Sierra Leonean New Leone

The Leone is the official currency of Sierra Leone. It is subdivided into 100 cents. The Leone was introduced in 1964, replacing the Sierra Leonean pound. The name "Leone" is derived from the Portuguese word for lion, "lion". The Leone is issued by the Bank of Sierra Leone. The Leone is pegged to the US dollar at a rate of $1 = Le 4,000. In 1964, the Leone replaced the Sierra Leonean pound at a rate of 1 Leone = 10 pounds. The Leone was introduced at a rate of $1 = Le 2.50. The Leone has been subject to high inflation since its introduction. As of June 2016, the exchange rate was $1 = Le 7,000.