COLLATERAL REGISTRY SYSTEM EASY ACCESS TO CREDIT BY USING MOVABLE ASSETS AS COLLATERAL

CENTRAL BANK OF THE GAMBIA

Monetary Policy Committee
Press Release                                                                      June 9, 2016

The Monetary Policy Committee (MPC) met on June 8, 2016 under the Chairmanship of the Governor, Central Bank of The Gambia, Mr. Amadou Colley, to assess domestic and international macroeconomic and financial developments, the outlook for the remainder of 2016 and decide on the stance of monetary policy.

Global Economic Developments
1.0      Since the previous meeting of the MPC, global growth outlook appears to have softened somewhat. However, according to the International Monetary Fund (IMF), global economic growth is expected to strengthen gradually. Growth is projected at 3.2 percent in 2016 compared to 3.1 percent in 2015 supported by accommodative monetary policy, slowing rate of contraction in certain emerging market economies and reforms to promote economic growth in various countries.

 

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ENHANCING FINANCIAL LITERACY AND CAPACITY BUILDING ON ISLAMIC FINANCIAL INSTRUEMENTS (IFIs) – PROJECT NUMBER: 2014 – GAMFINAN -061
 PRESS RELEASE – CBG WEBSITE

 

The Central Bank of The Gambia (CBG), through the Ministry of Finance and Economic Affairs (MOFEA) secured funding from the Standing Committee for Economic and Commercial Cooperation (COMEC) of the Organization of Islamic Cooperation (OIC) to implement a project titled “Enhancing Financial Literacy and Capacity Building on Islamic Financial Instruments (2014-GAMFINAN-061)”. This project is geared towards enhancing literacy and capacity in Islamic Financial Instruments (IFIs) with a view towards promoting their increased availability in the COMCEC member countries of The Gambia, Nigeria and Sierra Leone. It is envisaged that an increase in the level of awareness and the visibility of IFIs within the targeted countries will have spill-over effects in other countries in Sub-Saharan Africa, while also strengthening the solidarity between COMCEC member states. The project commenced in April 2015 and ended in September 2015 and was implemented by the Financial Supervision Department (FSD) of the Central Bank of The Gambia (CBG), through a Project Implementation Team (PIT) comprised of a Focal Person (Mr. Bai Madi Ceesay, MOFEA), the Responsible Authority for the implementation of the project (Mr. Essa Drammeh, CBG), a Project Coordinator (Mr. Alieu B. Senghore) and the FSD Team.

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PRESS RELEASE
ISSUE OF THE NEW FAMILY OF BANKNOTES

 

In February, 2015, the Central Bank of The Gambia announced that the new family of Gambian Banknotes including a new D200 banknote will be issued on the 30th March, 2015. Due to delay in the receipt of publicity materials from the printers, the issue into circulation of these banknotes is now slated for 15th April, 2015.
A nationwide sensitization campaign in connection with the issue into circulation of the new family of Gambian banknotes and proper handling of banknotes will commence on the 13th April, 2015.

BANKING DEPARTMENT
30th MARCH, 2015

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CENTRAL BANK OF THE GAMBIA

 

PRESS RELEASE
LAUNCH OF COMMEMORATIVE D20.00 POLYMER BANKNOTES, A NEW FAMILY OF GAMBIAN BANKNOTES AND COMMEMORATIVE COINS

The Central Bank of The Gambia (CBG) in collaboration with the Government of The Gambia received approval to introduce New Redesigned Family of Gambian Circulation Notes. The change was aimed at reducing the sizes of the national currency notes to achieve efficiency and take advantage of technological developments in the currency industry. The new notes also have advanced security features that would make counterfeiting difficult.

As a result, the CBG on Wednesday, February 25, 2015, launched the following currency notes and coins:

  1. Commemorative D20 Polymer (plastic) banknotes
  2. Commemorative Gold and Gold-Plated Silver coins
  3. Redesigned family of New Banknotes including a D200 banknote

The D20 Polymer will be put into circulation on Monday 02nd March, 2015 while the series of redesigned banknotes will be issued on Monday March 30, 2015. The Golden Jubilee Commemorative Gold and Gold Plated Coins will also be available for sale on Monday 02nd March, 2015.

 

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Conditions of Issue & Redemption of Treasury Bills/*Float Size Projections

1.1 PURPOSE Unless otherwise specified in a Notice, these General Conditions of Issue and Redemption of Treasury Bills and Central Bank Bills (the Conditions) including the appendices, regulate the issuance and redemption of Treasury bills and Central Bank bills and any other securities issued by the Government of The Gambia that, by the terms of the Notice, are made subject to these Conditions.

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Central Bank Act 2005

An ACT to amend and consolidate the law relating to the Central Bank of The Gambia and to provide for related matters.
This Act may be cited as the Central Bank of The Gambia Act, 2005 and comes into force on such date as the Secretary of State may, by order published in the Gazette, appoint.

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Return Templates of Money Transfer Operators

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Financial Statements

The Bank adopted all new and revised or amended standards ond interpretations issued by the IASB and the IFRIC applicable to the Bank's operations and to annual reporting periods beginning on or after 1st January 2008. The adoption of new and revised or amended standards and interpretations did not result in any changes in the Bank's accounting principles affecting the figures disclosed in the financial statements for previous years and the current year.

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Banking Industry in The Gambia

Banking in The Gambia began over a 100 years. Currently there are fourteen banks within the industry of which one is an Islamic Bank and thirteen conventional commercial banks.

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Insurance Industry in The Gambia

The regulation and supervision of insurance business was directly under the Ministry of Finance as empowered by the 1974 Act. However, the responsibility for the administration of the Act was given to the Ministry of Justice, to ensure compliance. With a desk officer appointed to be in charge of insurance matters at the Finance Ministry, this responsibility was returned to that Ministry.

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