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Departmental Funtions


Administration

This Department performs support services that are crucial to the success of the Bank’s activities. These include human resource management. Staff of the department help recruit, discipline and retire employees. They coordinate the implementation of training of Bank staff. They are also responsible for all procurement in the Bank and for repairs to all the Bank’s properties. In addition, this department arranges for travel of Bank staff and provide protocol services to Bank staff and visitors. They are also responsible for organising meetings and conferences.

Banking

This department is made up of the following divisions:

     ♦ Banking Office
         – Banking and Payment Systems
         – Open Market operations
     ♦ Currency

The Banking Office is responsible for providing banking services to Government and commercial banks. They are also responsible for providing a safe and efficient payment and settlement system for The Gambia. They are currently playing an important role in the development of across border payment system for the West African Monetary Zone.

The Open Market Operations Unit plans and executes the Bank’s operations in the money market to ensure that interest rates are in line with the policy stance of the Bank. Their operational contact with money market participants enables them to contribute to the monetary policy formulation process in the Bank as well as contribute to the development of a money market. They manage the issue and redemption of the domestic debt of The Gambia.

The currency office discharges the Bank’s statutory obligation to ensure that there is enough notes and coins to meet the demand of the public.

Financial Supervision

This department is made up of the following divisions:

     ♦ Banking supervision
     ♦ Insurance Compliance

The maintenance of a sound and stable financial system is one of the most important functions of the Bank. Financial stability is a precondition for a strong economy. The Bank tries to do this by regulating and supervising commercial banks and insurance companies.

Banking Supervision is responsible for licensing banks and foreign exchange bureaus. Staff of the department also prepare and implement regulatory guidelines. They conduct no-site and off-site analysis of banks to determine soundness and prescribe measures to stave off bank failure as well as promote safety and soundness of the banking system as a whole. The head of department is responsible for putting in place an effective infrastructure for supervision. The aim is to ensure that the financial system is safe and sound whilst at the same time encouraging innovation and competition.

The supervision of insurance companies was added to the mandate of the Bank by the 1997 constitution.

Financial Supervision

This department is made up of the following divisions:

     ♦ Banking supervision
     ♦ Insurance Compliance

The maintenance of a sound and stable financial system is one of the most important functions of the Bank. Financial stability is a precondition for a strong economy. The Bank tries to do this by regulating and supervising commercial banks and insurance companies.

Banking Supervision is responsible for licensing banks and foreign exchange bureaus. Staff of the department also prepare and implement regulatory guidelines. They conduct no-site and off-site analysis of banks to determine soundness and prescribe measures to stave off bank failure as well as promote safety and soundness of the banking system as a whole. The head of department is responsible for putting in place an effective infrastructure for supervision. The aim is to ensure that the financial system is safe and sound whilst at the same time encouraging innovation and competition.

The supervision of insurance companies was added to the mandate of the Bank by the 1997 constitution.

Economic Research Department

This department is made up of the following Units:

     ♦ Money, Credit and Banking
     ♦ Balance of Payments
     ♦ Statistics
     ♦ Research and Publications
     ♦ Library

The Economic Research Department is responsible for providing the Bank with the economic analysis necessary to conduct monetary policy. Monetary policy is one of the core functions of the Bank. Staff of the ERD perform research on developments in the Gambian and international economy. They produce the Bank’s quarterly Bulletins and Annual Report. These reports give the Bank’s view of current economic developments. Staff of the department also play the key role in the Bank’s relationship with the IMF and WAMI. The department’s work provides the input for the interest rate decisions that are made by the Bank to achieve the inflation objective. In addition, the department may conduct special studies for the Governor and the Board.

The Statistics unit compiles the monetary and other financial statistics for use by the Bank, WAMI, IMF, the World Bank and other local and international institutions.

Finance Department

This department is made up of the following divisions:

     ♦ Treasury
     ♦ Budget and Finance
     ♦ Verification and Implementation

The Departmet is responsible for financial planning in the Bank. It prepares and monitors the Bank’s budget to ensure that the Bank’s financial activities are consistent with the budget and agreed procedures. It is also responsible for the sanction of expenditure. Staff of the department prepare the daily and annual accounts of the Bank and are responsible for the Bank’s payroll.

The department is also responsible for the management of The Gambia’s external reserves. Currently, more than 80 Percent of the income of the Bank is derived from external reserves. They also are responsible for preparing and monitoring the Bank’s Foreign Currency Budget. This department handles all foreign currency payments and receipts. This includes external debt service and payment for services received by Government and the Bank and settlement of interbank foreign exchange deals entered into by the Bank.

Foreign

The Foreign Department is responsible, jointly with the Financial Supervision Department, for evaluating the applicants to operate foreign exchange bureaus. They are responsible for foreign exchange dealing in the Bank. Staff of the department are also responsible for data collection and analysis of the interbank market for foreign exchange. They also calculate the weekly customs valuation rates.

Internal Audit

The Bank’s Internal Audit Department provides an independent appraisal of the adequacy and effectiveness of the Bank's internal control systems and quality of performance as well as test compliance with laid down procedures. The head of department reports directly to the Governor. This department can delve into every aspect of the Bank’s work with the aim of providing independent advice to the Bank’s senior management in the conduct of their work as well as ensure that the Bank is taking appropriate levels of risk.

Micro Finance

This department is made up of the following divisions:

     ♦ Development Unit
     ♦ Supervision Unit

The department performs a function that is similar to the Financial Supervision Department. However, it focuses on the micro finance sector which is concerned about the credit and financing needs of that section of the population that does not have access to the banking system. This is currently a small part of the Gambian financial system but has been growing rapidly.

The Development Unit works to establish the institutional and operational framework within which the Bank can regulate the Micro Finance Institutions (MFIs). They coordinate with other bodies that work in this sector to prepare strategic action plans for the sector.

The supervision Unit deals with registration, licensing and supervision of MFIs to promote safety. They collect, analyse and disseminate data relating to MFIs and prescribe corrective action for MFIs.

Information Technology Unit

The Unit is responsible for the management of the Bank’s information system resources. It provides computer-related support to all departments of the Bank and coordinates new information systems development projects.

Organizational issues

The passage of the CBG Act would result in a new organizational structure for the Central Bank. The functions currently carried out by the General Manager would be split between two Deputy Governors. This was necessitated by the increase in the volume and scope of work in the Bank. Over the years, new responsibilities in monetary operations and domestic debt management, internal audit, information systems, law, micro finance, insurance, payment systems and regional integration were assumed by the Bank. The appointment of two Deputy Governors would reduce the work overload at the top and enable the governors to devote attention to and build expertise in specific areas of the Bank’s functions. It is envisaged that this focused approach would enable the Bank achieve its objectives.

 ♦ We will endeavor to ensure that we develop a strong organization.
 ♦ We will develop a Delegation of Authority document that will give responsibilities to lower levels of management to reduce the paper work at the
  top.
 ♦ We will develop new performance appraisal systems that will enable us to determine which staff are contributing most to the achievement of the
  Bank’s objects and help identify successors to the current management.



Click to see the organisational chart.