(9)
The Finance and Public Accounts Committee of the
National Assembly may extend the time within
which any such report as is referred to in
subsection (1) (d) shall be made to the National
Assembly.
PART 3: THE CENTRAL BANK
Establishment 161.
Of Central Bank
The Board of the 162
Central Bank
(1)
There shall be a Central Bank of The Gambia.
(2)
The Central Bank shall be the only authority to
issue the currency of The Gambia.
(3)
The Central Bank shall be the sole banker of the
Government and it shall be the principal depository
bank for all funds raised for, or on behalf of, the
Government.
(4)
The Central Bank shall(a) promote and maintain the stability of the
currency of The Gambia;
(b) direct and regulate the financial, insurance,
banking and currency system in the interest of
the economic development of The Gambia;
(c) encourage and promote sustainable economic
development and the efficient utilisation of the
resources of The Gambia through the effective
and efficient operation of a banking and credit
system;
(d) exercise such other functions as may be
conferred on the Central Bank by an Act of the
National Assembly;
(5)
It shall be the duty of the Central Bank to ensure
that money paid to or received for and on behalf of
the Government is recorded in proper books of
account in accordance with recognised accounting
standards. It shall ensure that all withdrawals from
the various Government accounts with itself are
properly authorised in accordance with this
Constitution and any Act of the National Assembly
and that the overdrawing on any of the
Government’s accounts with itself is permitted only
if so authorised.
(1)
The authority of the Central Bank shall vest in the
Board of Directors of the Bank which shall
Comprise(a) a Chairman, who shall be the Governor and
Chief Executive of the Bank; and