The Central Bank of The Gambia has assured that the banking sector will not be harmed as government seeks to implement the Janneh Commission’s recommendations that includes assets seizures and fines of millions of dalasi against several prominent banks in the country.

The government has already taken possession of the assets of two prominent banks in the country namely Guaranty Trust Bank and Trust Bank until they repay millions of dalasi that were stolen from the government by former president Yahya Jammeh and his officials which the banks helped laundered.

In a press release on Tuesday the Central Bank said: “The implementation of the said recommendations would not adversely affect the strong financial position of the banks.”

Below we reproduce the full press release:

“It would be recalled that the Government of The Gambia in July 2017 established the Janneh Commission to look into the financial activities of the former President Yhaya A . J. J. Jammeh and his close associates. The findings and recommendations 2of the Commission are contained in a nine (9) Volume report released on Friday September 13, 2019.Volume 9 of the report mandates the Central Bank of The Gambia to implement recommendations relating to the banking sector.

“The implementation of the said recommendations would not adversely affect the strong financial position of the banks.

“The Central Bank wishes to inform the general public that the banking sector is well capitalized and adequately profitable.

“The Bank assures the general public and bank customers in particular that their funds are safe.

“The banking sector remains safe, sound and stable. There is no cause for alarm. Customers are urged to continue their normal banking transactions as usual.”