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Central Bank of The Gambia

CBG Contact Address:
Central Bank of The Gambia

Website      GOOGLE

Banjul capital Headquarters
1 Ecowas Avenue (Buckle St.)
The Gambia, West Africa

Tel no: +220 4228103 / 4227633
Fax:              4226969

Telex: 2218 GAMBANK GV


The Central Bank of The Gambia (CBG) was established in the Banjul capital in 1971 to take the place of the Gambia Currency Board which was formed in 1964.

Its main role is to act as banker to the Gambia Government and the commercial banks. They are also responsible for providing a secure & efficient payment & settlement system within the finance sector.

The institution performs its role independently. However, its role is carried under the general supervision of the Secretary of State for Finance and Economic Affairs.

In addition, the CBG has a responsibility to carry out fiscal and monetary policies that have been agreed between the Gambian authorities and the IMF. Furthermore, it has a duty to carry out its responsibilities within the framework of the current economic integration processes in ECOWAS. The date set for the West African Monetary Zone (WAMZ) is the 1st December 2009. The CBG job therefore is to work towards the country fulfilling the primary and secondary convergence criteria.

The CBG engages in the money market to make sure that interest rates are matched with the policy position of the CBG.

The currency department discharges the Bank’s statutory obligation to ensure that there is enough notes and coins to meet the demand of the public.

Monetary policy is aimed at keeping domestic inflation down to single figures. The CBG uses a monetary targeting framework. It sets an intermediate target for growth in broad money (as nominal anchor) and uses reserve money as its operating target. The CBG issues Treasury Bills as the main instrument for managing reserve money growth. The Central Bank also has a Monetary Policy Committee (MPC) to set the rediscount rate every 2 months.

The Central Bank's other functions involve various departments who issuing (Gambia Government T-Bills) on behalf of the Government, banking supervision, insurance industry compliance, licensing foreign exchange bureaus, economic research, the production of statistics.


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