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.
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Until the middle of the nineteenth century the recognised method of payment in The Gambia was by Cowrie Shells. The earliest forms of "coin" were brass or copper rods and sometimes metal tokens.
By 1880 silver coins, mainly in the form of French 5 Franc pieces, were in general use.
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To Achieve and Maintain Price and Exchange Stability Underpinned by a Sound and Vibrant Financial System to Encourage and Promote Sustainable Economic Development.
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MONETARY POLICY COMMITTEE
Press Release May 7, 2013
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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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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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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 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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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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