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MADIBA
United Kingdom
1275 Posts |
 Posted - 24 Jul 2006 : 23:26:22
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quote:
Originally posted by njucks
quote:
Originally posted by kondorong
THE GOOD OLD DAYS WHEN THE FIVE DALASI WAS EQUAL TO ONE BRITISH POUND STERLING. NOW IT IS ONE POUND TO 50 DALASIS A 1000% DEVALUATION
well this doesnt necessary have to be a bad thing. it is only a problem if wages don't go up in the same way. it can also be a problem if domestic productivity goes down for things like food, but many factors come in here. its not that simple.
Njucks you are right. There are many factors out there which need to be factored in to see the full picture.
I believe some of the fators are not unique to gambia. With the end of the cold war the global economy witnessed a transformation and many African countries suffered consequently. Gambia's only cash crop Groundnut has lost most of its market due to unfair business practices perpetrated by the West. In other countries who export bananas, cotton, etc in africa are trapped in this same web of unfair buiness practice. European gov'ts pay out subsidies to their farmers, thus blocking out african and third world farmers.
Local factors are huge food imports because we are amongst the largest rice consumers in africa yet we can't even produce enough to feed ourselves much more export to bring in foreign exchange.
There are little or no manufacturing industries in The Gambia, so basic goods such as needles and threads are still imported after 41yrs of independence.
How many of the able bodied youth are involved in the economy? Very little. The best way to survive an ailing economy is by participating in that economy.
The printing of new bank notes is a NON-STARTER. I think we should shy away from looking at the problem from the outside. The CBG has come out to tell the public that its the Bank's policy to print new notes periodically. Some of us who were living in The Gambia until recently can attest to the poor and nuseating state of some of the notes in circulation.
Gambians let get up and take a re-look. Days are gone when the colonial master would back currencies/economies. France pull away from the CFA zone in 1994 or so and the rude shock badly affected economies such as Ivory coast and Senegal.
Price rises is not unique to The Gambia. Here in the UK prices and funny taxes are frequent. During the past academic year bus fares had been increased twice, even children fares were not spared. So it all boils down to economics.
Gambia may have a leadership problem but our greatest problem is ATTITUDINAL. Unless it is tackled the best brains could be hired to run the affairs of the Gambia, and we will still suffer that's my CONVICTION.
CHI JAAMA |
madiss |
Edited by - MADIBA on 24 Jul 2006 23:29:30 |
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kondorong
Gambia
4380 Posts |
Posted - 24 Jul 2006 : 23:35:31
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quote:
Originally posted by MADIBA
quote:
Originally posted by njucks
quote:
Originally posted by kondorong
THE GOOD OLD DAYS WHEN THE FIVE DALASI WAS EQUAL TO ONE BRITISH POUND STERLING. NOW IT IS ONE POUND TO 50 DALASIS A 1000% DEVALUATION
well this doesnt necessary have to be a bad thing. it is only a problem if wages don't go up in the same way. it can also be a problem if domestic productivity goes down for things like food, but many factors come in here. its not that simple.
Njucks you are right. There are many factors out there which need to be factored in to see the full picture.
I believe some of the fators are not unique to gambia. With the end of the cold war the global economy witnessed a transformation and many African countries suffered consequently. Gambia's only cash crop Groundnut has lost most of its market due to unfair business practices perpetrated by the West. In other countries who export bananas, cotton, etc in africa are trapped in this same web of unfair buiness practice. European gov'ts pay out subsidies to their farmers, thus blocking out african and third world farmers.
Local factors are huge food imports because we are amongst the largest rice consumers in africa yet we can't even produce enough to feed ourselves much more export to bring in foreign exchange.
There are little or no manufacturing industries in The Gambia, so basic goods such as needles and threads are still imported after 41yrs of independence.
How many of the able bodied youth are involved in the economy? Very little. The best way to survive an ailing economy is by participating in that economy.
The printing of new bank notes is a NON-STARTER. I think we should shy away from looking at the problem from the outside. The CBG has come out to tell the public that its the Bank's policy to print new notes periodically. Some of us who were living in The Gambia until recently can attest to the poor and nuseating state of some of the notes in circulation.
Gambians let get up and take a re-look. Days are gone when the colonial master would back currencies/economies. France pull away from the CFA zone in 1994 or so and the rude shock badly affected economies such as Ivory coast and Senegal.
Price rises is not unique to The Gambia. Here in the UK prices and funny taxes are frequent. During the past academic year bus fares had been increased twice, even children fares were not spared. So it all boils down to economics.
Gambia may have a leadership problem but our greatest problem is ATTITUDINAL. Unless it is tackled the best brains could be hired to run the affairs of the Gambia, and we will still suffer that's my CONVICTION.
CHI JAAMA
well said. Its a complex issue but a lot has to do with financial discipline which we so lack since independenec |
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njucks
Gambia
1131 Posts |
Posted - 24 Jul 2006 : 23:42:06
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quote:
Originally posted by MADIBA
There are little or no manufacturing industries in The Gambia, so basic goods such as needles and threads are still imported after 41yrs of independence.
 . needles are a bit complicated and require sophisticated machines to make them. lets just start with the easy stuff. FOOD.
we import eggs, chickensticks, cooking oil, even vegatables. if you want light manufacturing start with Matches!!
the thing is as i mentioned wages can't catch up with prices because most of the revenue earned whether it is from groundnuts or tourism just goes out to pay the import bill, a bill for things that shouldnt be imported.
untill we get out of this nonsense then.....
also i dont think they are printing new money they are just replacing old ones with a new more secure design.they do this every six years according to their website (cbg.gm/news)
http://www.cbg.gm
you can see the new notes at
http://www.cbg.gm/pdf/PRESS%20RELEASE%20new%20bank%20notes.pdf
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Edited by - njucks on 24 Jul 2006 23:49:26 |
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kondorong
Gambia
4380 Posts |
Posted - 24 Jul 2006 : 23:50:07
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The problem is we are not printing quality money these days. The current D5.00 is terrible and in bad shape. It cost money to print money. We need to settle for a quality one. May be they should have maintained the contractors for the currency pre 1994 even if they will change jawara's print. They were much better. Even our passport suffered qualty problems when the pages peel off so easily. Thank God we now a machine readable passport an no more lamination of photos.
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njucks
Gambia
1131 Posts |
Posted - 25 Jul 2006 : 00:02:04
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unlike you i am not a money expert. as a citizen i am only concerned about the value of the legal tender. the quality doesnt concern me. i'm satistified about the currency notes.
i also know for a fact that the current printers/mint/makers are the world leaders in this field. they're called De La Rue Currency. thats a FACT.
its your word vs De La Rue's |
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kondorong
Gambia
4380 Posts |
Posted - 25 Jul 2006 : 00:18:23
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quote:
Originally posted by njucks
unlike you i am not a money expert. as a citizen i am only concerned about the value of the legal tender. the quality doesnt concern me. i'm satistified about the currency notes.
i also know for a fact that the current printers/mint/makers are the world leaders in this field. they're called De La Rue Currency. thats a FACT.
its your word vs De La Rue's
Why do you take this line of attack. I have not said anything about De La Rue.  |
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njucks
Gambia
1131 Posts |
Posted - 25 Jul 2006 : 00:25:33
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quote:
Originally posted by kondorong
The problem is we are not printing quality money these days.
you really have taken the magic water. i am not attacking but just trying to reassure you that the printers are the 'best in the field' since you mentioned we do not print good notes now. but you might have a point, maybe people are taking the stress out on the notes.
my apologies. but it was not an attack as i am a pacifist. |
Edited by - njucks on 25 Jul 2006 00:27:31 |
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kondorong
Gambia
4380 Posts |
Posted - 25 Jul 2006 : 00:33:44
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quote:
Originally posted by njucks
quote:
Originally posted by kondorong
The problem is we are not printing quality money these days.
you really have taken the magic water. i am not attacking but just trying to reassure you that the printers are the 'best in the field' since you mentioned we do not print good notes now. but you might have a point, maybe people are taking the stress out on the notes.
my apologies. but it was not an attack as i am a pacifist.
well you never know |
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ylowe
USA
217 Posts |
Posted - 25 Jul 2006 : 04:48:36
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Kondorong, you are right it cost money to priny money, but we also raise revenue from printing money. If the central bank is just doing it for quality purposes then that's a good thing. With the economic crimes we witnessed in the past few years we should not be surprise to see the old notes in circulation again.
Inflation is always and everywhere a monetary phenomenon- Milton Friedman |
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OB1
84 Posts |
Posted - 25 Jul 2006 : 14:06:07
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Guys, interesting seeing all the comments. Great stuff. I just want to say one thing: What CBG and Government of Gambia have done is irresponsible, and done purely for the elections, so Jammeh and his APRC people can use money to 'buy votes', exert influence and fund a campaign that would be so vile and obscene flushing out the opposition, with such HUGE cash that we will be literally DROWNING in currency! In 1996 APRC used 10 million dalasi; in 2001 it neared 50 million. In 2006 it would be close to 150 million....thanks to our new and old monies, watch out also for the counterfeits!
Pls. let me state my case: NOTES are supposed to replace the old ones, according to the CBG. Now read the following and see the contradiction:
'According to international best practice, central banks introduce significant banknote design and security feature changes every six to eight years.' Now listen to this from them:
The last major design change was done in 1996 when the portrait of the former Head of State was replaced with generic images.' This is fine.....
BUT:
Less than four years later: they reprinted new ones! On top of that they want us to believe that a NEW West African Currency was going to be flooded into the system 'JUST LIKE THAT!? :
'The Gambia’s banknote design upgrade was postponed because of the scheduled implementation of monetary union in the West African Monetary Zone by July 2005 and the planned eventual introduction of a single currency for the Zone.'
This is insulting to anyone with half a brain.
Then finally: ‘The Central Bank will continue to honour the existing banknotes at face value as long as they remain in circulation. The new family of banknotes will circulate side by side with the current existing banknotes. The current existing banknotes will continue to be legal tender until such a time as the stock is retired from circulation. As notes are returned to the Central Bank through the usual distribution channels, those in poor condition will be phased out of circulation. It is anticipated that this gradual phasing out will take several years to complete.'
BN
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MADIBA
United Kingdom
1275 Posts |
Posted - 25 Jul 2006 : 14:23:51
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quote:
Originally posted by OB1
Guys, interesting seeing all the comments. Great stuff. I just want to say one thing: What CBG and Government of Gambia have done is irresponsible, and done purely for the elections, so Jammeh and his APRC people can use money to 'buy votes', exert influence and fund a campaign that would be so vile and obscene flushing out the opposition, with such HUGE cash that we will be literally DROWNING in currency! In 1996 APRC used 10 million dalasi; in 2001 it neared 50 million. In 2006 it would be close to 150 million....thanks to our new and old monies, watch out also for the counterfeits!
Pls. let me state my case: NOTES are supposed to replace the old ones, according to the CBG. Now read the following and see the contradiction:
'According to international best practice, central banks introduce significant banknote design and security feature changes every six to eight years.' Now listen to this from them:
The last major design change was done in 1996 when the portrait of the former Head of State was replaced with generic images.' This is fine.....
BUT:
Less than four years later: they reprinted new ones! On top of that they want us to believe that a NEW West African Currency was going to be flooded into the system 'JUST LIKE THAT!? :
'The Gambia’s banknote design upgrade was postponed because of the scheduled implementation of monetary union in the West African Monetary Zone by July 2005 and the planned eventual introduction of a single currency for the Zone.'
This is insulting to anyone with half a brain.
Then finally: ‘The Central Bank will continue to honour the existing banknotes at face value as long as they remain in circulation. The new family of banknotes will circulate side by side with the current existing banknotes. The current existing banknotes will continue to be legal tender until such a time as the stock is retired from circulation. As notes are returned to the Central Bank through the usual distribution channels, those in poor condition will be phased out of circulation. It is anticipated that this gradual phasing out will take several years to complete.'
BN
Had Gov't wanted such a fraud would it have annouced such a venture?
OB1 you are not a SOOTSAYER, you are just privy to such information from close quarters as some of us on this Bantaba are some times. |
madiss |
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OB1
84 Posts |
Posted - 25 Jul 2006 : 14:45:34
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Well sir, it would be EXTREMELY difficult to conceal hundreds of millions of NEW NOTES being circulated by the second for the next 6-8yrs, would it not? But....if you have a new found way of doing this, please let us know. And by the way I never claimed to be a SOOTHSAYER.
BN
quote:
Had Gov't wanted such a fraud would it have annouced such a venture?
OB1 you are not a SOOTSAYER, you are just privy to such information from close quarters as some of us on this Bantaba are some times.
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njucks
Gambia
1131 Posts |
Posted - 25 Jul 2006 : 15:49:41
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OB1
i dont think its about having a half brain but more about understanding economics. DO you understand how money is circulated?
the CBG doesn't deal directly with the public? even if it does its very minimal. notes are circulated through the banking system and you can only withdraw what you have in the bank. if you dont have an account then the only way you can get hold of money is to sell something to someone who has. eventually it all circulates.
to understand this , think of it as a foreigner who enters the gambia with no money. he can only touch the notes as a gift, or he sells something or a offers a service.
banks in turn can only withdraw from the CBG reasonably.
the amount of currency flow varies during different times of the year. depending on personal expenditure? it can be high during Tobaski for example.
pure economics. nothing more, the way you talking the entire country including the banking system is in a conspiracy. |
Edited by - njucks on 25 Jul 2006 15:56:49 |
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OB1
84 Posts |
Posted - 25 Jul 2006 : 17:35:55
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[quote]Originally posted by njucks
OB1
Njuks, the ‘Half a Brain’ comment was based on the naivety of the CBG to 'assume' that a common currency would be agreed to in principle and practice, the regional economic mechanisms would be in place, so would the financial infrastructure to usher in a NEW currency namely the ECO in 2005, when the Overseeing Banks have not even gotten off the ground, let alone the free trade polices, as well as the fundamental points of convergence to bring about that monumental operation—not only to have it functionalized but internalized by all 260 million people involved directly or indirectly in this single currency commonality.....that was what I meant, but I guess you misunderstood.
BN |
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njucks
Gambia
1131 Posts |
Posted - 25 Jul 2006 : 17:45:21
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quote:
Originally posted by OB1
................. but I guess you misunderstood.
BN
ok i maybe i did. but i think even if all/majority of the countries did meet the convergence criteria the ECO would not be introduced directly. that is never none anywhere. first it will be kind of vitual/electronic where the normal currencies would be pegged to it. then usually after a couple of years 2-3yrs the ECO notes would be physically introduced. even if they are naive and even if they wished they just can't do it as they are not independent of the international banking/clearing systems.
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