Gambian Market Updates

Yield Remains Unchanged
Yield on the 91-day (ss) bill remained unchanged at 10.45% after this week’s auction. The bill was under subscribed by 45.35%. Yields on all the other instruments traded in the money market continued the downward drift the market has been experiencing over the past four weeks.

The 91-day bill and the 1-year note each shaved off 1bps and were quoted at 9.80% and 13.24% respectively. The 182-day bill was down 5bps to 10.76%. Total amount on offer at next week’s auction is half of what was on offer at this week’s auction. We expect yields to dip further.

Dalasi Firm in Interbank Market
The Dalasi remained firm in the interbank market. It gained 2bututs against the Dollar to D26.98, gained 50butus against the Pound to D41.38 and gained 140bututs against the Euro to D35.75.

In the Parallel Market, the local currency appreciated against both the Pound and the
Euro by 52bututs and 75bututs to D41.63 and D36.00 respectively. The currency however depreciated against the Dollar by a new record weekly drop of 88bututs beating last week’s drop of 65bututs. The Dollar was quoted at D29.38. Are we going to see the Dollar breaking though the D30.00/S1.00 barrier at next week’s close?

Dalasi Interbank Mid Exchange Rates

Dollar 26.98
Pound 41.38
Euro 35.75
CFA 282.50

Parallel Mid Exchange Rates

Dollar 29.38
Pound 41.63
Euro 36.00
CFA 278.50