The Gambia: Slight decline in bank reserves

Platinum Habib Bank, now Keystone Bank, is one of 10 commercial banks competing in a relatively small market in The Gambia (Photo Credit: M.S.Joof/TNBES/August2011)

Gambia records massive drop in foreign aid in 2013

In 2010, the EU cut 22 million euros of budget support (aid) to The Gambia over human rights concerns.

The Gambia forcast economic growth at 7.5 per cent

Projection based on robust expansion of agriculture and tourism, according to Central Bank officials in Gambia. (Photo by Mansa Banko shows officials at a rice field in Central River Region of The Gambia under the Ifad-funded PIWAMP project)

Gambian Dalasi Fall Drastically in 2013

In September 2013, the International Monetary Fund (IMF) warned that prolonged overvalued exchange rate would damage Gambia’s international competitiveness (Photo credit: Wikipedia)

Criminals look for vulnerable sectors to launder their proceeds – Dr Shehu

GIABA DG Dr. Abdullahi Shehu says criminals are stepping-up their illicit actiities (Photo Credit: Modou S. Joof/2012)

Following the implementation of regional and national Anti-Money Laundering and Counter-financing of Terrorism (AML/CFT) measures with emphasis on financial institutions, criminals look for vulnerable sectors through which they could launder their proceeds, according to Dr. Abdullahi Shehu.

The Director General of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) explain on Wednesday that one such vulnerable sector is the designated non-financial instititions, business professions (DNFBPs).

DNFBPs comprises of accountants, real estate agents, lawyers, notaries, and other independent legal profesionals, he said during a GIABA-organised training on the AML/CFT requirements for accountants in English-speaking West Africa from 11 to 12 September, 2013 in Banjul, The Gambia.

Abiola Ekundayo highlight ‘obvious challenges’ in marine and aviation insurance

Mr Abiola Ekundayo (photo credit: Lamin Jahateh)

“Obvious challenges” in underwriting marine and aviation insurance in West Africa were Monday highlighted by Abiola Ekundayo, Managing Director and Chief Executive Officer of West Africa Reinsurance Corporation (WAICA Re).

Mr Ekundayo was speaking in Banjul, The Gambia at the start of a weeklong (August 26-29) international training course on “advance marine and aviation insurance” for insurers from various companies in West Africa.

The Gambia: CBG moves to reduce inflation and money supply

CBG Governor Colley (Photo: Gambia News Online)

The Central Bank of The Gambia, CBG, on Monday announced it has raised by two per cent (to 12 per cent) the amount of money that commercial banks can hold as reserve to curb rising inflation.

The CBG’s May 27 directive also noted it would address the amount of cash commercial banks must not loan out to customers.

The Bank’s Monetary Policy Committee, MPC, said the higher the reserve requirement is set, the less cash banks will have to loan out, leading to lower money in circulation.