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In a press release, The Gambia’s bank of banks stated that it was acting under Section 45 of the Banking Act of 2009 and that it made the move with a view to “safeguarding the financial system in particular and the economy in general”.
Under the arrangement, the released explained, the Central Bank has full and exclusive powers to manage and control the two banks, to ensure that they operate in a safe and sound manner.
The two banks, the release reassured, would continue business as usual and depositors are assured that Keystone (formerly Bank PHB) and Access have ample liquidity to meet current and future obligations.
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