The Daily Observer (Banjul)
30 September 2008
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.
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It is really facinating to know that the dalasi is not affect by the global economic problems. Is Gambia in different climate or not or is it centeral bank fiddling with figures to put confidence in the dalasi market?
This problem (global economic crisis) and the wave that is carrying it, if it does not affect Gambia now then it won't be long before everything will start crashing down. On the other hand also this might not affect the country hence we do not have sufficent international investment or market in which involve in the hedge funs wheeling and dealings.
I would be grateful if you could do your readership a favour. That is to go on an investigative role of finding out the rules that governs these banks in the country. My fear is that we have seen Agricultural Development, Former Commercial Bank, and few others goes busted and investors and savers loose the entire livelihood. Yet nothing has been done about it. To my understanding, the central bank has no permanent or genuine rescue plan in place to save the customers as this banks are not subjected to any supervision or monitoring.
They are allow to collect money (ies) or capital beyond their deposit with central bank without government or ministrial invention to stop this actions. In the event of doom and gloom, the central bank has no or limited role to save the customers. The central Bank has to put in place an operational limits (capital)to these bank in order to safeguard the customers. i would be grateful if you or anyone that could help the readership.