DALASI AND BUTUT

with Databank Securities Ltd
The Gambia ’s local currency posted a mixed performance on both the interbank and parallel markets this week. On the interbank market, the local currency was stable against the dollar at D25.85 and moved up by 55 bututs against the Pound at D36.65.

The Dalasi also appreciated by 13 bututs against the pound and was quoted at D33while improving by D5

against the CFA francs to close the week at D252.50. On the parallel market however, the Dalasi was re-rated downwards by 22 bututs and was quoted at D26.17 but gained 42 bututs against the pound to close at D36.58.

Against the Euro and the CFA Francs, the local currency appreciated by 50 bututs but lost D1.25 and was quoted at D33.50 and D260 respectively.

On the international currency market, the US Dollar gained against the British Pound but lost value to the Euro and the Yen. The greenback chalked a 0.70 per cent gain against the pound to close at $1.42 but shaved off 0.79 per cent against the Euro to $1.27 and lost 6.23 per cent of its previously quoted rate against the Yen. The Dollar is currently quoted at $97.85 against the Japanese Yen.


Dalasi Inter-Bank Mid Exchange Rates

USD 25.85

UKP 36.65

Euro 33.00

CFA 252.50

Dalasi Forex Bureau Mid Exchange Rates

USD 26.17

UKP 36.58

Euro 33.50

CFA 260.00



Instruments Move South….

Trading on the money market of the central bank of the Gambia witnessed declines in all traded instruments except for the 91-Day Sukuk- Salami Bill. The Bill remained pegged at 11.13 per cent.

The 91-Day Bill moved south by 20 basis point from a previous quoted level of 11.44 per cent and is currently quoted at 11.24 per cent while the 182-Day Bill slashed 69 basis points off its value was quoted at 12.76 per cent .

The longer end of the market saw a downward revision of 77 basis points in the level of the 1-Year Note. The 1-Year Note was quoted at 14.24 per cent but was quoted at a much higher level of 14.53 per cent a week ago.

Toronto FC signs Gambian defenders

Toronto FC signed Gambian defenders Emmanuel Gomez and Amadou Sanyang, the Major league Soccer club announced on Tuesday.

"Both these players are great young talents and have a huge future ahead of them," TFC manager and director of soccer Mo Johnston said. "Gomez is very good in the air, has very good speed and is an outstanding young center back. Amadou has great ability as well; he's very talented and will be a great asset for many years to come. We are delighted to have them both on board."

Sanyang, 17, will not be able to become a full member of the Toronto FC senior squad until his 18th birthday. Until that time the defender will train with both the senior team and TFC Academy and be able to play matches for the Academy. He turns 18 Aug. 1.

Gomez, 18, will arrive in Canada following the completion of all international transfer and immigration procedures. As per league and team policy, financial details were not announced.
Courtesy of The Sports Network

Observer Anchorman Removed

The deputy managing director of the Daily Observer Newspaper is reported to have been removed from his post, authoritative sources told AllGambian.


Andrew P DaCosta was said to have been sacked last Friday in a letter signed by Momodou Sanyang, chairperson of the company's board.


Daily Observer insiders told AllGambian that no reason (s) was stated by the board for his removal.


"After indicating its regrets to remove him, the letter asked him to surrender his office keys, company car and any other company item in his possession to his managing director, Neneh MacDouall-Gaye," an insider told this paper.


A former senior banker with the International Bank for Commerce, (IBC) Andrew DaCosta joined the Observer as financial controller in the late 1990s. He was made deputy managing director and financial controller in 2000 and have been highly credited for keeping the company's finance afloat.


A devout Catholic, Mr DaCosta is regarded as a hard working man who has the interest of the Observer at heart.


Until his removal, Mr DaCosta has served as deputy to seven managing directors of the Observer namely; Sariang Ceesay, Buba Baldeh, Sheriff Bojang, Momodou Sanyang, Saja Taal, Dida Halake and Neneh MacDouall-Gaye.