Gambia Money Market News

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Gambia Money Market News

Monday, 31 October 2011 18:18

Rediscount Rate Reduced By 100bps
(JollofNews) - The Monetary Policy Committee (MPC) of the Central Bank of The Gambia in a press release this morning reduced the rediscount rate by 1 percentage point to 14.00%.
The Committee projects economic growth at 5.5%, lower than the 6.1% in 2010, with inflation expected to be within a 6% target for the rest of the year. The Dalasi_notes

press release further stated that as at end-September 2011, domestic debt increased to D9.2billion (29.5% of GDP) compared to D7.8billion (27.4% of GDP) in September 2010.
The gross official reserves totalled US$171.7million, equivalent to 4.9 months of import cover.

Money Market Updates
At the week’s auction, yields continued their southward drift. The yield on the 182-day bill was down 29bps to 8.72% setting it below the 9% mark again.
The 91-day bill was under- subscribed by almost 60% but the yield was down 6bps on last week’s close to be re-rated at 7.65%. Its counter-part – the 91-day (s/s) bill was down 16bps to 7.77%. The 1-year note was over-subscribed by 36%. It’s yield went down by 47bps to 10.62%.

Currency Market Updates
The Dalasi strengthened in the interbank market. At this week’s close, it was up 10bututs against the Dollar to D29.78, up 37bututs against the Pound to D45.63 and up 7butus against the Euro to D39.93. It was however unchanged against the CFA franc (5000) at D307.00.
In the Parallel market, when compared to last week’s close, the local currency remained unchanged. It was quoted at D30.50, D47.25, D41.73 and D295.00 against the Dollar, the Pound, the Euro and the CFA franc (5000) respectively.

Dalasi Interbank Mid Exchange Rates
US Dollar    29.78
Pound        45.63
Euro         39.93
CFA          307.50

Parallel Mid Exchange Rates
US Dollar    30.50
Pound        47.25
Euro         41.73
CFA          295.00

Local News
The 2011/2012 tourism season began on Thursday with the arrival of 211 tourists from Scandinavia.
According to the Minister of Tourism and Culture Fatou Mass Jobe- Njie, the country was expecting more tourist flights this year and Condor Airline which had been absent from the country for about five years will resume the Gambian route with their first flight expected on
November 2nd. She also mentioned that the target was to attract half a million tourists to come to The Gambia from the 2011/2012 season and onwards.
Written by JollofNews

Comments

0 #1 2011-10-31 19:36

Increased tourists arrivals is good news....Hope we go back to the period when tourism season was great....The Gambia is lovely and a cheap distinction,com pared to many places....If the department gets its acts together,there's no reason why their target can't be achieved...I've convinced my black Brit neighbours and they are planning to visit next year....Their parents have been and they loved it.

9.2 billion dalasi domestic debt alone is worrying...No system that is worth the name can survive on debt.... A new thinking is needed...

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