Saturday, October 24, 2020

New Banknotes To Begin Circulation Today

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The Governor of the Central of the Gambia confirms circulation of the new banknotes into the economy to begin on August 6th 2019.

According to a press release from Statehouse on Monday 5th August 2019, the Governor of the Central Bank of The Gambia presented samples of the country’s new banknotes to President Adama Barrow at the State House.

Speaking to the State House media corps after the meeting with the president, the Governor of the Central Bank, Mr. Bakary Jammeh explained the structure through which the new notes will be released to the public.

“Issuing the money into the economy means it is done through the commercial banks who maintain deposits with us. As it is the Tobaski season, there is a high demand for cash. So, when banks come for their money at the Central Bank, we issue them with the new notes,” said Mr. Jammeh.

The President was informed that the Central Bank will maintain the old currencies in circulation side by side with the new notes until further notice.

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In May 2019, the Central Bank of The Gambia unveiled a new family of notes, including the D200 denomination. All of the redesigned banknotes containing the image of ex-president Jammeh will be replaced.

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