
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
8.85
8.86
8.73
8.77
9.28
9.45
10.16
10.53
10.84
11.31R
12.56
15.26
17.41
0.54
259.47
0.29
260.64
0.39
261.24
0.72
263.12
1.10
0.90
266.01
the United States Dollar appreciated in all segments
of the foreign exchange market, after a continuous
depreciation since January 2016 through November
2016. Movements in monetary aggregates
expanded during the reporting month, with Broad
Money (M2) and Reserve Money (RM) expanding
by 3.74 per cent and 12.80 per cent, respectively.
Gross external reserves position of the Bank of
Sierra Leone increased by 2.45 per cent from
US$491.73mn as at end November 2016 to
US$503.79mn as at end December 2016. The
Monetary Policy Committee (MPC) of the Bank of
Sierra Leone met on 15th December 2016 and
agreed to increase the Monetary Policy Rate (MPR)
by 50 basis points, from 10.50 per cent to 11.00 per
cent. As a consequence, the Standing Deposit
Facility and the Standing Lending Facility Rates
moved from 5.00 per cent and 11.50 per cent to 5.50
per cent and 12.00 per cent, respectively. During the
month of December 2016, the following socio-
268.44
1.45
1.28
272.34
1.05
275.82
1.01
279.15
175.13R
1.94R
177.89
2.73
182.74
2.54
187.39
of Sierra Leone, on the 16th December 2016,
officially launched the National Strategy for Financial
Inclusion for Sierra Leone.
Real Sector
The manufacturing sector recorded low production
levels in December 2016, mainly on account of
Chart 1. Inflation Rates
)
%
(
s
e
t
a
R
19.00
17.00
15.00
13.00
11.00
9.00
7.00
5.00
3.00
1.00
-1.00 5
1
-3.00 c-e
D
Annual Inflation Rate (Yr-on-Yr)
6
-1b
e
F
6
1
rp
A
Monthly Inflation Rate
61
-n
Ju
Period
6
-1g
u
A
6
1
t-c
O
6
1
c-e
D
T a b le 3
Le Mn
T o t a l R e v e n u e ( P lu s G r a n t s )
D o m e s t ic R e v e n u e
In c o m e T a x
D ept
Le Mn
2 2 ,3 6 8
- 1 1 ,0 8 4
Le Mn
T o t a l F in a n c in g
Le Mn
2 3 ,2 5 2
1 1 ,0 8 4
3 8 ,9 6 2
4 0 ,6 6 2
6 5 ,6 4 9
5 2 ,4 1 4
6 3 ,9 2 0
7 0 ,6 6 8
3 9 ,2 0 6
5 0 ,9 3 9
5 3 ,1 8 4
4 2 ,2 4 7
1 ,0 8 6
4 8 ,6 5 2
**
1 ,0 8 6
**
4 4 ,0 2 9
5 3 ,8 2 5
1 0 1 ,5 3 9
1 7 0 ,0 2 4
Le Mn
Le Mn
F o r e ig n
O v e r a ll D e f ic it /S u r p lu s
M ay -1 6
2 3 1 ,2 7 6
2 0 5 ,6 3 3
1 8 2 ,1 7 9
8 9 ,9 9 6
A p r-16
2 0 7 ,7 2 2
2 0 9 ,7 8 5
2 8 4 ,5 8 7
6 6 ,7 4 3
G o v e r n m e n t F in a n c e s
M ar -1 6
2 7 1 ,5 4 9
1 8 7 ,6 9 1
4 3 5 ,6 4 7
Le Mn
Fe b -16
1 8 7 ,6 9 1
2 5 8 ,0 3 5
265
1 7 7 ,3 5 4
1 6 3 ,4 7 2
Le Mn
D o m e s tic
1 7 7 ,6 1 9
Le Mn
Le Mn
D e b t S e r v ic e P a y m e n t
5 1 ,2 2 5
Le Mn
Le Mn
O t h e r E x p e n d it u r e s
3 9 ,9 0 8
1 3 2 ,2 7 9
Le Mn
H IP C
O th e r s *
T o t a l E x p e n d it u r e
P e n s io n s , W a g e s & S a la r i e s
4 1 ,0 7 3
Le Mn
Le Mn
Pr o g r am m e d Fu n d s (G r an ts )
Jan -16
2 5 9 ,1 2 1
2 4 6 ,9 4 5
Le Mn
M is c e lle n o u s
De c-15
4 2 4 ,5 6 3
Le Mn
Le Mn
C u s to m s & E x c i s e
G o o d s & S e rvic e s
Volume 18 Issue 12
Monthly Economic Review
Page 2
6 1 ,7 8 3
**
**
2 4 7 ,7 7 2
1 5 2 ,4 0 3
1 3 0 ,2 4 4
9 ,2 8 0
1 3 ,3 2 6
2 3 ,6 6 0
8 2 ,0 4 2
4 ,1 9 0
- 2 5 ,4 6 6
2 5 ,4 6 6
-131296
1 1 2 ,8 9 2
8 ,3 8 3
2 ,0 8 9
**
**
5 4 ,9 0 4
**
1 ,1 6 5
254
**
1 ,1 6 5
**
**
5 2 ,3 0 8
4 2 ,9 5 4
49
49
**
1 4 6 ,2 7 6
6 6 ,1 4 4
5 3 ,9 3 0
4 4 ,1 8 3
4 5 ,6 4 2
2 5 ,8 8 8
2 0 ,6 8 8
2 2 ,8 6 1
2 0 ,6 5 2
1 ,9 9 6
2 0 ,8 6 5
**
2 0 ,6 5 2
4 0 1 ,8 6 5
2 3 2 ,1 0 5
3 2 5 ,4 2 1
1 0 5 ,6 0 3
3 9 7 ,0 9 7
2 5 0 ,5 1 6
7 8 ,7 5 9
1 4 5 ,5 3 9
1 1 4 ,7 1 0
7 6 ,1 4 1
2 3 ,6 4 4
-57749R
- 1 3 0 ,2 5 2
1 1 ,6 6 5
8 ,2 6 1
5 2 ,4 9 6
**
7 8 ,0 6 5
1 6 3 ,8 1 0
5 2 3 ,4 6 2
8 ,8 8 4
8 ,5 1 9
1 9 8 ,6 8 6
3 5 4 ,6 4 1
1 7 2 ,8 9 7
1 7 ,4 0 3
**
4 8 ,7 7 0
254
**
**
2 6 ,0 1 6
3 6 2 ,3 6 4
3 7 ,1 0 2
1 4 2 ,3 7 1
1 6 ,1 3 0
2 7 ,5 9 4
2 9 ,1 7 7
1 2 9 ,9 0 5
7 ,3 8 3
**
2 5 ,3 5 9
4 4 ,0 2 2
8 1 ,8 9 8
4 ,7 5 4
1 6 ,4 1 5
**
3 2 ,9 5 2
2 5 1 ,4 6 5
2 8 9 ,6 7 8
3 0 ,4 1 7
O c t-1 6
1 6 6 ,9 2 8
8 8 ,1 0 8
2 ,0 8 9
1 4 ,2 8 7
S e p -16
1 8 6 ,6 7 2
7 7 ,9 7 8
40609R
**
A u g -1 6
1 9 8 ,7 3 5
2 2 4 ,1 3 5
7 2 ,6 7 9
8 8 ,0 2 4
J u l- 1 6
3 6 3 ,5 2 8
2 3 1 ,2 7 6
2 0 0 ,3 3 9
7 ,2 4 5
4 ,9 4 4
- 6 0 ,0 8 0
3 2 ,1 0 8
4 2 ,9 9 9
1 ,7 6 3
6 0 ,0 0 0
2 6 6 ,7 9 5
1 0 5 ,2 8 3
5 ,0 9 0
5 3 ,0 0 4
J u n -16
2 2 4 ,3 8 9
T a b le 5 .
3 ,3 9 4
- 1 5 9 ,9 3 4
**
**
**
**
1 3 9 ,2 1 2
1 2 ,1 3 6
6 ,3 2 6
5 ,8 1 0
- 2 0 3 ,1 3 0
**
**
1 2 2 ,9 7 6
3 0 ,3 7 0
2 2 ,5 3 9
**
**
2 0 ,0 3 4
**
**
**
**
**
**
**
**
**
**
**
1 4 ,2 4 8
**
**
**
**
**
**
**
**
**
**
**
Le Mn
T r e a s u r y B a la n c e
Le Mn
F o r e ig n F i n a n c e
1 3 1 ,4 1 0
**
-208 90
S o u r c e s : C u s t o m s a n d E x c i s e D e p a r t m e n t , In c o m e T a x D e p a r t m e n t , B a n k o f S i e r r a L e o n e
**
**
**
** * - c h in e e s e l o a n w r o n g ly p o s t e d in S e p t a n d r e v e r s e d in O c t o b e r
limited raw material inputs. Declines in production levels
were recorded for beer and stout, soft drinks, cement
and confectionery. Production levels of beer & stout
dropped by 69.49 per cent to 27.35 thousand cartons,
soft drinks declined by 67.99 per cent to 25.32 thousand
crates, while cement and confectionery decreased by
23.0 per cent and 80.22 per cent to 18.91 thousand
metric tons and 39.35 thousand pounds, respectively.
However, paint production grew by 9.54 per cent to
20.56 thousand gallons, while acetylene and oxygen
increased by 6.03 per cent and 3.64 per cent to 25.34
thousand cubic feet and 25.34 thousand cubic feet,
respectively. Outturn in the mining sector were mixed
during the period, as all minerals but bauxite, gold and
iron ore experienced decline in output.
Diamond production dropped significantly by
90.42 per cent to 6.21 thousand carats and
was made up of 2.54 thousand carats of
industrial and 3.67 thousand carats of gem. Rutile and
ilmenite production fell by 25.88 per cent and 13.65 per
cent to 11.69 thousand metric tons and 4.24 thousand
metric tons, respectively. Zircon production also slowed
by 20.0 per cent to 0.09 thousand metric tons. On the
contrary, iron ore production expanded by 21.44 per
cent, bauxite production increased by 0.71 per cent to
126.87 thousand metric tons while gold grew from 0.09
thousand ounces in November 2016 to 1.05 thousand
metric tons in December 2016. Electricity generation
contracted by 17.90 per cent to 22.61 million Kwhr/hr,
reflecting low generation by both thermal plants and
Table 4.
Dec-15
Jan-16
Feb-16
Mar-16
**
**
**
**
**
**
**
**
**
**
**
**
**
**
**
**
**
**
**
**
**
**
**
**
1 2 0 ,0 0 0
**
hydro power. Total thermal plant generation
accounted for 7.7 per cent of the overall generation
in the review month while total hydro power
contributed 92.3 per cent. Headline inflation rate
increased to 17.41 per cent in December 2016 from
15.26 per cent in November 2016 due to the upward
adjustment in fuel prices. This price development
was reflected in both food and non-food inflation.
Food inflation increased to 18.63 per cent in
December 2016 from 16.21 per cent in November
2016 while non-food inflation increased to 16.54
percent in December 2016. The monthly inflation
however fell slightly to 2.54 per cent in December
2016 from 2.73 per cent in November 2016. On
Chart 2. Interest Rates
TreasuryBills (3-months)
35.00
TreasuryBearerBonds (1-year)
Savings
Lending(Prime)
30.00
) 25.00
(%
s
et
a 20.00
R
15.00
5.00
5
1
c-e
D
6
1be
F
May-16
Jun-16
Jul-16
6
1r
p
A
Aug-16
6
1n
uJ
Period
Sep-16
6
1g
u
A
Oct-16
6
1ct
O
Nov-16
6
1ce
D
Dec-16
Reserve Money (RM)
Le Mn
1,723,637 1,707,603 1,713,607 1,693,552 1,690,078 1,699,352 1,699,533 1,744,405 1662742R 1,645,168 1,675,318 1,902,397
2,145,982
Narrow Money (M1)
Le Mn
2,496,971 2,433,525 2,468,675 2,486,000 2,560,101 2,550,154 2,585,434 2,594,033 4,519,612 4,580,757 4,592,801 4,721,583
4,671,967
Broad Money (M2)
Currency in Circulation
Demand Deposits
B udg et Financing ( B anki ng Sect o r)
Bank of Sierra Leone (BSL^)
Commercial Banks (DMB)
Claims on Private Sector
Le Mn
Le Mn
Le Mn
Other Items (Net)
1,176,286 1,099,748 1,076,542 1,125,665 1,139,637 1,090,586 1,103,243 1,104,146 1,058,030 1,088,783 1,081,059 1,140,843
1,320,685 1,333,778 1,392,133 1,360,335 1,420,464 1,459,569 1,482,191 1,489,886 1,501,479 1,512,922 1,504,122 1,570,947
2589189R 2671006R 2,734,699 2,790,220 2,838,848 2,925,836 3,039,095 3,131,675 3,199,019 3,267,732 3,408,694 3,414,116
Le Mn
2,027,200 2,023,171 2,050,198 2,116,430 2,142,822 2,172,564 2,215,802 2,271,896 2,339,698 2,331,865 2,314,091 2,269,698
Le Mn
Of Which: Commercial Banks** Le Mn
Claims on Non-Banking Inst.
5,487,870 5,499,473 5,556,382 5,592,494 5,668,686 5,689,044 5,776,357 5,862,059 5,803,959 5,946,105 5,959,649 6,162,738
Le Mn
Le Mn
Le Mn
562,500
648,346
684,501
674,780
696,507
824,048
860,425
859,723
936,235 1,095,025 1,144,841
1090832R 1125202R 1129167R 1162999R 1203786R 1204573R 1,214,905 1,226,047 1,227,122 1,252,780 1,282,426 1,297,541
1,060,823 1,088,545 1,093,225 1,124,652 1,165,229 1,167,430 1,179,578 1,191,004 1,192,735 1,220,280 1,251,446 1,262,366
39839R
48000R
55065R
50072R
48319R
42636R
55,729
46,325
33,955
32,204
38,579
36,186
6,392,992
1,265,304
1,408,090
3,719,599
1,236,940
2,346,146
1,274,233
1,240,407
32,470
Le Mn -2135954R -2191949R -2213248R -2308880R -2333209R -2413075R -2,320,263 -2,408,521 -2,381,973 -2,400,926 -2,484,785 -2,563,430 -2,559,942
* Excludes Government Securities issued on behalf of BSL and HIPC Deposit s
** Revised to ref lect definition of Claims on Private Sector given in the M onetary Survey which includes only Private enterprises and Individuals
Source: Returns from BSL & Commercial bank
754,419
T r e a su r y B i l l s (3 -m o n th s)
T r e a su r y B e a r e r B o n d s (1 -y r . )
D e p o si ts
S a vin g s
1 - 3 m onth
3 - 6 m onth
6 - 9 m onth
9 - 1 2 m on th
L e n d i n g (P r i m e )
Sourc e: Ba nk of S ierra Leone
%
%
D e c -1 5
1.0 8
5.0 0
J a n -1 6
1.2 1
5.0 0
F e b -1 6
3 .51
5 .00
M a r -1 6
3.5 1
5.0 0
Fiscal Operations
Fiscal operations in December 2016 resulted in an
overall deficit of Le103.93bn compared to a surplus of
Le19.74bn in November 2016 and the projected surplus
of Le50.30bn. This was account of substantial decline
in grants received. Domestic revenue however improved
compared to the preceding month. Overall, total revenue
plus grants amounted to Le396.37bn reflecting a decline
of 25.91 per cent from November level, but was 29.65
per cent higher than the budgeted amount of
Le305.73bn. Domestic revenue grew by 9.03 per cent
to Le369.05bn, which exceeded the budgeted amount
of Le199.35bn by 98.67 per cent. The growth in
domestic revenue was the result of increased collections
from all main revenue categories during the reporting
period. Customs and Excise receipts rose by 37.5 per
cent to Le44.31bn. Meanwhile, collections from the
Income Tax Department increased by Le104.82bn to
Le178.24bn, while revenue generated from the Goods
Leone to Dollar
Official
Comm. Banks
Bureaux
Parallel Market
Leone to PoundR
Le/$
Le/$
Le/$
Le/$
Le/£
Source: Bank of Sierra Leone
Table 7.
Leone to Dollar
Auction
Official R
Comm. Banks
Bureaux
Parallel Mkt.
Leone to PoundR
Le/$
Le/$
Le/$
Le/$
Le/$
Le/£
Source; Bank of Sierra Leone
A p r -1 6
6 .82
5 .00
M a y -1 6
6 .4 1
5 .0 0
J u n -1 6
5.3 4
5.0 0
J u l -1 6
5 .73
5 .00
A u g -1 6
6 .3 6
5 .0 0
S e p -1 6
7.96
5.00
O c t-1 6
9 .50
5 .00
%
2.5 4
2 .5 4
2 .54
2.5 4
2 .54
2 .5 4
2.5 4
2 .54
2 .5 4
2.54
2.27
%
2.7 3
2.7 3
2 .73
2.8 0
2 .80
2.8
2.8 0
2 .80
2 .8 0
2.80
2 .57
%
4 .2
4 .2
4.2
4.2 8
4 .28
4 .2 8
4.2 8
4 .28
4 .2 8
4.28
4 .04
%
3.3 8
3.3 8
3 .38
3.3 8
3 .38
3 .3 8
3.3 8
3 .38
3 .3 8
3.38
3 .38
%
5 .3
5 .3
5.3
5.8
5.8
5.8
5.8 0
5 .80
5 .8 0
5.80
5 .84
% 1 8 . 1 2 -2 4 . 8 01 8 . 1 2 -2 4 . 8 01 8 . 1 2 -2 4 . 8 01 8 . 2 3 -2 4 . 9 1
5 8 . 2 3 - 2 4 . 9 51 8 . 2 3 -2 4 . 9 51 8 . 2 3 -2 4 . 9 5 1 8 . 2 3 -2 4 . 9 5 1 8 . 2 3 -2 4 . 9 51 8 . 2 3 -2 4 . 9 6 1 7 . 2 3 -2 4 . 1 3
regional basis, inflation rate (year-on-year) increased
across all regions in the country except the Southern
Region. Western Area inflation rose from 14.20 per cent
in November 2016 to 16.91 per cent in December 2016;
Eastern Region inflation increased from 15.77 per cent
to 18.24 per cent; Northern Region inflation rose from
16.40 per cent to 19.08 per cent while the Southern
Region inflation fell from 15.91 per cent to 15.69 per
cent.
Table 6.
10.00
Monetary Aggregates
Apr-16
**
1 9 ,7 3 6
**
4 3 ,5 7 6
1 0 ,9 7 0
**
9 ,5 2 2
**
-162235
**
3 5 5 ,0 5 6
7 ,1 6 4
- 1 5 8 ,4 9 3
Le Mn
3 0 ,8 9 8
**
1 7 1 ,7 6 3
5 1 5 ,2 6 1
2 9 ,5 5 6
1 0 ,5 9 9
Le Mn
-31788
5 8 ,9 8 2
1 7 1 ,7 6 3
1 7 ,7 6 2
N o n - B a n k F in a n c in g
Le Mn
7 3 ,4 2 4
1 9 8 ,6 0 3
1 3 0 ,6 4 9
B a n k F in a n c in g
B a n k o f S ie r r a L e o n e
C o m m e r c ia l B a n k s
3 2 ,2 2 5
1 6 2 ,1 2 0
7 ,8 3 1
- 4 5 ,4 3 4
No v-16
5 3 4 ,9 9 7
3 6 3 ,2 3 4
Page 3
In te r e s t R a te s
and Services Tax grew by 15.47 per cent to
Le68.10bn. Non-tax revenue however, declined by
46.93 per cent to Le105.40bn. All the main tax
categories but non-tax, exceeded their targets for
the month. External grants disbursed during the
month of December 2016 amounted to Le0.31bn,
depicting a shortfall of Le171.45bn compared to
Le171.76bn disbursed in November 2016. This
amount was however, lower than the anticipated
budgetary support of Le106.38bn by 99.71 per cent.
Total expenditure fell by 2.90 per cent to Le500.30bn
mainly due to the decline in other expenditure from
Le355.42bn in November 2016 to Le255.94bn in
December 2016. Meanwhile, spending on pensions,
wages and salaries increased from Le130.65bn in
November 2016 to Le179.20bn in December 2016.
Similarly, debt services payments rose from
Le29.56bn in November 2016 to Le65.16bn in
December 2016, of which domestic debt services
payments amounted to Le24.38bn while foreign debt
services payments amounted to Le40.78bn.
Consequently, all total expenditure components
exceeded their budgeted ceiling except domestic
debt services payment which was within the
budgeted limit in the review period. The overall deficit
of Le103.93bn was financed from both domestic
and foreign sources.
Dec-15
Jan-16
EXCHANGERATES (Average Monthly Buying)
Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
5,552.62
5,516.44
5,354.12
5,810.00
8,335.43
5,616.17
5,569.79
5,448.70
5,775.00
8,094.27
5,720.56
5,699.07
5,533.89
5,862.50
8,197.05
6,042.96
6,121.68
6,077.05
6,722.50
7,955.20
6,154.03
6,322.69
6,136.83
6,963.04
8,067.56
6,360.47
6,468.66
6,303.90
7,211.90
8,369.73
6,741.06
6,858.22
6,575.58
7,330.95
8,317.28
7,409.66
7,430.66
7,301.76
7,928.57
9,204.32
Dec-15
Jan-16
EXCHANGERATES (Average Monthly Selling)
Feb-16 Mar-16 Apr-16 May-16 Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
5,686.79
5,664.80
5,685.04
5,450.89
5,867.50
8,505.78
5,692.24
5,729.63
5,747.25
5,533.20
5,875.00
8,259.99
5,743.40
5,836.33
5,570.61
5,346.07
5,920.00
8,364.99
6,039.00
6,165.04
6,453.90
6,146.24
6,827.50
8,118.84
6,026.29
6,278.35
6,552.51
6,210.24
7,036.96
8,233.21
6,027.51
6,488.97
6,778.41
6,388.10
7,261.90
8,541.60
6,949.33
6,877.24
7,045.82
6,657.33
7,380.95
8,487.77
7,343.95
7,559.35
7,629.06
7,452.78
8,007.14
9,392.42
5,811.63
5,806.93
5,668.95
6,057.50
8,264.10
**
5,929.04
5,942.77
5,751.50
6,107.50
8,383.87
5,963.24
5,940.09
5,831.84
6,190.00
8,087.38
**
6,083.71
6,120.19
5,932.17
6,215.00
8,252.83
6,032.43
6,071.16
6,006.74
6,357.14
8,763.99
6,146.73
6,154.29
6,235.15
6,067.31
6,407.14
8,943.76
6,042.18
6,115.35
6,030.23
6,597.73
8,583.75
6,084.52
6,164.24
6,404.49
6,098.29
6,647.73
8,760.17