CENTRAL BANK AND THE NEW CURRENCY

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According to section 161 of the Constitution, the Central Bank has the responsibility to issue currency in the country. The Jammeh administration was here for 22 years but left old currencies under the Jawara administration to exist with new currencies issued by the Jammeh administration. Since the Barrow administration came into being old currencies continue to exist with new currencies.

The Gambian people are interested in knowing why this is the case. There is s a standing notion that if more currency is in circulation than the goods and services in a country inflation could be increased. If that is true then the value of currencies in circulation should not exceed the value of goods in circulation. In that case if old currencies are to co-exist with new currencies it should be published in the Gazette and the date of circulation should be stated in the Gazette.

The date when the old currency will no longer be accepted as legal tender should also be published in the Gazette. In that case all those with old currencies will make effort before the expired date. One would then guarantee the replacement of old currencies by new currencies and thus prevent more money being in circulation. That is what is economically justifiable.

Foroyaa will continue to monitor the circulation of the old currencies to gauge whether they will expire as legal tender by 31st December 2023.

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