The Dalasi is trading well and there has been lot of inflow of foreign currencies into the country by people living abroad to families here in The Gambia. 

The availability of foreign currencies in the local market has indeed helped the Dalasi to make lot of gains against major world currencies notably the Pound Sterling, US Dollar and Euro. Remittances by persons living abroad to families back home are a great source of funding and sustenance for most families here. It also has the added advantage of boosting the strength of the Dalasi. 

The availability of foreign currencies locally means less Dalasi will be chasing any needed foreign currency. Against this background, the Dalasi has registered 38% gains recording an impressive 31% in total gains as per last week trading figures.  

Non Moving figures also registered a total of 46% in trading for the period under review which showed a good sign of stability in the currency market.

In the same vein, 23% was registered in losses as per last week trading figures. Generally, the DALASI has indeed done well this week and the foreign remittances from family members residing abroad have indeed contributed immensely. We can look forward to a week of relative calm in the foreign currency market and hope a positive trend starts to emerge from the gains registered.

We are looking at 91 figures instead of the traditional 97 we started last week due to FIB’s inclusion of new trading figure in respect of the Norwegian Kroner, Swiss Kroner and Danish Kroner.  However, FIB is in no position to continue trading in the new figures stated above as it did not supply trading figures in that regard. We can also conclude it was one-off trading in these currencies by the bank. However, the weeks that lie ahead will give us a better picture of where FIB is going with the new additions.

There are no 100% NON MOVING FIGURES in all our banks this week. 

AGIB has registered six gains, SCBG and ECOBANK has each registered five and OCEANIC BANK has registered four gains this week. GTB, ICBG, ACCESS and PRIME did all register some gains this week at trading.

TBL, PHB, AGIB, SCBG, GTB, ICBG, ACCESS, BSIC, OCEANIC all registered some losses at trading this week.

All banks   did registered  some mixed pictures with some gains, some non moving figures and some losses at trading as at the 23rdNovember, 2009.

Market 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 20th.November, 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.