Wednesday, July 24, 2019



authority to issue the currency of the Gambia and has the duty to promote and maintain the stability of the currency. It is an elementary fact of economics that if the volume of currency in circulation far exceeds the goods and services changing hands an inflationary spiral would be sparked. Hence it is important for the Central Bank to issue a dead line when the old currency would be put out of circulation. The longer it takes to maintain both the old and new currency the bigger the risk of oversaturation of currency in the local economy. It is not enough just to say that old currencies which go into the banking system would not be allowed to circulate again. What is necessary is to fix a date for all the old currencies to be exchanged for the new currency and for the old currency not to be accepted in any financial transaction as legal tender. The Central Bank should convene a Press Conference to explain how it intends to put the new currency into circulation and remove the old from circulation. Foroyaa is standing Vigil until there are clear answers.]]>

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