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kondorong
Gambia
4380 Posts |
 Posted - 28 Sep 2007 : 18:21:13
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quote:
Originally posted by BambaLaye
So, wait for 2011 and who knows, more new notes or perhpas a D1,000 note might be introduced then. (If he's still around)-:)
This guy is not going anywhere. Better try to deal with him. He has asked us to be as patient as a vulture and i belief him. He is not going anywhere. We have 17 years more to go just like Jawara.
I hope i have not scared you? |
“When I despair, I remember that all through history the way of truth and love have always won. There have been tyrants and murderers, and for a time, they can seem invincible, but in the end, they always fall. Think of it--always.” |
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BambaLaye
USA
100 Posts |
Posted - 28 Sep 2007 : 19:29:28
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Kondorong:
With the witch doctor/ witch hunting stuff going on, who knows what else he's gonna get himself into. You know those kujang kujangs can backfire and when they do, it cannot be pretty my friend. Remember the story of the bees in Kanilai? So, here I'm hoping self destruction may be what Allah has in mind. You know God has an amazing sense of humor with the way He makes things happen.
I know, we have to be patient as the king of the vultures - "selung koyo" the white vulture that lurks way up in the sky.... |
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kobo
United Kingdom
7765 Posts |
Posted - 28 Sep 2007 : 20:41:47
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For The Gambia, our homeland,
we strive and work and PRAY (FOR MIRACLES TO HAPPEN!),
That all may live in unity, freedom and peace each day |
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kondorong
Gambia
4380 Posts |
Posted - 28 Sep 2007 : 21:31:58
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quote:
Originally posted by BambaLaye
Kondorong:
You know those kujang kujangs can backfire and when they do, it cannot be pretty my friend.
I am cracking up. "Kujang Kujangs". Thats something. In Fulani its called TISS KUM
You are right. For every action, there is an opposite reaction.
Kobo
I am suprised you are praying for miracles. Since when did our National Anthem has been changed
The exchange rate will soon hit a dead end. At that juncture, its a break or loose situation. It might lead to hoarding of goods or worst still the non importaton of goods which will lead to scarcity and a resultant inflation and an underground black market if this is not checked soon.
Then again. What do i know? |
“When I despair, I remember that all through history the way of truth and love have always won. There have been tyrants and murderers, and for a time, they can seem invincible, but in the end, they always fall. Think of it--always.” |
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kobo
United Kingdom
7765 Posts |
Posted - 29 Sep 2007 : 01:56:13
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| "IN GOD (ALLAH!) WE TRUST!" because HOPES AND OPTIMISM ARE LOST UNDER GAMBIAN POLITICS & DEMOCRACY For The Gambia Our homeland! |
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ylowe
USA
217 Posts |
Posted - 30 Sep 2007 : 03:48:43
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quote:
Originally posted by kobo
QUOTE EXTRACTED FROM Sarjo Banyang's article:-
"Corruption at higher levels can be a recipe for infiltration of our financial system by illicit money dealers. "
Thats activities of the black market. There are too many MONEY TRANSFER AGENTS culminating in forming AN (FORMAL) ASSOCIATION; makes me supicious that they can exploit THAT ASSOCIATION to control /dictate foreign exchange rates (in collaboration with scrupolous persons in BANKING /FINANCIAL SERVICES & IMPORTERS) to make more PROFIT ON THE SPECULATIVE MARKET!
KOBO,
The central bank might not be in total control of monetary policy. The gambian economy might be under the control of certain bussinessmen who determines what the value of the currency is. |
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kobo
United Kingdom
7765 Posts |
Posted - 30 Sep 2007 : 06:38:29
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| Thanks Ylowe for appreciating my point! |
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Santanfara
3460 Posts |
Posted - 30 Sep 2007 : 08:30:15
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| on the final analysis what is the real cost to us outside ?now that the dollah rate is round about $1-D16 and £1-D34 .what can we do now to influence the situation ? or are we irrelevant in whole equation ? |
Surah- Ar-Rum 30-22
"And among His signs is the creation of heavens and the earth, and the difference of your languages and colours. verily, in that are indeed signs for men of sound knowledge." Qu'ran
www.suntoumana.blogspot.com |
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maple
United Kingdom
43 Posts |
Posted - 02 Oct 2007 : 04:22:08
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| Every sane citizen will appreciate a positive economic performance of his or her nation to enable and provide for a competitive global market for its products/services. The appreciation of the Dalasi against major global currencies is due to varying world economic activities but i have the personal belief that the central bank is using it as a political tool for the current regime. Businessmen do hoarding to make goods scarce in way to increase price. The central bank of the gambia is delibrately limiting the supply for dalasi to enable it appreciate against major currencies rahter than allowing the simple economic theory of demand and supply to determine the value of our beloved dalasi. The dalasi will depreciate against major currencies when central bank siezes its present hoarding. We dont really need a strong dalasi, for it will encourage importation of goods and services whilst making our product expensive to foriegn investors. We need investors to invest in our belove gambia to create job opportunities for the citizens. I forsee the dalasi crumbling soon to a level we have not dreamt before. Most importantly the strong dalasi is not helpful to our tourism industry hence competitors benefiting. Central bank should be independent and allow the appropiate economic factors to determine our dalasi than the criminal activity of hoarding as greedy businessmen do. |
Edited by - maple on 02 Oct 2007 04:39:44 |
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jambo
3300 Posts |
Posted - 02 Oct 2007 : 10:13:31
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maple, this is sad, are you sure.
"forsee the dalasi crumbling soon to a level we have not dreamt before. Most importantly the strong dalasi is not helpful to our tourism industry hence competitors benefiting. Central bank should be independent and allow the appropiate economic factors to determine our dalasi than the criminal activity of hoarding as greedy businessmen do". |
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Santanfara
3460 Posts |
Posted - 05 Oct 2007 : 14:13:56
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Central Bank warns Speculators By The Gambia Journal
Oct 5, 2007, 17:30
Banjul, October 4th The Gambia Journal
The Central Bank of The Gambia has warned all foreign exchange dealers to desist from what it called “speculatory and hoarding activities,” warning that they would otherwise face serious consequences. This, it said, was for the consolidation “the gains” so far made. The release, issued on Wednesday 3rd October, follows a long silence on the matter, and is the bank’s first official statement on the recent dramatic appreciation of the dalasi against the major foreign currencies. In the press statement The Central Bank tried to explain that the dalasi had been through various phases, noting that in 2003 the currency had gone down by almost half its previous value before picking up again a year later. The statement claimed it had however been the bank’s Exchange rate policy to maintain the exchange rate of the Dalasi at such a level that it would hold its own against other major currencies, in order, it stated, “to promote efficient allocation of resources as well as support for macroeconomic stability and growth.” The bank explains that the recent appreciation is due to “increased economic growth, fall in inflation and external reserves.” The statement reveals the bank’s belief that the trend is likely to persist for the foreseeable future. The statement did not comment on the worries expressed by most Gambians that prices of goods and services continue to be high in spite of the appreciation, and did not seem to be mindful of the adverse effects of the huge appreciation on the economy in general.
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Surah- Ar-Rum 30-22
"And among His signs is the creation of heavens and the earth, and the difference of your languages and colours. verily, in that are indeed signs for men of sound knowledge." Qu'ran
www.suntoumana.blogspot.com |
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BambaLaye
USA
100 Posts |
Posted - 05 Oct 2007 : 15:05:56
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SOS Musa Bala Gaye Clarifies (Foroyaa)
By Suwaibou Touray
Following recent developments on the economy which witnessed the abrupt and continuous appreciation of the dalasi against all the other foreign currencies and the corresponding stagnation of the prices of commodities, this author had the opportunity to talk to Mr. Musa Gibril Bala Gaye, the secretary of State for Finance and Economic Affairs.
Foroyaa: The people are happy with the depreciation of the foreign currencies but are not happy because they have not seen the expected corresponding impact, i.e, price reduction on basic commodities, what is the problem?
SOS Gaye: The problem here is definitely the time lapse, i.e the period when the trader gets his or her exchange rate of the dollar and the time the goods or commodities arrive in the shops. This is the time lapse. But I believe the price reduction will come.
Foroyaa: Can you give any estimated time as to when the ordinary man can expect such a reduction?
SOS Gaye: No definitely, it will eventually come but I cannot give time, but it will come because the common man is definitely entitled to that.
Foroyaa: The interesting thing is that the Dalasi started appreciating against other international currencies since last year. If you remember the dollar had gone up to D28 and the Euro to D38 and the exchange rate fluctuates between D35 and D36 for the Euro and D27 and D28 for the Dollar almost for a year but despite that the reductions in commodity prices have not been noticed?
SOS Gaye: Well, you know the Euro has not been utilized much in international trade. What most traders are using is the Dollar. Most imports are done in dollars not Euros, so it is the Dollar which is crucial in this case.
Foroyaa: Again the Dalasi surprises many people because one would expect our exports to grow to generate the much needed foreign exchange for the country, but looking at it, our main cash crop, the groundnut, has virtually not been exported. The cotton too has not gone at all. The Tourist season has actually not starrted yet. So what is the secret behind the Dalasi’s success?
SOS Gaye: Well, you know there are many reasons to it. What you have mentioned are contributing factors but as you said we also have remittances from Gambians abroad etc but we cannot dismiss other factors such as speculation. You also have to consider the macro-economic stability as well as the GDP growth etc. There is a strong macro-economic stability and we have a lot of foreign exchange. So it is the demand which is not outstripping the supply.
Foroyaa: You know that The Gambia highly indebted and we have to pay what is due in foreign exchange and my understanding is that Gambia is not receiving balance of payments or Budget support from the outside which can all put pressure on the Dalasi for demand to outstrip supply, so how do you solve that problem?
SOS Gaye: Well you know the Central Bank of The Gambia has reserves. So even though we do not have Budget support we pay debts due through the Central Bank reserves.
Foroyaa: Thank you very much for your time.
SOS Gaye: It’s a pleasure
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Edited by - BambaLaye on 05 Oct 2007 15:09:35 |
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