Directives

The Central Bank of The Gambia issues the following directives on revised Capital and Required Reserves for Finance Companies dated June 23, 2017. It was indicated that:

• The “Total Preferential Shares” considered as an investment fund not be capitalized;
• An extension period of December 31, 2018 has been given to meet the Minimum Capital Requirement (MCR) of D50 million;
• The Required Reserve requirement of 8% is waived for NACCUG as an Apex Institution of Credit Unions;
• 30% of Total Deposit Liabilities should be invested in Treasury Bills and cannot be rediscounted without the prior approval of the Bank; and
• The Capital Adequacy Ratio (CAR) has been increased to 20% from 16%.

All were urged to comply with these directives effective June 30, 2017 failing which an appropriate penalty would be instituted.