DAILY FOREIGN EXCHANGE REFERENCE/BENCHMARK RATE; D46.08@$1.00

 

 

CENTRAL BANK OF THE GAMBIA
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PRESS RELEASE
The Central Bank of The Gambia has reprinted only D50 and D100 of 2012 family of Gambian bank notes as a temporary measure to meet the currency demand while the new family of notes is being printed. The only new feature on these notes is the signatures of the new Governor and the new First Deputy Governor. These will be in circulation side-by-side with all previously issued Gambian bank notes.
Furthermore, efforts are in advanced stage for the introduction of new family of bank notes in 2019 without the portrait of the former president – Yahya A. J. J. Jammeh.
Please view the new signatures on the two affected notes

 

 

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CENTRAL OF THE GAMBIA
June 11, 2018

 

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CENTRAL BANK OF THE GAMBIA
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PUBLIC NOTICE
FOREIGN EXCHANGE REFERENCE/BENCHMARK RATE

The Central Bank of The Gambia (CBG), acting under Sections 56 and 57 of the Central Bank of The Gambia Act, 2005, wishes to inform all Authorized Dealers, Money Transfer Operators and the General Public that a Reference/Benchmark Exchange Rate guided by prevailing market rates shall be published daily on the CBG website: www.cbg.gm  with effect from November, 2016.

The Reference Rate shall serve as a guide to the FX market operators in order to promote transparency and efficiency in the domestic FX Market.

Failure to comply with the CBG Foreign Exchange Guidelines shall attract sanctions as may be determined by the Bank.

The Central Bank of The Gambia wishes to assure the operators in the FX Market and the general public of its resolve to promote and maintain market orderliness.

CENTRAL BANK OF THE GAMBIA

November 1, 2016

 

PRESS RELEASE
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MONETARY POLICY COMMITTEE


The Monetary Policy Committee (MPC) of the Central Bank of The Gambia met on Wednesday August 29, 2018 to review recent economic developments. The Committee decided on the monetary policy rate and the following summarizes the deliberations on key economic indicators that informed the Committee’s decision.
Global Economic Outlook

  1. Since the last meeting of the Monetary Policy Committee (MPC), growth outlook for the global economy has strengthened, supported by increase in trade and investment. The International Monetary Fund (IMF) forecast the global economy to grow by 3.9 percent in 2018 from 3.8 percent in 2017.Global inflation is projected to increase to 3.5 percent in 2018, on the back of mainly increasing energy prices. However, global growth is becoming increasingly uneven and the risks to the medium-term outlook are mounting, including rising crude oil prices, tightening financing conditions and the escalation of trade protectionism.

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MONETARY POLICY REPORT

Preface

The Central Bank of The Gambia Monetary Policy Report summarizes developments in key macroeconomic sectors that informed the decision of the Monetary Policy Committee. This is the maiden publication of the report. The objective is to keep the public informed of the decision making process in fulfillment of the Bank’s reporting obligation and also to improve the accountability and transparency of the conduct of monetary policy.

Monetary Policy in The Gambia
The mandate of the Central Bank of The Gambia (CBG) is to achieve and maintain price and financial sector stability as well as create enabling environment for sustainable economic growth. The Bank continues to operate a monetary targeting framework. Targets for key monetary aggregates are set in line with its medium-term inflation objective of 5 percent. In addition, the Monetary Policy Committee sets the monetary policy rate of the Bank to signal the policy stance.

 

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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 Projection for Q4 2016 Finals

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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