Dalasi & Butut:Dalasi Sends Mixed Signals

The Gambia’s local currency posted mixed signals on the interbank and depreciated against its major trade counterparts on the parallel market this week. On the interbank market, the Dalasi was unchanged at D26.65 against the Dollar but depreciated by 80 bututs against the Pound to close at D44.40.

Against the Euro, the local currency gained 25 bututs and was quoted at D37.75 but lost ground against the CFA Francs by D2.50 to close the week at D285. On the parallel market, the local currency depreciated by 2 bututs against the Dollar and lost 50 bututs to the Pound to close at D26.90 and D44.00 respectively.

The Dalasi was also re-rated downwards by 1 butut against the Euro to D39 and lost D3.50 to the CFA Francs to close this week at D280. The US Dollar appreciated against the Pound but depreciated against the Euro and the Japanese Yen on the international currency market this week.

The greenback was up by 0.04 per cent against the Pound to $1.63 but was down by
0.01 per cent against the Euro to close at $1.47. The Dollar also depreciated by 0.1 per cent against the Yen and exchanged hands with the Yen at $91.13.


Dalasi Interbank Mid Exchange Rates

$ 26.65
£ 44.40
€ 37.75
CFA 285.00


Parallel Mid Exchange Rates

$ 26.90
£ 44.00
€ 39.00
CFA 280.00

Money Market Updates

91-Day Bills Drop Points: Both the 91-Day Bill and its Sukuk Al-Salam counterpart lost points following the end of this week’s trading. While the 182-Day Bill and the 1-Year Note improved, the 91-Day Bill was down by 7 basis points
from its previous level of 10.14 per cent to 10.07 per cent following an undersubscription of 67 per cent.

The 91-Day Sukuk Al-Salam Bill also lost 14 basis points of its last week rate of 10.71 per cent and was quoted at 10.57 per cent this week, after being oversubscribed by 60 per cent.

The 182-Day Bill posted a gain of 29 basis points and was undersubscribed by 76 per cent. The Half-Year Bill which was quoted at 11.45 per cent last week closed this week at a higher rate of 11.74 per cent. The longer dated arm of the market also witnessed a 69 basis point appreciation in the level of the 1-Year Note after an
undersubscription of 46 per cent. The Note was quoted at 14.75 per cent this
week but was previously quoted at 14.06 per cent.