Gambai’s
banking system remains fundamentally sound, well-capitalized, profitable, and
highly liquid, first Deputy Governor of the Central Bank of the Gambia, Dr.
Seeku Jabbi said on Saturday.
Delivering
a statement at the 4th Annual Bankers Dinner celebration at Qcity in Bijilo,
Dr. Jabbi said the non-performing loans ratio declined to 2.3 percent at
end-June 2019 -the lowest in the region- thanks to improved risk management in
the industry, effective loan recovery measures and smart regulation.
He
also stated that financial intermediation continues to increase with strong
private credit growth of 35.8% as at June 2019.
The
forum brought together managing directors of various banks, financial experts,
bank staff, government officials, and the private sector to celebrate the
success of the Gambia Bankers Association. It was held under the theme: Private
Sector participation in National Development.
According
to Dr Jabbi, risk-weighted capital adequacy ratio stood at 31.7%, well above
the statutory minimum of 10%, saying all the 12 banks maintained minimum level
of capital and required reserve levels. “Deposits grew to an all –time high at
31 billion dalasis at end June 2019, representing 62.6% of total liabilities
and grew by 6.34 billion dalasi from June 2018, signifying key source of
funding for banks.”
He
also disclosed that the foreign exchange market continues to remain stable and
functioning smoothly due to increased confidence in the economy and improved
supply conditions. He said the exchange rate of the dalasi continues to be
supported by inflows from private remittances, higher receipts from tourism,
and official inflows from development partners.
Nona
Marena, President of Gambia Bankers
Association said during 2019, the Association made significant
strides toward achieving its objectives; one of which is the establishment of a standard Institute. “We have also turned
our financial performance around from a heavily indebted association to one that
seamlessly meets its financial obligation without resorting to bank loans and
overdrafts,” he said.
In
his official opening statement, Trade Minister Lamin Jobe
thanked the Association, observing that the forum was meant to celebrate
their success and rewarding performance.
He
reminded bankers that as players in the financial services sector, they have
the opportunity to transform and to make banking an industry where everyone can
have a fair and equitable opportunity to meaningfully participate in national
development, regardless of tribe, gender, age , disability, geographical region
and social class.
“We
strongly believe that your innovative capacities, human resources, know-how and
technological inputs can leapfrog the
Gambia’s development and help us catch up with our competitors.”
Certificates
were awarded to individuals who have contributed toward the success of the
association and also students who graduated at their institute of banking
received certificates as well.
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