Introduction
to Financial Systems
The Gambia Financial System has evolved rapidly over the last several
years, and is markedly liberalised now. Most interest rates are
freely determined, direct controls have been eliminated, exchange
controls abolished and the country has moved to indirect system
of monetary controls using open market operations. These measures
increased competition in the domestic financial system.
As a result of developments and policy practices changes in the
legislation have also taken place. The Financial Institutions
Act
(FIA), Central Bank Act (CBG Act) have been revised. The FIA Act
2003 has been enacted while the CBG Act 1992 is almost in
its final
stage of revision. The Insurance Act 2003 and the Money Laundering
Act 2003 have also been enacted.
Mission Statement for the Financial System
To maintain public confidence in the safety and soundness of
the financial system as a whole based on a supervisory framework
that seeks to ensure that each institution is able to meet all its
obligations as they fall due.
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