Tag Archives: Economic and Financial Reporting

Grants to Gambia reduce by more than half in a year

1 Jan
Thumbs Down: For the first nine months of 2016, grant disbursement to the government stands at D242 million, much lower than D565 million it was in the same period of 2015. (Photo Credit: MSJoof/TNBES/FPI)

Thumbs Down: For the first nine months of 2016, grant disbursement to the government stands at D242 million, much lower than D565 million it was in the same period of 2015. (Photo Credit: MSJoof/TNBES/FPI)

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The Gambia unveils 2014 national budget of D8.6 billion

20 Dec
Dalasi gambiano

It included a budget support of D313 million from World and African Development banks. (Photo credit: Wikipedia)

By Modou S. Joof

The Government of The Gambia has on Thursday unveiled the national budget for 2014 which is an estimated D8.6 billion to be derived from domestic revenue and grants – representing an increase of 1 billion on the 2013 budget of D7.6 billion.

According to the country’s minister of finance and economic affairs, Kebba Touray, the budget represents a growth of 13.5 per cent principally due to a 20.5 per cent expected rise in tax revenue and a 32.0 per cent projected increase in non-tax revenue.

He told the National Assembly on December 19 that these forecasts assume that there will be improvements in compliance levels as well as the implementation of new revenue measures. It included a budget support of D313 million from World and African Development banks. Continue reading

Gambia’s President Jammeh revoke licences of all forex bureaus

14 Aug
Cropped version of :Image:Gambia President Yah...

Now, the Jammeh-led Government said all Forex bureaus that operated in the foreign exchange market, are to apply afresh for licences. (Photo credit: Wikipedia)

By Modou S. Joof

All 56 registered forex bureaus in The Gambia have had their licences revoked with immediate effect by the country’s President, Yahya Jammeh on Tuesday, August 13.

“All licences of foreign exchange bureaus issued by the Central Bank of The Gambia (CBG) has been declared null and void with immediate effect by the Government of The Gambia,” Jammeh said in a press statement.

The 1 minute 30 seconds despatch from Jammeh’s Office, State House, claims “the cancellation of the licences has been necessitated by the failure of operators in the foreign exchange market to comply with the advice and warning given to them by the Government”. Continue reading

Again, the presidency forcefully reduce selling rate of the dollar

28 Jun
President of The Gambia Yahya Jammeh

A similar directive from President Yahya Jammeh which forced the reduction of the dollar to a selling rate of D28 from D34 (the market price at the time) in October 2012, was withdrawn barely 15 days after it was imposed.(Photo credit: Wikipedia)

By Modou S. Joof

The Office of The Gambia’s President, Yahya Jammeh, on Tuesday forcefully reduced the selling rate of the United States Dollar from D38 – to between D30 and D33 for $1.

It also imposed a moratorium on all shipment of the US Dollar out of the country with possible exemption for essential importation, which must obtain prior clearance from the presidency. Continue reading

Amid nonstop Dalasi slide, CBG suspends three foreign exchange bureaus

24 Jun
The Gambia suspends Ria Financial Services and two other money transfer operators, a national currency continues to weaken. (Photo Credit: All In London)

The Gambia suspends Ria Financial Services and two other money transfer operators, a national currency continues to weaken. (Photo Credit: All In London)

By Modou S. Joof

The Central Bank of The Gambia (CBG) Friday suspended three foreign exchange bureaus – Ria, Money Express, and Wari, as the national currency, the Dalasi, continues to depreciate in value.

A CBG statement said the three financial bureaus are no longer allowed “to operate in the country’s foreign exchange market from June 21, 2013 until further notice”.

The Gambia’s financial market regulator labeled as “illegal” any foreign exchange transactions including sale and purchases through these money transfer operators (MTOs).

Despite this latest directive, the CBG claims the transactions market for foreign exchange remains broadly consistent with economic fundamentals.

However, it noted that the speculative activities of operators in the local foreign exchange market continue to “exert pressures” on exchange rates, resulting in continuing depreciation of the Gambian dalasi. Continue reading

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