By Zainab.joaque@awokonewspaper.sl
SIERRA LEONE, Freetown – In the Domestic Foreign Exchange Markets, total amount traded in the foreign exchange market (purchases and sales) during Q4-2021 was US$346.5 million, down by 1.54 per cent relative to US$351.6 million in Q4-2020 and 2.31 per cent below US$354.4 million recorded in Q3-2021.
According to the Central Bank, Commercial Banks’ total purchases of foreign exchange decreased slightly by 0.99 per cent to US$167.3 million in Q4-2021 from US$168.95mn in Q3-2021, on account of reduction in purchases from the service industry, international Organizations and NGO’s, Government Ministries, Departments and Agencies, and money transfer agencies/migrant remittances.
It also decreased by 0.3 per cent when compared with US$167.7 million recorded in the corresponding quarter in 2020, which could be attributed to decease in purchases from the service industry, international organizations, and bureaus.
In February 2022, total purchases were US$56.2 million, 13.9 per cent more than US$49.3 million recorded in January 2022.
In their records for the Commercial Banks’ sales of forex to selected sectors, they stated that, total sales of foreign exchange in Q4-2021 decreased by 2.7 percent to US$178.9 million compared to US$183.9 million recorded in the corresponding period in Q4-2020.
The drop in forex sales was mainly attributed to the decline in sales to trade related imports and rice importers. It also decreased by 3.5 percent relative to US$185.4 million recorded in Q3-2021 due to reduction in forex sales for trade related imports, rice importers and telecommunication companies.
In February 2022, total sales were US$56.3 million, 3.8 percent more than US$54.2 million recorded in January 2022. ZIJ/3/10/2022