Plans via The Gambian authorities to roll out new currency notes is amassing steam. The tiny West African kingdom makes use of foreign money called the Dalasi.
The Central Bank leader Bakary Jammeh on Monday provided copies of the brand new notes to president Adama Barrow. The new notes are to be released into the economy nowadays through commercial banks.
The predominant characteristic of the brand new notes is the absence of the portrait of long-serving president Yahya Jammeh. His photograph has been replaced with the aid of a hen believed to be one of the country wide birds.
The modern notes are a complete overhaul of the forex that The Gambia has been the use of seeing that independence. The notes are prepared with high protection features. The notes consist of 5, 10, 20, 50, 100 and two hundred dalasi.
The apex financial institution in January 2018 stated it changed into phasing out all copies of the dalasi which had Jammeh on them. The said notes were issued in 2015, Jammeh misplaced elections in past due 2016 and fled to exile in Equatorial Guinea in January 2017.
The Central Bank chief years ago: “The currencies that [Jammeh] has his heads on have been revealed in 2015 and in case you test currencies in circulating from 2014 to 2015, there are the ones that do not have his head.
“So we will print those 2014 ones on which he does not have his head and get delivery in February (2018),” Jammeh informed reporters at the time.
“So [Jammeh’s] face is step by step phasing out because notes that are available in right here do no longer go out once more. And the new stock we can print will take us the entire of 2018 with out his head.
“Then we can have time to redecorate the complete foreign money with new protection features… We are deliberating standards together with the current financial institution notes of countries like South Africa and Ghana,” he added.
Jammeh had criticized his predecessor, Gambia’s first president Dawda Jawara, for printing notes with his face on it – that turned into executed back in 1971. Years on, Jammeh additionally had his face on the dalasi.
A fee of inquiry installation by means of President Barrow has heard that Jammeh looted country budget and mismanaged the economic system with unilateral decisions to technocrats.
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