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Central Bank Enters Into Agreement With De La Rue for Supply Of New Banknotes

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Buah Saidy, Governor of the Central Bank of The Gambia 

By Buba Gagigo

The Central Bank of The Gambia said it has reached an agreement with the British high-security paper and printing technology company, De La Rue Ltd. on August 26, 2022, for the supply of new banknotes to the Gambia.

“The Central Bank of The Gambia hereby acknowledges and shares the general public’s concern about the condition of some of the Dalasi banknotes in circulation and has been working on addressing it. In this regard, the Central Bank entered into an agreement with the currency printers (De La Rue Ltd.) on August 26, 2022, for the supply of new banknotes. According to the agreement, the Central Bank is expecting to receive its first consignment of additional new banknotes in February 2023,” the Central Bank announced via a press statement on Thursday.

According to the Bank, the process of replacing old banknotes with the issuance of new ones has been ongoing and will continue unabated.

“The process will be intensified once these currencies are received. Accordingly, the Central Bank’s banking hall will be open to the public for the exchange of mutilated and soiled banknotes with effect from Monday, January 30, 2023,” the Central Bank said.

Furthermore, the Central Bank said they will commence the withdrawal of old series banknotes effective February 15, 2023, and continue until the end-December 2023.

“The exchange of new family banknotes could be done at the Central Bank or commercial banks. The Central Bank wishes to remind the public that the service of exchanging banknotes does not attract any fees or charges. Hence, the public should not pay anyone for the exchange of new banknotes. The Central Bank assures the public that pursuant to its core mandate of price and exchange rate stability, underpinned by a sound and vibrant financial system, it will continue to serve the Gambian public diligently and ensure the circulation of clean currency banknotes,” the statement ends.

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