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Momodou
Denmark
11713 Posts |
 Posted - 28 Sep 2007 : 18:27:08
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Currency Market Still Volatile
By Bubacarr K. Sowe
Mam Cherno Jallow, the Chief Executive Officer of The Gambia Chamber of Commerce and Industry, has said that the prices of basic commodities would reduce gradually, since the currency market is still volatile.
"You don't expect all prices to reduce at the same time. It is a gradual process. Basic commodities such as rice, sugar and cooking oil are going down," Mr. Jallow told Foroyaa on Monday.
He opined that the reason why consumers are not feeling a huge price reduction is that retailers are not axing prices down as the wholesalers have done.
Mr. Jallow said the depreciation of the dollar; euro or pound sterling is good for both consumers and business people, since it results in low prices thus making businesses flow rapidly. "The depreciation of the dollar and other currencies could be a blessing or could create some problems as well," Mr. Jallow opined.
He said that the depreciation of the major currencies would be a problem for people who depend on remittances from abroad.
"Others who will be affected by the depreciating currencies, are those businessmen who export and re-export."
"Those coming from outside The Gambia will find the dalasi very expensive," he added.
On why certain banks are not buying hard currencies, Mr. Jallow opined that they might be having enough hard currencies with them.
Source: Foroyaa Newspaper Burning Issue
Issue No. 114/2007, 28 - 30 September, 2007
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A clear conscience fears no accusation - proverb from Sierra Leone |
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lurker
509 Posts |
Posted - 30 Sep 2007 : 13:01:23
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can someone explain what is going on here?
this has never happened like this before.
there is always a 5% or so fluctuation off-sseason - don't know why, but this is crazy.
it is now 30 D in some sources and 34.5 elsewhere.
either way , it is a 40% appreciation which never happens .
supposed drops in prices for commodities is not happening.
i am no economist , but this smacks of lunacy.
what i can tell the gambian bankers who have decided that the gambian dalasi is now a major , power currency, ????, that i know of websites where LOADS of tourists have changed destinations as there is no benefit to coming there when other destinations are now significantly cheaper.
seeing that tourism is a huge import business and that the govt. have never before given a hoot about the price of rice and oil to the average gambian, and if they do now, is this the best way to do this, can someone who is financially more aware than me please explain. - WHAT IS GOING ON?
most gambians i know are just not sending money home, waiting for things to "right" themselves. bills not paid, rent not paid, tourism pounds reduced, exports dropping - lunacy.
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jambo
3300 Posts |
Posted - 01 Oct 2007 : 10:00:04
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| ot only are they not sendin gmoney home, but some people will not travel unti the situations changes. |
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Santanfara
3460 Posts |
Posted - 01 Oct 2007 : 17:16:14
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| rates depreciating from tomorrow.pound rate will be £1-D36 from 34.5 an increase of D1.5 .booble boasting. |
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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jambo
3300 Posts |
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toubab1020
12309 Posts |
Posted - 01 Oct 2007 : 18:22:44
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No, they are probably right but you get different rates for the same curriencies,the Interbank rate,the typical card rate.the typical cash rate,and all sorts of other financial stuff that blows your mind,what you would be getting is the typical tourist rate which is variable (a bit like buying rice from a shop,some charge more,some charge a little less for the same thing,money is no different) just work on the thought I will get roundabout this amount when I change my Dalasi.
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"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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