#Headlines

Banking industry liquidity ratio stood at 93.5% in June 2020

Sep 2, 2020, 12:04 PM | Article By: Pa Modou Cham

In a press release after the Monetary Policy Committee meeting of the Central Bank of The Gambia (CBG), Governor Bakary K. Jammeh stated that the liquidity ratio of the banking industry stood at 93.5% as at end-June 2020. This is higher than the requirement of 30%.

He said non-performing loans ratio was 4.5% in June 2020. He confirmed that the banking sector remains fundamentally sound with a high level of capital and liquidity.

“Year-on-year, total assets of the industry expanded by 7.0% to D51.8 billion as at end-June 2020. The risk-weighted capital adequacy ratio stood at 35.7% as at end-June 2020, higher than the statutory requirement of 10%. All the banks are above the minimum capital requirement.” He declared.

Governor Jammeh further revealed that the non-bank financial sector continues to play an important role in extending financial services to the low-income population.

As at end-June 2020, he added that total assets of the three finance companies expanded by 4.0% to D1.6 billion compared to D1.5 billion in March 2020.

The economist further stated that the total deposits mobilised increased by 5% to D1.2 billion during the period under review. He added that total loans extended increased by 0.06% to D309.7 million as at end-June 2020 from D309.5 million a year ago.

“Mobile money financial services continue to grow both in terms of membership and transaction volumes. Total transactions measured by the deposits and withdrawals from Mobile Money Wallets increased by 34.0% from D40.5 million in March 2020 to D54.3 million in June 2020. Membership increased by 6% to over 36 thousand during the period under review.”

Read Other Articles In Headlines
Thione Balago
Thione Balago Seck passes away
Mar 15, 2021, 11:48 AM

Renowned Senegalese musician Thione Balago Seck passed away on Sunday 14 March 2021. He was 66.

Mai condemns burning of UDP face masks, urges prosecution
Aug 24, 2020, 4:32 PM

The former Interior minister and political adviser to President Adama Barrow, Mai Ahmad Fatty, has recently condemned the destroying and burning of yellow facemasks, which was purportedly donated by United Democratic Party (UDP), and thus urges the arrest and prosecution of alleged individuals.

Matarr Ceesay
Gambia College denies report of bush fire damage on properties
Jan 25, 2021, 11:54 AM

Matarr Ceesay, the deputy program coordinator at The Gambia College annexed in Basse (URR) has denied reports that the school’s properties were damaged by last week’s bush fire around the college premises.