Central Bank calls for proper handling of bank notes

Mar 1, 2023, 12:03 PM | Article By: Pa Modou Cham

Buah Saidy, the governor of Central Bank of The Gambia (CBG) yesterday called on Gambians to properly handle the country’s currency and also help in withdrawing all circulated old notes.

Speaking during the Monetary Policy Committee (MPC) press conference, Governor Saidy continued that Gambians should help the Bank’s quest in withdrawing the bad currency notes in the market while calling on people to properly handle the currency and avoid writing or using the currency to dry hands. 

“The condition of the old notes is disheartening to us and that's why Central Bank takes it seriously and issued a press release that the old notes are out of circulation and we are now issuing the current notes.”

On the process of withdrawing the old notes, he explained that as stated in their press release to start the process on February 15, the Bank had opened a window and will be giving currency to Commercial Banks. 

He further acknowledged that the process should have started by February 15 but they were disappointed by the printers in terms of shipping.

He told journalists that shipping is a challenge but the new notes are expected in the country by March. He said the Bank will supply all commercial banks in order to withdraw the old notes as soon as possible.

Governor Saidy encouraged ordinary market vendors to talk to the banks and change their old notes while the Supermarkets owners reached the Central Bank. He confirmed that the Central Bank has adequate stock of the new currency notes.