Gambia’s currency loses value

As at end-April 2012, the value of The Gambia’s currency, the Dalasi, depreciated against all major international currencies, Central Bank Governor Amadou Colley revealed during the quarterly press conference of the Bank’s Monetary Policy Committee (MPC) on 18 May.

Governor Colley said the value of the Dalasi dropped by 6.86 per cent against the US Dollar, 4.64 per cent against the Pound Sterling.  In nominal effective exchange rate terms, the Dalasi depreciated by 5 per cent.

In the year to end-March 2012, money supply grew by 9.0 per cent but lower than the growth rate of 14.9 per cent in March 2011.

At the same period, the domestic debt increased to D9.2 billion, equivalent to 31.3 per cent of Gross Domestic Product (GDP).  Treasury bills and Sukuk-Al-Salaam combined, and accounting for 78.8 per cent of the debt stock, rose to D7.43 billion compared to D6.0 billion in March 2011. The Gambia’s pays almost 25% of the annual national budget to interest on domestic debt.

A Tribute to late Central Bank Governor

Late Famara Jatta

My body is numb, my blood is cold, I only type these words because that is the least I can do to remember a worthy brother, leader and patriot. I cannot remember any piece of news as devastating to me as the death of Famara Jatta, former Finance Minster and Central Bank Governor. He gave his last breath while answering to the supranational call of the African Development Bank where he last worked. May Allah the Most Merciful shower his eternal blessings on his soul in the lofty gardens of Jannatul Firdaus.

I came to know Famara Jatta (fondly called Fams) when he was appointed Governor of the Central Bank in

2003 where I worked as Research Economist. Those were troubled times for our country’s apex financial institution. The Dalasi was at an all-time low against the major international currencies, inflation was high and trust in our economy was nearing its lowest ebb. President Jammeh will certainly never regret the decision of appointing Fams, entrusting him with the management of our economy; and Fams did nobly rise to the occasion.