Financial Crime World

Gambian Commercial Banks’ Assets and Liabilities See Significant Growth

Banjul, The Gambia - The Central Bank of The Gambia has released its latest statistics on the commercial banks in the country, showing a significant increase in their assets and liabilities over the past decade.

Assets

According to the data, the total assets of commercial banks in The Gambia increased from D10.00 million (approximately USD 200,000) in June 1986 to D771.15 million (approximately USD 15.4 million) in June 1994, representing a growth rate of over 760%.

  • Loans and Advances: Increased from D246.74 million (approximately USD 4.9 million) in June 1986 to D398.49 million (approximately USD 7.9 million) in June 1994.
    • The private sector accounted for the majority of these loans, with a significant increase in lending to this sector.
  • Foreign Assets: Rose from D29.36 million (approximately USD 584,000) in June 1986 to D64.00 million (approximately USD 1.2 million) in June 1994.
  • Cash Holdings and Balance with the Central Bank: Increased significantly over the period, with cash holdings rising from D4.36 million (approximately USD 86,000) in June 1986 to D12.39 million (approximately USD 247,000) in June 1994.
  • Other Assets: Rose from D13.58 million (approximately USD 271,000) in June 1986 to D40.25 million (approximately USD 805,000) in June 1994.

Liabilities

In terms of liabilities, demand deposits saw a significant increase, rising from D69.41 million (approximately USD 1.39 million) in June 1986 to D194.31 million (approximately USD 3.9 million) in June 1994.

Factors Contributing to Growth

The Central Bank has attributed the growth in commercial banks’ assets and liabilities to a number of factors, including:

  • An improvement in the country’s economic situation
  • Increased confidence in the banking system

Response from Business Leaders and Economists

“The data is a clear indication of the resilience of our banking sector,” said a spokesperson for the Central Bank. “We are pleased to see that commercial banks are able to increase their lending to the private sector and other entities, which will help to drive growth and development in the country.”

“This is excellent news for the country,” said a local businessman. “It shows that our banking system is strong and able to support economic growth. We look forward to seeing continued growth and development in the coming years.”