Treasury bill fell below 9 per cent
Yield on the 91day bill fell below 9 per cent touching lows not seen since November 2006. The bill dropped by 37bps to 8.82 per cent, and was over– subscribed by 21.80 per cent.
The 91-day (s/s) which shaved off 11bps to 10.30 per cent was over-subscribed by a massive 120 per cent. The 182-day bill lost 4bps to 10.20 per cent and was the only tenure under-subscribed at the auction. The 1-year note shed 14bps to 12.86 per cent.
Dalasi continues its decline
We remarked last week that we were surprised that the local currency appreciated in the Interbank market whilst it continued to depreciate in the Parallel market.
This week, apart from gaining 50bututs against the Euro to D37.00 in the Parallel market, the Dalasi depreciated against all the other currencies in both markets.
In the Interbank market, it lost 225bututs against the Dollar to D29.25, 275bututs against the Pound Sterling to D42.50 and 140bututs against the Euro to D36.65. The rate of depreciation was less marked in the parallel market.
The Dalasi lost 38bututs and 88bututs against Dollar and Sterling to D30.88 and D44.13 respectively.
Dalasi Interbank Mid Exchange Rates
Dollar 29.25
Pound 42.50
Euro 36.65
CFA 280.00
Parallel Mid Exchange Rates
Dollar 30.88
Pound 44.13
Euro 37.00
CFA 280.00
Gambia Hosts EBID Meeting
The Gambia this week played host to the 8th Annual meeting of the Board of Governors of the Ecowas Bank for Investment and Development (Ebid).
The one day Banjul meeting availed delegates the opportunity to discuss a wide range of issues as well as chart a course to make Ebid a more effective vehicle for financing the investment requirements of countries in the sub-region. Mr. Momodou S. Foon, The Gambia minister of Finance was elected as the new Chairman of the Board of Governors.
