One would have thought that all monies issued by banks to their customers would be new money as Government claims to be phasing out the old currency. Here and there one comes across disputes over the two types of twenty dalasi notes which are in circulation.
The old notes still dominate in cash transactions. The existence of old and new currencies poses a dilemma on the value of the currencies in circulation which could impact on inflationary pressures if they exceed the values of goods and services in the market.
The Central Bank needs to give updates on the percentage of the old currency which has been replaced and put out of circulation. This is the best way of preventing more economic shocks blamed on speculators.
A clear conscience fears no accusation - proverb from Sierra Leone
One must remember that the Gambia is STILL a CASH economy and as such any transition to a bank orientated economy will take a long time to come about especially if you consider that women are the majority of sellers are often unable to read or write,therefore any change must come about very slowly and be managed with great care.
WHEN WILL THE NEW MONEY PREVAIL IN BANKS?
Posted - 15 May 2015 : 12:36:19
One would have thought that all monies issued by banks to their customers would be new money as Government claims to be phasing out the old currency. Here and there one comes across disputes over the two types of twenty dalasi notes which are in circulation.
