Market beat: The dalasi updateThe dalasi makes more gains at trading this week
Wednesday, October 07, 2009
The Dalasi is very brilliant this week again and it has registered more gains at trading against major world currencies notably the Pound Sterling, Euro and the US Dollar. More impressive is the fact that it has registered gains against the British Pound Sterling in all banks operating in our economy.
This follows on the backdrop of week in-week out stable trading by the Dalasi and all signs are very promising that the Dalasi is consolidating and indeed making inroads into other international currencies by registering further minor gains. In connection to that, the demand for foreign currencies may be a bit lightened now as locally grown food invade our urban markets and putting less pressure on the importation of rice and other cereals. However, this trend could be blighted by the weeks leading to Christmas where importation of Christmas related products could be on the offing. The issue of foreign countries also lowering the price of goods is significant but a remote prospect of impacting on our Dalasi.
Remember big multilateral corporations and giant companies like SONY, COCA COLA might have already made their profits and could tempt Third World importers into bulk purchasing for their local markets by way of lower prices. Our importers could be affected so too put pressure on the Dalasis as local importers look for hard currencies to pay for cheap imported stuff and goods from DUBAI, EUROPE, USA and JAPAN.
Generally in statistical terms, we have combed all the 12 banks operating in our banking fraternity and collected and analysed 93 figures in the process. Overall, there are 30/93 LOSSES as against 45/85 LOSSES last week; 46/93 this week as against 33/85 NON MOVING FIGURES and 17/93 GAINS this week as against 7/85 GAINS as per the 11th. September, 2009. We therefore, conclude that the Dalasi has indeed consolidated over the closing period of the third quarter leading 30th September 2009. The story is even getting better with the Dalasi doing very well against the British Pound in all banks in the country.
Non movers: BANK PHB is the only bank for the third week running to be in this esteem category of NON MOVING signaling consolidation and stability and are followed in good company by TBL in this section this week. The two banks registered 100% non moving figures in all their trading figures as per the 11th.September 2009.
Gains: SCBG, AGIB, ICBG, GTB, ECOBANK, BSIC, PRIME, ACCESS and OCEANIC BANK have all registered gains at trading this week.
Losses: SCBG, AGIB, FIB, ICBG, ACCESS, ECOBANK, OCEANIC BANK and PRIME all registered some losses at trading this week.
Mixed pictureAll banks with the exception of PHB BANK and TBL did register mixed picture with some gains, some non moving and some losses at trading as at the 5th. October, 2009.
Mind the gapMarket Beat wished to bring to you the INDICATIVE RATES currency tables as we buy and sell in all our operational commercial banks as dictated to us by the Central Bank of The Gambia (CBG) as at the 5th. October, 2009. Please note that these figures could be subjected to changes as market forces come into play and at the discretion of the banks hereby mentioned.
Author: Momodou Camara