In September 2013, the International Monetary Fund (IMF) warned that prolonged overvalued exchange rate would damage Gambia’s international competitiveness (Photo credit: Wikipedia) |
The
Gambian Dalasi depreciated significantly in the second half of 2013, a
quarterly report by the Monetary Policy Committee
(MPC) of the Central Bank of The Gambia (CBG), indicated on Friday.
Although
the Dalasi was broadly stable in the first half of the year, as at end-December
2013 it depreciated against the US Dollar by 14.8 per cent, the Euro 21 per
cent and Pound Sterling 14.8 per cent - from December 2012, the MPC admitted at
a briefing in Banjul on January 31.
“In
nominal effective exchange rate terms, the Dalasi depreciated by 15.1 per cent
compared to 13.5 per cent and 7.3 per cent in 2012 and 2011 respectively,” the
MPC said of the three-year downward trend of the national currency against
major international currencies.
5, 10, 25, 50 butut coins (Photo credit: Wikipedia) |
In September 2013, the
International Monetary Fund (IMF) warned that prolonged overvalued exchange
rate would damage Gambia’s international competitiveness.
The warning followed
several Gambia Government directives that downgraded foreign currency exchange
rates, impose a moratorium on the shipment of the dollar, suspension of money
operators, seizure of financial bureau licences, and arrests and detention of
forex bureau staff.
Written by Modou S. Joof
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