Tuesday, September 28, 2010

Businesspeople Rejecting Gambian Currency Denomination

The 25 Butut Does Not Cost Even a Mint these Days

Banjul, The Gambia (TNBES) A press release obtained by The North Bank Evening Standard from the Central Bank of The Gambia stated that it has come to the notice of the bank that some businessmen\women and individuals refuse to accept the 25 Butut coin in settlement of business transaction or debt.
“These acts tantamount to undermining the objective of gaining and maintaining public confidence in the currency and preserving the value and integrity of the currency which is essential for proper functioning of the economy,” the Bankers’ Bank said recently.
It added that the public is reminded that the bank has the sole right to issue and redeem currency notes and coins in The Gambia in the form and designs as it may consider appropriate. The Central Bank of The Gambia once again wishes to inform the general public that the existing banknotes and coins continue to be legal tender at their face value.
According to the release, the banknotes and coins of all denominations issued by the Central Bank of The Gambia cannot legally be refused in payment of debt. It stressed that any person who refuses to accept Gambia currency notes and coins commits an offence and is liable to be punishment.
The Central Bank solicit the cooperation of the public in putting a stop to what they described an illegal practice. “The Central Bank in collaboration with the Inspector General of Police and other relevant authorities will take appropriate action against culprits,” the release concluded. VOL:2 ISSN:1

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