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Momodou
Denmark
11634 Posts |
 Posted - 21 Sep 2012 : 21:38:46
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Gambia Banks to Strictly Comply to D200 Million Minimum Capital
By Ousman Njie.
Foroyaa: Published on Friday, 21 September
The Central Bank of The Gambia (CBG) has increased the minimum capital for commercial banks from D150 million to D200 million, the equivalent of about US$7million by end-December 2012.
At the recent press conference held at the Ministry of Finance by the IMF Chief of Mission to the Gambia, Mr. David Dunn informed the press that the CBG will continue to strengthen banking supervision and in preparation for the upcoming increase in the minimum capital requirement at the end of 2012, the CBG has reviewed banks' plans for meeting the new requirement and stands ready to strictly enforce the new measure," said David Dunn, IMF Chief of Mission to the Gambia, while addressing journalists on his trip to The Gambia.
The Director of Central Bank's Banking Supervision, Mr. Essa Drammeh confirmed today September 20th that all banks are expected to fully meet the requirement by end-December 2012.
When asked what it would mean if any bank fails to meet this requirement, Mr. Drammeh said they have a range of options in dealing with any such bank.
Asked further if closing such banks is one such option, Drammeh said they do not want to specify the options as of now but said there are many options open to the Central Bank.
Gambia's commercial Banks were asked to increase capital in 2010 from 60 million to D150 million, and by end-December 2010, only the Oceanic Bank Gambia Ltd could not meet the requirement because its parent company did not support it which led to its closure, according to the revolution website.
It further reveals that it was the parent companies of the other banks in Nigeria or elsewhere that supported them to meet the requirement.
Source: Foroyaa
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