Bakary
Jammeh, the governor of the Centeral Bank of The Gambia (CBG), on Thursday
disclosed that as at October 2019, the stock of the country’s domestic debt had
increased to D33.0 billion from D31.1 billion in the corresponding period a
year ago.
The governor was speaking in Banjul during the quarterly meeting of the Monetary Policy Committee (MPC) of the Central Bank.
“The stock of treasury and Sukuk Al-Salam bills increased by 14.8% to D19.7 billion during the period under review,” he said. However, he added that the yields on the 91-day, 182-day and 364-day Treasury bills declined from 4.97%, 6.83%, and 9.25% as at October 2018 to 2.56%, 5.26%, and 7.57% respectively at end October 2019.
Mr. Jammeh further buttressed on the impact of the banking sector, indicating that it remains adequately capitalized, liquid and profitable.
“The risk-weighted capital adequacy ratio stood at 32.3% as at end September 2019, higher than the statutory requirement of 10%. All the banks were above the minimum capital requirement.”
As at end September 2019, the governor said that the total assets of finance companies expanded by 4.4% to D1.4 billion compared to D1.2 billion in the same period last year.
He further said that the deposits mobilised increased by 24% to D1.0 billion during the period under review.
“The [MPC] realises that the improvement in the current account of the balance of payments continued to support the stability of the exchange rate of the dalasi. It has also been realised that the level of international reserve of the bank is at a comfortable level.”
“The committee has decided to maintain the policy rate at 12.5%. It has also been decided to maintain the interest rate on the standing deposits facility at 2.5% and the standing lending facility at 1.3%.”
