The Governor of the Bank of Sierra Leone Mr. Sheku Sambadeen Sesay met members of the Sierra Leone Bankers’ Association comprising the Chief Executive Officers of the fourteen (14) commercial banks in Sierra Leone, on Tuesday July 28, 2009 at the Conference Room, of the Sam Bangura Building, to discuss developments in the financial sector. This meeting was the first between the current Governor and members of the Association, since the Governor assumed duty about three weeks ago. While welcoming members of the Association, he thanked them for services they have been rendering to the people of Sierra Leone both in their individual capacities and as operators of commercial banks. He added that he was looking forward to having a cordial working relationship with all of them. The Governor drew the attention of the Association to the challenges posed by the on-going global financial crisis on the economy, especially developments in the foreign exchange market. Members observed that even though the Leone has been depreciating against the US dollar, the depreciation has however been at a much lower rate than that observed in other sub regional countries. The Governor called on members to work with the Central Bank to confront the challenges posed. Governor Sesay emphasized on the need for a sound and reliable banking system and hence the need for compliance with statutory regulations and prompt submission of returns. He informed the bankers that the comprehensive Financial Sector Development Plan has been finalized and will soon be submitted to Cabinet for approval.