No stone will be left unturned: Central Bank Governor

Tuesday, August 29, 2017

The Governor of the Central Bank of The Gambia has promised to collaborate with the Commission of Inquiry into Jammeh’s assets and finances by supplying it with information required about the operations of commercial banks in the country.

“The Commission of Inquiry is ongoing and we will allow the law to take its course.  The Central Bank is an institution that has its foundation on trust and credibility.  And we will allow the law to take its course at the end of the process,” said Mr Bakary Jammeh, its new Governor told reporters at the Monetary Policy Committee briefing on Friday.

Answering questions regarding the ability of the Central Bank to regulate commercial banks and restore public confidence especially in the face of shocking revelations being made at the commission of Inquiry about their activities with former president, Mr Jammeh said it was for that reason the government constituted a “strong, new leadership of the bank.”

“As far as Central Bank is concerned, all the information will be given to the commission, no stone will be left unturned.  Central banks everywhere are run by trust,” Jammeh emphasized.

Good standing of the economy

Mr. Jammeh also announced that country’s gross official reserves reached 4.2 months of imports of goods and services in August 2017.  Such was “a rare improvement”, according to Governor Jammeh.  The country has not achieved such standing in a very long time.  Usually, the reserves stand at 2 to three months of imports cover, he said.

Mr Jammeh attributed this “rare improvement” to the “unwavering support of development partners, especially the IMF, World Bank, EU and the ADB.”

He said international reserves improved from $19.84 million in Dec to $112.2 million in August 2017.

Quasi money increased by 24.2 % to D13.0 billion during same period.  Growth of reserve money remained same at 16.1% in June 2017.

Balance of Payment estimates, a surplus of 3.2million compared to $1.0millin from last year. Current account balance improved from a deficit of $38.4million in first half of 2016 to a deficit of $36.8 million.

Jammeh also said at such a “comfortable” state of the economy can be achieved at a lean economic season, the prospects are even better with the coming of the tourism and agriculture season.

“Central Bank may not even have to borrow from the commercial banks.  Rather, we will be selling to them,” he said

Author: Sanna Camara