Is There Any Cash Shortage in the Country?


Withdrawals of huge amounts of money from our banks across the country is said to take a little difference; as the trend now is according to sources reaching the editorial desk of the Daily News that it takes a week or number of days for effecting huge withdrawals.
The question now is, is there any cash shortages in our national coffers? If not, let those who matter come out and speak.
Reliable sources very close to the paper, some of who themselves are customers and others are bankers themselves have attested to the Daily News that it takes more than the normal period to make huge withdrawals these days.
One customer told the Daly News that he wanted to withdraw five hundred thousand dalasi (D500, 000.00) but he could not, because his bank told him it will take more than 6 days to effect such a transaction; reasons being that there is cash shortage in the country which subsequently make it impossible at their bank.
Another one also, was to place an amount of nine hundred thousand dalasi (D900, 000.00) into his account just to transfer it later to another person out of the country but was advised that the transfer will take more than a week.
Again the reasons being that once it hits his accounts there is a waiting queue of persons for withdrawals and his Nine hundred thousand dalasi will go to the waiting queue, and therefore it will take another week to get his money for transfers.
Another reasons advanced and of which this paper is privilege to; is that the Central Bank of the Gambia is to print new notes of our currency and there is a pull and push as whose head should be on the new currency notes, and thus the cash shortage.
Well if the above are anything to go by; we are in a serious problem as more and more old notes are damaged and cannot be recirculated. When more are withdrawn from circulations and no replacement are effected, then there bound to be shortages of cash flow.
The ministry of Finance and Economic Affairs and the Central bank must come out and clear the issue. If not this will have a very negative effects on our ailing and fragile economy.
What it will create is the lack of trust from the business community and the general public from saving with the commercial banks and will restore to using their office and home saves, thus preventing cash flow in the local banks.


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