Gambian's Banking Industry Remains Sound- Declares Vice President

Dr. Ajaratou Isatou Njie, Vice President of The Republic of The Gambia, yesterday told the 8th annual meeting of the Board of Governors of the ECOWAS Bank for Investment and Development that the Gambian banking industry is expanding significantly and remains sound as it does not have significant foreign liabilities.
Presiding over the official opening of the meeting at the Kariaba Beach Hotel on the outskirts of Banjul, she said "Despite the global financial crisis, The Gambia's banking industry is expanding significantly and remains sound as it does not have significant foreign liabilities. Total assets of the commercial banks increased by 18.7% from D12.5 billion at the end of December 2008 to D14.8billion at the end December 2009. "The banking industry's overall capital adequacy ratio and asset quality are satisfactory. 'The industry's average's risk-weighted capital adequacy was 18.1% at end December 2009, well above the statutory requirement of 8%," she stated.


NEWS BANJUL THE GAMBIA(MB)- In The Gambia, the number of banks stand at 14 adding that all the banks has significant increase in loans and advances to various sectors by 25.3% to D4.4 billion in December 2009 from D3.5 billion in December 2008. Credits to agriculture increased by 87%, that for manufacturing by 105% and that of distributive trade by 22.7%."

The vice president informed the gathering that despite unprecedented global financial and economic crisis, The Gambia's balance of payment position remained sustainable, saying the provisional balance of payments estimates indicates an overall surplus of D137.9 million in 2009 compared to a deficit of D811.3 million in 2008. She further disclosed that the current account balance including transfers, recorded a surplus of D1.54 billion relative to a deficit of D1.2 billion in 2008 while the capital and financial account balance worsened to a deficit of D1.4 billion.

She continued, as a end-January 2010, our gross international reserves totalled US 183.3 million dollars, equivalent to 7.2 months of import cover, over the convergence criteria set under the West African Monetary Zone.