By resizing the notes, the Bank of Sierra Leone has also addressed the problem of criminal bleaching of genuine notes and their redenomination to higher values. Durability has also been enhanced in the form of a post-print vanish, to provide a defense against the rigours of Sierra Leone’s tropical climate, heavy usage in a cash-dependent society, and poor handling by the public. In this regard, the Bank of Sierra Leone has expressed concern over the manner in which the nation’s currency is handled and we have cautioned the public that although the new series of notes have been treated with vanish to enhance their durability, it is the responsibility of the Public to observe “proper handling” to increase their circulation life. Furthermore, it is the nation’s civic responsibility to know their bank notes and to handle them properly. During the introduction of the notes, we allowed a 12-month transition period during which the old and the new notes co-circulated. The Bank will shortly advise the public as regards the deadline for the co-circulation of these notes. In the meantime, I am pleased to inform you that over 93% of the old notes have already been withdrawn and Sierra Leoneans now have notes they can be proud of.
William C Dudley: “US Economy in a Snapshot” Opening remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Economic Press Briefing on the US Economy in a Snapshot, Federal Reserve Bank of New York, New York City, 19 May 2016. *  *  *  Jonathan McCarthy, Paolo Pesenti, Robert Rich and Joseph Tracy assisted in preparing these remarks. Welcome to our Economic Press Briefing. Today we are going to introduce you to a data product that we have been making available to the public, U.S. Economy in a Snapshot. My role is to put this product in the broader context of the Federal Open Market Committee’s (FOMC) communication strategy about the economy and policy. My colleague Robert Rich will then walk you through the structure of the product and discuss excerpts from the May release. As always, what I have to say reflects my own views and not necessarily those of the Federal Open Market Committee or the Federal Reserve System. Conventional U.S. monetary policy is conducted by targeting the level of the federal funds rate—an overnight interest rate on bank reserves. Few participants in our economy have any direct interaction with this interest rate. How, then, is controlling this interest rate such an important part of setting monetary policy and steering an 18 trillion dollar economy toward the Federal Reserve’s dual mandate objectives of maximum sustainable employment and price stability? This is the remarkable aspect of monetary policy.