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

 

Monetary Policy Committee
Press Release                                        May 13, 2014

We welcome you all to this Press briefing.  The Monetary Policy Committee held its second meeting of the year on May 12, 2014 to review recent domestic and international economic developments and to set the policy rate.
Global Economic Developments

  1. Since the previous meeting of the Monetary Policy Committee, global economic growth is projected to increase from 3.0 percent in 2013 to 3.7 percent in 2014 as headwinds that have been restraining activity dissipate. Monetary policy in advanced economies continues to be highly accommodative and fiscal consolidation, which has been a heavy drag on global growth, diminished significantly. Latest IMF growth projections indicate a slight moderation in output in the first quarter of 2014 with downside risks to the outlook mainly emanating from faster than expected pace of Fed tapering.

 

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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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