The Gambia - Banking and securities



The Central Bank of Gambia (CBG), the bank of issue, was established in 1971. The largest commercial bank is Standard Chartered Bank Gambia, which is incorporated locally, with branches in Banjul, Bakav, Serrekunda, and Basse. The government no longer has an equity interest in the bank, in which the parent company holds 75% and Gambian shareholders 25%. The Gambia Commercial and Development Bank (GCDB) was wholly owned by the government but now has been sold to private interests, and the other commercial bank, the International Bank for Commerce and Industry (BICI), is, as of 1997, also privately owned.

The International Monetary Fund reports that in 2001, currency and demand deposits—an aggregate commonly known as M1—were equal to $72.5 million. In that same year, M2—an aggregate equal to M1 plus savings deposits, small time deposits, and money market mutual funds—was $151.9 million.

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