Banking Guidelines for Diamond Exporters
- Residents and non-residents are allowed to finance their diamond operations in Sierra Leone in United States Dollars, in notes, drafts or bank transfers.
- Diamond Exporters should ensure that the inflows of United States Dollars in Sierra Leone for their transactions are channelled through the banking system. Foreign exchange could be brought into Sierra Leone in any of the following ways: -
- Letter of Credit
- Telegraphic Transfer
- Cash Dollar Notes
Inward Letter of Credit
The receiving commercial bank in Sierra Leone would be required to produce two copies of the L/C, one to be submitted directly to the International Finance Department of the Bank of Sierra Leone for processing and another to be attached to the Certificate of Origin.
The receiving commercial bank would be required to confirm by letter receipt of funds. One copy of the letter to be submitted directly to the International Finance Department of the Bank of Sierra Leone for processing and the other attached to the Certificate of Origin.
Cash Dollar notes
The receiving commercial bank should be informed by the remitting bank abroad through a tested telex message of the incoming funds. Incoming funds should also be supported with certification issued by the remitting bank. The United States Dollar notes should be in sealed packets and should also bear the Seal of the overseas remitting bank. United States Dollar notes brought in by the Exporter shall be lodged with certification issued by the remitting bank at any of the commercial banks for their use. Commercial banks would be required to issue two certificates, one to be submitted directly to the International Finance Department of the Bank of Sierra Leone for processing and another to be attached to the Certificate of Origin.
- For B and C above, Diamond Exporters will be allowed to export up to the amount of funds confirmed by the commercial banks as brought in.
- On a quarterly basis, commercial banks will be required to submit to the Bank of Sierra Leone returns on the inflows and outflows in respect of each licensed exporter.
- The list of commercial banks in Sierra Leone at any point in time would be obtained from the Bank of Sierra Leone.
Bank of Sierra Leone
25th April 2001