Dalasi and Butut:Dalasi Posts Declines

The local currency posted declines against its major trading counterparts on both the interbank and the parallel markets this week. The Dalasi depreciated by 37 bututs against the dollar to close at D26.25 and lost D1.25 against the pound to close at D38 on the interbank market.

The Dalasi also depreciated by D1.99 against the Euro to D35.62 and was fixed at D257.50 against the CFA Francs. On the parallel market, the Dalasi lost 53 bututs against the Dollar and was quoted at D26.78 and depreciated by D1.25 against the pound and was quoted at D38. Against the Euro and the CFA Francs, the Dalasi shaved off D1.50 and D6.50 to close at D35.38 and D260 respectively.

On the international currency market, the Dollar marked gains against the Pound and the Euro but lost to the Japanese Yen. The greenback was upbeat against the Pound by 0.69 per cent to $1.44 and was up by 0.74 per cent against the Euro to $1.35 but posted a decline of 3.40 per cent against the Yen to close at $98.13. The dollar’s strength was influenced by a surge in currency transactions as a result of a lackluster in the equities market.

Yields Register Gains
Trading on the floor of the money market of the Central Bank of the Gambia saw gains in all traded instruments except the 91-Day Sukuk- Salam Bill which remains pegged at 11.26 per cent following the end of this week’s auction. The 91-Day Bill inched up by three basis points from 11.48 per cent and is currently quoted at 11.51 per cent.

The 182- Day Bill was up by 17 basis points and was quoted at 12.79 per cent. The Bill was previously quoted at 12.62 per cent. The longer-dated arm of the market witnessed a 7-basis point appreciation in the level of the 1-Year Note. The 1-Year Note is currently quoted at 14.42 per cent but was
quoted at a lower rate of 14.35 per cent last week.

Dalasi Inter-Bank Mid Exchange Rates

USD 26.25
UKP 38.00
Euro 35.62
CFA 257.50

Dalasi Forex Bureau Mid Exchange Rates

USD 26.78
UKP 38.00
Euro 35.38 -
CFA 260.00

TIC Now in Farafeni
Takaful Insurance Company has opened a new shop in Farafenni. Takaful Insurance has been committed to the promotion of Islamic financing following the successful establishment of Islamic Banking in The Gambia.