Tuesday, July 14, 2020

New Currency Versus Old Currency

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Justice Jaiteh’s Ruling on the Case of Yankuba Touray IN THE SUPERIOR COURTS OF THE GAMBIA

IN THE HIGH COURT OF THE GAMBIA Criminal Case No.: HC/365/19/CR/067/AO BETWEEN: THE STATE................................COMPLAINANT / RESPONDENT AND YANKUBA TOURAY..............ACCUSED PERSON / APPLICANT CASE CALLED ON...

Yank’s Touray Partially Succeeds in His Two Motions

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The member for Wuli East has raised a question of old currency being used side by side with the new currency. He asked whether this could not lead to increase in inflation. No answer has been given that could be considered to be satisfactory.

The fact of the matter is that old currency notes should not be in circulation with new currency notes if the aim of the government is to totally replace old currency notes. The proper thing to have been done is to quantify the total sum of old currency notes in circulation by denomination and then print new currency notes that are equivalent to the value of the old currency notes that were in circulation. A date would then be set for those in possession of old currency notes to take them to be changed with new currency notes. So, by the end of the prescribed date the all old currency notes would have been mopped up. Only new currency notes would be in circulation.

Foroyaa would contact the Central Bank to find out the policy they have in place in preventing old currency notes from continuing to be used while new currency notes are also in circulation. Monies that should be destroyed should not come back into circulation to create excess liquidity that would lead to more money in circulation than the country has created in real wealth. This would definitely cause spiral inflation especially in landed property.

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Justice Jaiteh’s Ruling on the Case of Yankuba Touray IN THE SUPERIOR COURTS OF THE GAMBIA

IN THE HIGH COURT OF THE GAMBIA Criminal Case No.: HC/365/19/CR/067/AO BETWEEN: THE STATE................................COMPLAINANT / RESPONDENT AND YANKUBA TOURAY..............ACCUSED PERSON / APPLICANT CASE CALLED ON...
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Yank’s Touray Partially Succeeds in His Two Motions

By Yankuba Jallow Yankuba Touray’s lawyer, Abdoulie Sisoho succeeded in one of his motions while the other was refused by the High Court on Monday. Counsel...

Statement Of Public Interest To Pay Tribute To The Frontline Workers In The Fight Against The Covid-19 Pandemic In The Gambia

Honourable Speaker, The Covid-19 disease entered the shores of the Gambia when the first confirmed positive case of infection was registered at a health facility...

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The United States Embassy in Banjul on 15th June 2020 said The Gambia made significant progress in its continuing efforts at government fiscal reform. Below...

Lawmakers Consider Local Government (Amendment) Bill 2020

By: Kebba AF Touray The Committee of the Whole of the Legislature, in accordance with standing order 70-73 finally considered the Local Government (Amendment) Bill...
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