Yields on Government debt retreat
The price quoted for the bench-mark 91- day bill retreated this week after gains over the past two weeks. It lost 13bps to 10.14 per cent. The 182-day bill lost 4bps to 10.95 per cent. The 1-year note was re-rated downwards to 13.10 per cent, loosing 8bps.
The 91-day (s/s) bill was the only instrument on the money market to register a gain this week. It was up 23bps to 10.28 per cent. All tenures were over subscribed. The 182-day bill was over-subscribed by a massive 67.50%. The amounts on offer at next week’s auction are only slightly in excess of what was offered this week. Given the high percentages that the instruments were over-subscribed this week, we anticipate yields to move further south next week.
Dalasi stable in the Parallel market
Parallel market rates remained unchanged this week. They were steady at D26.88 to the Dollar, D40.75 to the Pound and D37.00 to the Euro. In the Interbank market, the local currency was unchanged at D26.85 against the Dollars, but lost 40bututs against the Pound to D40.70. It was quoted at D36.55 against the Euro, having appreciated by 10bututs, and was unchanged at D280.00 against the CFA.
Dalasi Interbank Mid Exchange Rates
Dollar 26.85
Pound 40.70
Euro 36.55
CFA 280.00
Parallel Mid Exchange Rates
DOllar 26.88
Pound 40.75
Euro 37.00
CFA 275.00
Tuesday 30 March 2010
Saturday 20 March 2010
US Senators press for Manneh’s release
By Tom Rhodes/Africa Program Coordinator
For more than two years, US Senator Richard J. Durbin and a group of Senate colleagues have been pressing for the release of Gambian journalist “Chief” Ebrima Manneh, left.
In July 2006, security agents arrested Manneh at his workplace at the Daily Observer and have since held him incommunicado and without charge. On Thursday, Durbin and four other senators sent a letter to Kamalesh Sharma, secretary-general of the Commonwealth of Nations, urging him to launch an investigation into the case.
The two-page letter is signed by US Senators Durbin, Russ Feingold, Robert Casey, Benjamin L. Cardin, and Joe Lieberman. It says in part:
Mr. Manneh’s disappearance and the Gambian Government’s ongoing refusal to account for his whereabouts are in direct contradiction of the strong human rights standards embraced by the Commonwealth. … Undoubtedly many members of the Commonwealth also share our concern about the deteriorating political and human rights situation in the Gambia, an issue you raised at the recent Commonwealth Heads of Government meeting in Trinidad and Tobago.
The Gambia is a member of the Commonwealth of Nations, an organization of 54 nations that works toward common goals of democracy, human rights, the rule of law, and good governance.
The Economic Community of West African States Community Court of Justice and the UN Human Rights Council’s Working Group on Arbitrary Detention have already called for Manneh’s immediate release.
CPJ
Friday 19 March 2010
Former Gambian military heads on treason charges
Atleast ten people have been charged with a plot to overthrow the government of Yahya Jammeh.
According to the Gambian ministry of Justice, the plot was headed by the country's former Chief of Defence Staff, Lt. General Lang Tombong Tamba.
The nine other accused persons are Brigadier General Ndure Cham, Brigadier General Omar Bun Mbye, Colonel Lamin B.O. Badgie, Lt. Colonel Kawsu Camara (alias Bombardier), Modou Gaye former Deputy Inspector General of Police, Gibril Ngorr Secka, Abdoulie Joof (alias Lie Joof), Yousef Ezaziden (alias Rambo) and Omar Camara.
The particulars of the offence on count one state that:
Lt. General Lang Tombong Tamba, Brigadier General Ndure Cham, Brigadier General Omar Bun Mbye, Colonel Lamin Bo Badjie, Lt Colonel Kawsu Camara, Modou Gaye, Gibril Ngorr Secka, Abdoulie Joof, Yousef Ezziden (alias Rambo) Omar Camara and others now at large on diverse dates between 1st January and 19th December 2009 at Bijilo and other places within the jurisdiction of this honourable court conspired to stage a coup d’ etat and overthrow the President and democratically-elected government of the Republic of The Gambia by force of arms.
Count two, in the particulars of the offence reads:
Lt General Lang Tombong Tamba, Brigadier General Ndure Cham, Brigadier General Omar Bun Mbye, Colonel Lamin Bo Badjie, LT Colonel Kawsu Camara, Modou Gaye, Ngorr Secka, Abdoulie Joof, Yousef Ezziden (alias Rambo) Omar Camara and others now at large on diverse dates between 1st January and 19th December 2009 procured arms and ammunition, equipment and mercenaries from Guinea Conakry and other places to stage a coup d’ etat and overthrow the President and democratically-elected government of the Republic of The Gambia.
Count three of the particulars of the offence further states that: Lt. General Lang Tombong Tamba, Brigadier General Ndure Cham, Brigadier General Omar Bun Mbye, Colonel Lamin Bo Badjie, Lt. Colonel Kawsu Camara , Modou Gaye, Ngorr Secka, Abdoulie Joof, Yousef Ezziden (alias Rambo) Omar Camara and others now at large on diverse dates between 1st January and 19th December 2009 procured arms and ammunition, equipment and mercenaries from Guinea Conakry and other places to stage a coup d’ etat and overthrow the President and democratically-elected government of the Republic of The Gambia.
The accused persons also face two counts of overt acts.
Count one of the overt acts states that: Lt. General Lang Tombong Tamba, Brigadier General Ndure Cham, Brigadier General Omar Bun Mbye, Colonel Lamin Bo Badjie, Lt. Colonel Kawsu Camara, Modou Gaye, Gibril Ngorr Secka, Abdoulie Joof, Yousef Ezziden (alias Rambo) Omar Camara and others on various dates between 1st January and December 2009 held meetings at the house of Lang Tombong Tamba in The Gambia where discussions were made and agreement reached and detailed plans laid for the overthrow of the President and the government of The Gambia by force of arms. Abdoulie Joof and Yousef Ezziden (alais Rambo) were assigned the role of financing the coup plot. Lang Tombong Tamba and Bo Badjie were, amongst other things, assigned the role of purchasing the equipment such as vehicles, arms, ammunition, hire personal and effect an assault on The Gambia from Guinea Bissau so as to actualise the coup plot.
Count two of the overt acts states that: "To actualise the coup plot all the accused persons attended the meetings for that purpose at Lang Tombong Tamba's house on various dates between 1st January and 19th December 2009.
*Lang Tombong Tamba and Bo Badjie invited Rui Jabbi Gassama to The Gambia from Guinea Bissau and paid him staggering amounts of money to purchase for them arms and ammunition.
*Also to purchase a ship to convey the arms to The Gambia for the purpose of the assault. He was also to train dissident persons in Guinea Bissau for the accused persons to launch an assault on The Gambia.
*The ship was priced by Rui Jabbi Gassama on the instruction of Lang Tombong Tamba and Bo Badjie and all the accused persons.
Lt. Colonel Kawsu Camara was assigned the role of intriguing at the Kanilai Farms for the purpose of knowing when and if the President would be there so that he could be assaulted by the coup plotters. All the accused persons were engaged in a network of spying, gathering information, buying and reselling prohibited drugs for the purpose of actualising the coup plot.
The accused persons also hired one Ebrima Marreh to spy out weak spots in the defences of The Gambia, especially in military barracks for the purpose of actualising the coup plot."
Meanwhile, Gambian president, Yahya Jammeh have threatened to deal mercilessly with anyone trying to disturb the country’s peace.
Tuesday 16 March 2010
Dalasi & Butut: Gambian market update
Money Market Updates
Yields on Government debt move in different directions: The increased amounts offered at this weeks auction had an effect on the downward trend experienced by yields on all the tenures in the money markets over the last few weeks. The 91/day bill increased by 1bps and was quoted at 9.83 per cent. It was under-subscribed by 21 per cent. The 91/day (ss) was over-subscribed by 50 per cent. It was quoted at 10.26 per cent, a drop of 8bps from last weeks close. The 182/day billremained unchanged at 10.96 per cent. The 1-year bill lost 3bps from last week’s close to end the week at 12.84 per cent
Currency Market Updates
Apart from the 3bututs depreciation of the local currency against the Dollar in the interbank market, the Dalasi remained unchanged or appreciated against the major currencies in the money markets this week.
In the interbank market, the Dalasi appreciated by 85bututs and 160bututs and was quoted at D41.50 and D36.25 against the Pound Sterling and Euro respectively.
In the parallel market, when compared to last week’s close, the Dalasi remained
unchanged against the Dollar and the Euro.It appreciated by 25bututs against
the pound sterling and was quoted at D40.00
Dalasi Interbank Mid Exchange Rates
Dollar 26.83
Sterling 41.50
Euro 36.25
CFA 275.00
Parallel Mid Exchange Rates
Dollar 26.75
Sterling 40.00
Euro 36.25
CFA 270.00
Yields on Government debt move in different directions: The increased amounts offered at this weeks auction had an effect on the downward trend experienced by yields on all the tenures in the money markets over the last few weeks. The 91/day bill increased by 1bps and was quoted at 9.83 per cent. It was under-subscribed by 21 per cent. The 91/day (ss) was over-subscribed by 50 per cent. It was quoted at 10.26 per cent, a drop of 8bps from last weeks close. The 182/day billremained unchanged at 10.96 per cent. The 1-year bill lost 3bps from last week’s close to end the week at 12.84 per cent
Currency Market Updates
Apart from the 3bututs depreciation of the local currency against the Dollar in the interbank market, the Dalasi remained unchanged or appreciated against the major currencies in the money markets this week.
In the interbank market, the Dalasi appreciated by 85bututs and 160bututs and was quoted at D41.50 and D36.25 against the Pound Sterling and Euro respectively.
In the parallel market, when compared to last week’s close, the Dalasi remained
unchanged against the Dollar and the Euro.It appreciated by 25bututs against
the pound sterling and was quoted at D40.00
Dalasi Interbank Mid Exchange Rates
Dollar 26.83
Sterling 41.50
Euro 36.25
CFA 275.00
Parallel Mid Exchange Rates
Dollar 26.75
Sterling 40.00
Euro 36.25
CFA 270.00
Tuesday 2 March 2010
Dalasi & Butut: Gambian market update
3-yr Bond Under-subscribed
The 3-yr fixed coupon bond which was introduced on 24th February 2010 was undersubscribed by 50 per cent. Only D25million of the D50million floated was taken up by investors.
All other instruments on the money market were massively over-subscribed at this week’s auction. The 91-day bill was over-subscribed by 80 per cent, loosing 65bps and was quoted at 10 per cent. Its counterpart – the 91-day (S/S) was quoted at 10.47% having lost 3bps on the previous week’s price.
The bill was over-subscribed by 190.25 per cent. The 182-day bill and the 1-year bond were quoted at 11.00 per cent and 12.90 per cent respectively having lost 61bps and 9bps respectively on the previous week’s prices.
Currency Market Updates
On the Interbank, the Dalasi gained 70bututs against the pound sterling and was quoted at D41.75. Against the Euro, it was quoted at D36.30, a gain of 25bututs. It remained unchanged against the CFA franc but lost 35bututs against the dollar to end the week at D27.15.
On the parallel currency market, the Dalasi remained unchanged against the dollar and the pound sterling. It gained 162butus and 750butus against the Euro and CFA franc respectively.
Dalasi Interbank Mid Exchange Rates
Dollar 27.15
Pound 41.75
Euro 36.30
CFA 285.00
Parallel Mid Exchange Rates
Dollar 26.75
Pound 42.50
Euro 37.38
CFA 272.50
The Monetary Policy Committee of the Central Bank of The Gambia (MPC) released a press statement on 24th February 2010. The MPC maintained the Rediscount rate at 14 per cent.
The Committee expects economic activity to evolve during the year supported by the expected partial recovery in tourism and remittances, and robust growth in agriculture. The statement also disclosed that at the end of January 2010, gross international reserves totalled US$183.30m, equivalent to 7.2months of import cover.
End-period inflation measured by the National Consumer Price Index (NCPI) has been rising from 2.4 per cent in September 2009, to 2.7 per cent in December 2009 to 3.6% in January 2010. However, annual average inflation fell to 4.3 per cent in January 2010 compared to 5.6 per cent in September 2009.
The 3-yr fixed coupon bond which was introduced on 24th February 2010 was undersubscribed by 50 per cent. Only D25million of the D50million floated was taken up by investors.
All other instruments on the money market were massively over-subscribed at this week’s auction. The 91-day bill was over-subscribed by 80 per cent, loosing 65bps and was quoted at 10 per cent. Its counterpart – the 91-day (S/S) was quoted at 10.47% having lost 3bps on the previous week’s price.
The bill was over-subscribed by 190.25 per cent. The 182-day bill and the 1-year bond were quoted at 11.00 per cent and 12.90 per cent respectively having lost 61bps and 9bps respectively on the previous week’s prices.
Currency Market Updates
On the Interbank, the Dalasi gained 70bututs against the pound sterling and was quoted at D41.75. Against the Euro, it was quoted at D36.30, a gain of 25bututs. It remained unchanged against the CFA franc but lost 35bututs against the dollar to end the week at D27.15.
On the parallel currency market, the Dalasi remained unchanged against the dollar and the pound sterling. It gained 162butus and 750butus against the Euro and CFA franc respectively.
Dalasi Interbank Mid Exchange Rates
Dollar 27.15
Pound 41.75
Euro 36.30
CFA 285.00
Parallel Mid Exchange Rates
Dollar 26.75
Pound 42.50
Euro 37.38
CFA 272.50
The Monetary Policy Committee of the Central Bank of The Gambia (MPC) released a press statement on 24th February 2010. The MPC maintained the Rediscount rate at 14 per cent.
The Committee expects economic activity to evolve during the year supported by the expected partial recovery in tourism and remittances, and robust growth in agriculture. The statement also disclosed that at the end of January 2010, gross international reserves totalled US$183.30m, equivalent to 7.2months of import cover.
End-period inflation measured by the National Consumer Price Index (NCPI) has been rising from 2.4 per cent in September 2009, to 2.7 per cent in December 2009 to 3.6% in January 2010. However, annual average inflation fell to 4.3 per cent in January 2010 compared to 5.6 per cent in September 2009.
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