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.

Key responsibilities of the Finacial Supervision Department

"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".