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

 

CENTRAL BANK OF THE GAMBIA

 

MONETARY POLICY COMMITTEE

PRESS RELEASE                          NOVEMBER 25TH, 2014

You are welcome to this press briefing.  The Monetary Policy Committee (MPC) held its 52nd meeting yesterday November 24, 2014 at the Conference Room of the Central Bank of The Gambia (CBG). The Committee reviewed domestic and international economic developments, assessed the risks to the outlook and decided on the monetary policy stance.  I present to you highlights of the deliberations and the decision of the Committee.
Global Outlook

 Since the last meeting of the MPC, global economic recovery remains uneven amid sustained improvements in the US and UK, and deteriorating prospects in the Euro area, Japan and several emerging markets economies. The International Monetary Fund has lowered its forecast for global growth for the rest of 2014 and 2015 citing weaker-than-expected growth during the first half of 2014.  Global growth is now forecast to average 3.3 percent and 3.8 percent in 2014 and 2015 down from the earlier projections of 3.6 percent and 3.9 percent respectively

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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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