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Departmental Functions
This section provides an explanation of the functions of
the various departments of the Bank
Please click on any link below
to see the function of that Department.
Administration
Banking
Financial Supervision
Economic Research Department
Finance and Information Systems
Foreign
Internal audit
Micro Finance
Information Technology Unit
Administration
This Department performs support services that are crucial to the
success of the Bank’s activities. These include human resource
management. Staff of the department help recruit, discipline and
retire employees. They coordinate the implementation of training
of Bank staff. They are also responsible for all procurement in
the Bank and for repairs to all the Bank’s properties. In
addition, this department arranges for travel of Bank staff and
provide protocol services to Bank staff and visitors. They are also
responsible for organising meetings and conferences.
Banking
This department is made up of the following divisions:
- Banking Office
- Banking and Payment Systems
- Open Market operations
- Currency
The Banking Office is responsible for providing banking services
to Government and commercial banks. They are also responsible for
providing a safe and efficient payment and settlement system for
The Gambia. They are currently playing an important role in the
development of across border payment system for the West African
Monetary Zone.
The Open Market Operations Unit plans and executes the Bank’s
operations in the money market to ensure that interest rates are
in line with the policy stance of the Bank. Their operational contact
with money market participants enables them to contribute to the
monetary policy formulation process in the Bank as well as contribute
to the development of a money market. They manage the issue and
redemption of the domestic debt of The Gambia.
The currency office discharges the Bank’s statutory obligation
to ensure that there is enough notes and coins to meet the demand
of the public.
Financial Supervision
This department is made up of the following divisions:
- Banking supervision
- Insurance Compliance
The maintenance of a sound and stable financial system is one of
the most important functions of the Bank. Financial stability is
a precondition for a strong economy. The Bank tries to do this by
regulating and supervising commercial banks and insurance companies.
Banking Supervision is responsible for licensing banks and foreign
exchange bureaus. Staff of the department also prepare and implement
regulatory guidelines. They conduct no-site and off-site analysis
of banks to determine soundness and prescribe measures to stave
off bank failure as well as promote safety and soundness of the
banking system as a whole. The head of department is responsible
for putting in place an effective infrastructure for supervision.
The aim is to ensure that the financial system is safe and sound
whilst at the same time encouraging innovation and competition.
The supervision of insurance companies was added to the mandate
of the Bank by the 1997 constitution.
Economic Research Department
This department is made up of the following divisions:
- Money, Credit and Banking
- Balance of Payment
- Liquidity Forecasting and Public Finance
- Statistics
- Real and Non-Bank Finance
The Economic Research Department is responsible for providing the
Bank with the economic analysis necessary to conduct monetary policy.
Monetary policy is one of the core functions of the Bank. Staff
of the ERD perform research on developments in the Gambian and international
economy. They produce the Bank’s quarterly Bulletins and Annual
Report. These reports give the Bank’s view of current economic
developments. Staff of the department also play the key role in
the Bank’s relationship with the IMF and WAMI. The department’s
work provides the input for the interest rate decisions that are
made by the Bank to achieve the inflation objective. In addition,
the department may conduct special studies for the Governor and
the Board.
The Statistics unit compiles the monetary and other financial statistics
for use by the Bank and WAMI, IMF and the World Bank.
Finance Department
This department is made up of the following divisions:
- Treasury
- Budget and Finance
- Verification and Implementation
The Departmet is responsible for financial planning in the Bank.
It prepares and monitors the Bank’s budget to ensure that
the Bank’s financial activities are consistent with the budget
and agreed procedures. It is also responsible for the sanction of
expenditure. Staff of the department prepare the daily and annual
accounts of the Bank and are responsible for the Bank’s payroll.
The department is also responsible for the management of The Gambia’s
external reserves. Currently, more than 80 Percent of the income
of the Bank is derived from external reserves. They also are responsible
for preparing and monitoring the Bank’s Foreign Currency Budget.
This department handles all foreign currency payments and receipts.
This includes external debt service and payment for services received
by Government and the Bank and settlement of interbank foreign exchange
deals entered into by the Bank.
Foreign
The Foreign Department is responsible, jointly with the Financial
Supervision Department, for evaluating the applicants to operate
foreign exchange bureaus. They are responsible for foreign exchange
dealing in the Bank. Staff of the department are also responsible
for data collection and analysis of the interbank market for foreign
exchange. They also calculate the weekly customs valuation rates.
Internal audit
The Bank’s Internal Audit Department provides an independent
appraisal of the adequacy and effectiveness of the Bank's internal
control systems and quality of performance as well as test compliance
with laid down procedures. The head of department reports directly
to the Governor. This department can delve into every aspect of
the Bank’s work with the aim of providing independent advice
to the Bank’s senior management in the conduct of their work
as well as ensure that the Bank is taking appropriate levels of
risk.
Micro Finance
This department is made up of the following divisions:
- Development Unit
- Supervision Unit
The department performs a function that is similar to the Financial
Supervision Department. However, it focuses on the micro finance
sector which is concerned about the credit and financing needs of
that section of the population that does not have access to the
banking system. This is currently a small part of the Gambian financial
system but has been growing rapidly.
The Development Unit works to establish the institutional and operational
framework within which the Bank can regulate the Micro Finance Institutions
(MFIs). They coordinate with other bodies that work in this sector
to prepare strategic action plans for the sector.
The supervision Unit deals with registration, licensing and supervision
of MFIs to promote safety. They collect, analyse and disseminate
data relating to MFIs and prescribe corrective action for MFIs.
Information Technology Unit
The Unit is responsible for the management of the Bank’s
information system resources. It provides computer-related support
to all departments of the Bank and coordinates new information systems
development projects.
Click
to see the organisational chart.
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