Regional seminar on currency management and forecasting ends

Director General WAIFEM Prof. Akpan H. Ekp

The sub regional body, West African Institute for Financial and Economic Management (WAIFEM) and De La Rue has ended a week-long “Regional Workshop on Banknote and Currency Management and Forecasting in Central Banks” at the Paradise Suites Hotel, Kololi, The Gambia on March 11, 2011.

The training covered topics such as New Challenges in Currency Management; New Directions in Banknote Design; Security Features Against Counterfeiting; Forecasting the Demand for Banknotes; and Country Case Studies on Currency Management.

Speaking at the closing ceremony, the Governor of the Central Bank of The Gambia (CBG) Hon. Amadou Colley commended WAIFEM for bringing the issue of financial management to The Gambia.

“This maiden workshop could not have come at a more auspicious time, given the problems of currency management in our countries and the urgent need to chart a new direction consistent with best practices in most of our countries, in order to engender greater efficiency and minimize the cost of printing and minting currency,” he said.

He reiterated that currency management is a critical aspect of the functions of every central bank. This function entails ensuring the integrity of banknotes, maintaining note quality and guarding against counterfeit notes.

According to Governor Colley, indeed, this tend to be complex and costly to central banks and he hopes that these issues have been dealt with in great detail during the technical sessions and that the participants’ knowledge and skill in currency management and forecasting has been greatly enhanced.

He urged the participants to put the knowledge acquired into good use, as well as help enhance the general framework for currency management in their respective institutions.