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||Posted - 18 Jun 2019 : 13:55:06
Monday, June 17, 2019
The public is worried with concern over frail and aging banknotes that are being circulated in the country through banks, describing the condition as unbearable.
This aging banknotes came into circulation following Central Bank’s decision that the new banknotes will be in use in two and a half months.
Gauging the opinions of some Gambians over the issue, Alieu Jammeh, a banker disclosed that the old banknotes is not favourable at all, adding that new notes should be printed as soon as possible because many do complain about the aging and mutilated nature of the current ones.
“It’s not bad to change banknotes but I think it should not stop us from receiving good notes. While they are preparing for the new family banknotes, I think they should be holding the old notes, rather than giving it out.”
Fatou Jaw, a commuter, explained that she does face similar challenges with regard to the old banknotes that are circulating in town. He said sometimes he does quarrel with some drivers for not wanting to accept some worn-out currencies.
“I once joined a commercial vehicle going to Tabokoto, and I gave the conductor a very old fifty dalasis and he refused to collect and I told him this was given to me at the bank. I said it is not my fault because hardly do you receive new banknotes at the banks but the he insisted not to take it and I was angry.”
She added that the Central Bank should look into the matter and find solutions to the problem because they are the reasons for the fight and quarrel over the old banknotes.
She, however, expressed optimism that the Central Bank would also change the family banknotes that they claim to be introducing in few months to at least another form.
Momodou Salieu Jallow, a forex bureau operator, also expressed dissatisfaction, saying that the old notes make their business very difficult.
“Many of our customers do not want to receive old monies from us because they have difficulties in using them back, as many don’t want to hold old monies that are cut.”
Author: Pa Modou Cham
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|3 L A T E S T R E P L I E S (Newest First)
||Posted - 29 Oct 2019 : 17:19:37
New currency notes are not introduced in an economy for the sake of it. Money has macro-economic relevance. Too much paper money in circulation without equivalent value in accumulated foreign currency would lead to the depreciation of the exchange rate of a local currency. Too much paper money in an economy without equivalent value in goods and services would lead to inflation.
A government cannot just print and put money into circulation just as it pleases. The Central Bank of The Gambia needs to tell the Gambian people whether it has printed a new currency notes with a view to replacing the old one or simply wishes to give the impression that new currency notes have been printed for its sake. The economic significance of the new currency notes should be made clear to the population.
Foroyaa would therefore contact the Central Bank to get an explanation on why the old and new notes are used concurrently and whether a certain date is set for removal of the old notes from circulation.
||Posted - 09 Oct 2019 : 14:38:33
October 8, 2019
The member for Wuli East has raised a question of old currency being used side by side with the new currency. He asked whether this could not lead to increase in inflation. No answer has been given that could be considered to be satisfactory.
The fact of the matter is that old currency notes should not be in circulation with new currency notes if the aim of the government is to totally replace old currency notes. The proper thing to have been done is to quantify the total sum of old currency notes in circulation by denomination and then print new currency notes that are equivalent to the value of the old currency notes that were in circulation. A date would then be set for those in possession of old currency notes to take them to be changed with new currency notes. So, by the end of the prescribed date the all old currency notes would have been mopped up. Only new currency notes would be in circulation.
Foroyaa would contact the Central Bank to find out the policy they have in place in preventing old currency notes from continuing to be used while new currency notes are also in circulation. Monies that should be destroyed should not come back into circulation to create excess liquidity that would lead to more money in circulation than the country has created in real wealth. This would definitely cause spiral inflation especially in landed property.
||Posted - 25 Jun 2019 : 21:08:01
This is Politics again according to the writer of a letter that appeared in The Standard Newspaper,who appear to have their ear to the ground when other media are sleeping by informing the public of NEWS which other media outlets have not picked up.
Here is the link that will take you to the source where Saidina Alieu Jarjou presumably obtained the information.
June 25, 2019
”The Central Bank of The Gambia introduced new banknotes, effectively removing former president Yahya Jammeh’s face on the country’s currency, and saying all existing banknotes will remain in circulation until further notice.
Central Bank governor, Bakary Jammeh, announced the new banknotes as 5 Dalasis, 10 Dalasis, 20 Dalasis, 50 Dalasis, 100 Dalasis, and 200 Dalasis, the same as the current notes but a change in colours”.
However news reaching us through the African Exponent 19th June, 2019 publication has it that after two days of high-level discussions, Economic Community of West African States (Ecowas) ministers and central bank governors recently agreed on a draft report on the establishment of a regional pan-African currency by 2020. The report will be reviewed by heads of State in July 2019 on the establishment of a new regional currency.
I am a supporter of a regional currency and in 2020 we will have a single currency in the Ecowas countries, whether they speak English, Portuguese or French, and the CFA Franc will become outdated.
Hopefully, the bloc will not postpone the process yet again as has happened since the adoption of the Ecowas Monetary Cooperation Programme (EMCP) of 1987 in Conakry, as noted by Guinean President Alpha Condé.
It is argued that printing money creates a sense of nervousness among both economists and the general public.
Besides, if a government prints money faster than the growth of real output, it reduces the value of money and this invariably causes inflation.
Money is valuable because people will give you goods and services in exchange for the money.
Money derives its value from the goods and services.
Printing more money doesn’t make more goods and services appear.
It simply spreads the value of existing goods and services.
Therefore, the governor of the Central Bank of The Gambia should take note of the recent development to minimise defects to ensure that our meagre resources are not wasted and protected for a better Gambia we
want. 2020 could mark the end of the colonial CFA Franc currency in 8 countries when Ecowas introduces a new West African regional currency. It will be a win for African integration and a big loss for neo-colonialism.
Saidina Alieu Jarjou
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