Tuesday, July 14, 2020

Old Currency Notes Still In Circulation In The Banking System

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New currency notes are not introduced in an economy for the sake of it. Money has macro-economic relevance. Too much paper money in circulation without equivalent value in accumulated foreign currency would lead to the depreciation of the exchange rate of a local currency. Too much paper money in an economy without equivalent value in goods and services would lead to inflation.

A government cannot just print and put money into circulation just as it pleases. The Central Bank of The Gambia needs to tell the Gambian people whether it has printed a new currency notes with a view to replacing the old one or simply wishes to give the impression that new currency notes have been printed for its sake. The economic significance of the new currency notes should be made clear to the population.

Foroyaa would therefore contact the Central Bank to get an explanation on why the old and new notes are used concurrently and whether a certain date is set for removal of the old notes from circulation.

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