Modernization of The Gambia Payments System. Cessation of Manual Clearing and Non-MICR Cheques.





PRESS RELEASE                          AUGUST 7, 2014

Global Developments

  1. Since the previous meeting of the Monetary Policy Committee (MPC), the International Monetary Fund (IMF) has revised global growth projections for 2014 from 3.7 percent to 3.0 percent.  The earlier optimism of robust US growth of around 3.0 percent in 2014 has been revised downwards following the 2.1 percent contraction in economic activity in the first quarter partly due to temporary factors such as the slowdown in inventory investment, the expiration of some fiscal measures at the beginning of 2014 and severe winter weather.  


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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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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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