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Gambian lawmakers call for regulation of interest rates on loans
Wednesday, 13 October 2010 21:04
PANA - Gambian lawmakers have appealed to the country's apex bank to intervene
and regulate interest rates on loans by the commercial banks, PANA reported here Tuesday, quoting financial sources. The appeal, according to the sources, is contained in the annual report and financial statements of the Gambian National Assembly Public Accounts and Public Enterprise Committee which were tabled before the house on Monday for adoption during the third meeting of the 2010 legislative session.The committee also recommended that the Central Bank of Gambia (CBG) should come up with measures to moderate high interest rates to promote production.
PANA reports that the report, unanimously adopted by the house, further highlighted the unsatisfactory response by the CBG on the issue of the journal entries on the non-sequential numbering of payment vouchers.
It recommended that the apex bank should improve upon the situation by synchronizing the two systems at the bank and avoid the re-occurrence of a similar situation to enhance the performance of the institution.
It urged the CBG to provide all supporting documents on such payments to ensure compliance with procurement and adherence to financial rules and regulations.
The report challenged the CBG to provide a comprehensive list of staff loans and a recovery plan before the next sitting of the PAC/PEC, recommending that the CBG be compliant with the Public Procurement Act at all times.
Considering the huge profit margins of the commercial banks, the PAC/PEC Joint Committees' report strongly recommended that the CBG should come up with corporate social responsibility guidelines to ensure maximum investment in the productive sectors of the economy by the commercial banks.
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