Gambia: Central Bank warns against payment of unfit banknotes

PRESS RELEASE:
PAYMENT OF UNFIT BANKNOTES
It has come to the attention of the Central Bank of The Gambia that commercial banks have been paying the general public very bad and dirty banknotes not fit for circulation.
Given that since the beginning of August 2019 when the new family of bank notes was received, The Central Bank of Gambia has stopped paying out soiled notes to commercial banks to ensure that only clean notes get into circulation as per the Bank’s clean note policy. So far the Bank has paid out D2,735 million (Two Billion Seven Hundred and Thirty-Five Million Dalasis) of fresh notes to the general public including the banks yet we received numerous complaints from the general public concerning the condition of notes they receive from the commercial banks.
The commercial banks are required to clean sort bank notes before paying any person or entity. The Central Bank has enough stock of fit bank notes to meet any demand. As such the commercial banks have no reason to payout soiled or weak bank notes to any person or business.
Despite sending several communications including a meeting with the banks on December 2, 2019 on the same matter, we continue to receive complaints from the public.
In line with CBG clean note policy the general public is hereby informed that henceforth, if commercial banks insist on paying them unfit bank notes, the matter should be brought to the attention of the central bank of the Gambia for immediate redress.