The Daily Observer (Banjul)
Momodou Camara
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.
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 world currencies. ACCESS Bank also joins this league but it did register some loses on its trading on the EURO.
This is a commendable position to be and credit goes to their respective managements as it fosters stability and continuity in our currency wheeling and dealings. In this volatile arena of currency dealings my motto is "if you cannot improve it do not change it".
Special mention must be made of PHB as this is their second week running with stable figures and please do keep it up.
Losers this week
Standard Chartered Bank continues to record high figures meaning losing grounds in their trading of the Dalais against major world currencies. The Dalasi is performing poorly as far as the SCB is concerned and the only gains registered within SCB this week at trading is against the US Dollar. The same story goes for Bank BSIC and AGIB which are all saying the Dalasi is doing poorly at trading within their respective banks.
Mixed pictures
The picture is not very clear cut at ECOBANK and GTB which are all making some gains and some losses here and there as per the Dalasi at trading against major world currencies.
Conclusion
We would like to inform the reading public that the figures we analyses here are the indicative rates as dictated to the Central Bank of the Gambia. These figures may and might change as the week wares on. It could also change within the respective banks if and when it suits their interest to buy cheaper and sell cheaper or otherwise. In the same vein we at Market Beat are privileged to bring to you the currency tables as we buy and sell in our major banks as at the 25th. September 2008, thus:
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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.