Speaking during the Monetary Policy Committee meeting, the governor added that the stock of Treasury and Sukuk Al Salaam bills increased by 4.8% to D20.3 billion as at end-July 2020.
“The yields on the 91- day, 182-day, and 364-day Treasury bills declined from 3.98 percent, 6.87 percent, and 8.77 percent at end-July 2019 to 1.89 percent, 5.55 percent, and 8.00 percent respectively in July 2020.”
Dwelling on monetary developments, Governor Jammeh highlighted that the money supply (M2) growth slowed to 16.4% at end-June 2020 from 24.4% as at end June 2019.
Year-on-year, he said the net foreign assets of the banking system increased by 27.4% to D17.3 billion, adding that net domestic assets grew by 10.4% to D27.1 billion during the period under review.
“Reserve money growth decelerated markedly from 21.2% in March 2019 to 16.8% in the year to end-June 2020. Growth in reserve money was driven largely by the increase in the net foreign assets (NFA) of the Central Bank.”