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Single Currency for West Africa Delayed

The West Africa Monetary Zone (WAMZ) has announced in Abuja, Nigerian that the regions’ proposed single currency ECO which was supposed to have been out by December this year is no longer feasible. WAMZ said that the ECO currency will be launched in 2015 with the establishment of the ECOWAS central Bank. The WAMZ which comprises Sierra Leone, Guinea, Ghana, Nigeria and the Gambia agreed to adopt a single currency since 2000 following the Accra Declaration and the Bamako Accord whiles UEMOA was...

The Dalasi Update

Good Monday morning Gambia and welcome to  the Dalasi Update (DUD). There are no latest trading figures this week owing to the national holiday in respect to the gallant performances of our Baby Scorpions in the just concluded African Football Youth Championships held in Algeria. The boys - Baby Scorpions lifted the trophy which is a great piece of history and national pride. This is the first time in our football history since the country’s attainment of independence to go away from home...

Who will intervene?

Editor, Money as the means of exchange has reduced the burden of barter system. This has made life easier for us. However, some people are bent on making life difficult for others in my beloved country by refusing to accept 25b denominations of our Gambian currency. I was really astonishing when I went to buy a loaf of bread from a shop, and a shopkeeper refused to give me a loaf of bread. I asked him why, and all he said was: "all your money is in 25b denominations." Therefore, I want...

Africa united by a single currency?

We wish to continue from last week on the august discourse on the monetary institutes and policies that will ultimately see West Africa integrated under a single currency. This week we seek to proceed with the role and functions of the West African Monetary Institute (WAMI), thus: The role and functions of the West African Monetary Institute (WAMI) 4- exchange rate mechanism and conversion rate The WAMI would study the issue of exchange rate parities within the West African monetary...

Market beat: The Dalasi update

Good Monday morning Gambia and welcome to Dalasi Update (DUD). This week’s trading figures registered more non-movers and that is a sign of stability. This is a good sign and I hope we can build from it and make some more gains in the weeks that lie ahead. Non-movers TBL, BANK PHB and BSIC are all 100% non-movers this week on all currencies as per last week’s trading figures. Mixed picture All other commercial banks in the country registered some gains, some losses and some...

Man docked for fake euros

Tijan Hamson, a Nigerian, was on Wednesday arraigned before Sainabou Wadda-Ceesay of the Kanifing Magistrates Court for dealing in counterfeit currency. He was said to have been found in possession of false euro notes in Serrekunda sometime last year. He however denied this. The presiding magistrate however granted him bail in the sum of D50,000 with two Gambian sureties. The case was adjourned to the 17th of February 2009. Prosecutor ASP Bojang stood in for the Inspector General of...

Two Guineans with Fake Dollars Arraigned

Ousman Jallow and Alpha Omar Jallow, Guinean nationals, were on the 16thDecember, 2008, arraigned before Senior Magistrate Abdoulie Mbackeh of the Kanifing Magistrates’ Court for being in possession of fake dollars. They were charged on two counts while Cadet-Inspector Mballow represented the IGP. Count one stated that the accused persons on or about the 17thNovember, 2008 at Churchill’s Town area were found in possession of 1,000 fake US Dollars, knowing same to be fake currency. ...

Alleged Fake Currency Dealer Remanded

Tijan Hamson, a Nigerian national resident in The Gambia, was last Tuesday remanded at the Mile II Central Prison for allegedly being in possession of fake currencies. According to the particulars of the alleged offence, on the 27thof August 2008, the Tijan Hamson was found in possession of 300 fake Euros. He denied the charge. According the police prosecutor ASP Bojang, he applied for the accused to be refused bail on the grounds that he is likely to jump bail, as he is a not a citizen. ...

ZIMBABWE: How do you rein in 231 million percent inflation?

Zimbabwe's official annual inflation rate reached 231 million percent in early October, from the July estimate of 11.2 million percent, and the deadlock in talks between the ruling ZANU-PF and opposition parties is likely to push hyperinflation higher. The state-run daily newspaper, The Herald, said the driver behind the inflation rate was wheat shortages that forced bakers to import ingredients, which led to a higher bread price. After a succession of dismal harvests, attributed to...

Market beat: The dalasi update

As trading closes in Banjul this ending the 25th. September, 2008, the Dalasi is manifesting a very mixed picture. Which way to swing, I do not know as I am equally confused as you may be with these figures just like a child looking into a prism and mentioning all colours that comes her way. The Ace performers TBL, PHB and FIB are the only banks giving us stable figures from our last week’s tables. These Banks have registered neither gain nor lose as the Dalasi trades with other major...