Saho bank forex

PRESS RELEASE- Lifting of suspension of RIA-revised PRESS RELEASE - MONEY TRANSFER OPERATORS CESSATION OF MANUAL CLEARING AND NON-MICR CHEQUES Bank OF THE GAMBIA PAYMENTS SYSTEM Capital Augmentation INCREASE IN THE MINIMUM CAPITAL REQUIREMENT TO D MILLION The Monetary Policy Committee MPC met on May 6, on the back of recent shocks to the Gambian economy. In attendance were all the eight members, including the Governor of the Central Bank of The Gambia CBG.

The Committee analyzed key developments in the global and domestic economy and the outlook for the rest of Global Economic Developments Decision In the light of the above considerations, the Committee decided to increase the rediscount Rate by one percent to percent. The Committee also directed that open market operations be intensified.

Saho Committee analyzed key developments in the global and domestic economy and the bank for the rest of Global Economic Developments Since the previous meeting of the MPC, the effects of lower oil and other commodity prices are working their way through the saho economy boosting overall global growth, saho weakening growth prospects in some countries According to the International Monetary Fund IMFgrowth in advanced economies is projected to expand by percent inhigher than the percent in However, economic prospects continue to diverge.

In the United States, bank slower than expected growth in the first quarter ofgrowth is expected to strengthen and become increasingly self-sustaining. In the Euro Area, economic activity is projected to be stronger than in recent years supported by low oil prices and implementation of quantitative easing. The recovery is nonetheless expected to remain modest and uneven across the region given that labour market conditions continue to be difficult in some economies and private investment remains weak Emerging market and developing economies are projected to grow saho percent from percent in Lower commodity prices have dampened the growth prospects of emerging market commodity exporters.

Output in Sub-Saharan Africa is projected to expand saho percent, down from percent in owing in part to the marked decline in oil prices which curbed spending plans in some oil producing countries The Domestic Economy Real GDP Growth The Gambia Bureau of Statistics GBoS revised upwards the real growth rate of the Gambian economy to forex for from the earlier estimate of percent contraction. Agricultural output was revised to a lower contraction of percent fromthe earlier estimate of percent The services sector, accounting for percent of GDP, is estimated to have expanded by percent but lower than the growth of percent in The decreased output was primarily the result of the contraction in the growth of hotels and restaurants by percent Growth of the industrial sector saho solid, estimated at 6 percent, higher than the percent in with mining and quarrying growing by percent, electricity and water percent and construction 6 percent Money and Banking Sector Developments In the year forex end-Marchmoney supply grew by percent compared forex percent a year earlier.

The increase in the growth of broad money was mainly the result of the faster pace of expansion of the net domestic assets NDA of the banking sector by percent compared to percent a year ago. The net foreign assets NFA of the banking sector, on the other hand, contracted by percent due solely to the decline in the NFA of the CBG. In contrast, the NFA of the commercial banks increased by percent Of the components of money supply, narrow money, comprising currency outside banks and demand deposits, grew at a robust pace of percent, slightly lower than the percent a year ago.

Both currency outside banks and demand deposits rose by percent and percent compared to percent and percent respectively a year ago Quasi money, comprising savings and time deposits, increased by percent higher than the percent a year ago.

Both savings and time deposits grew by percent and 8 percent, albeit a slower pace to the percent and percent increase a year earlier Growth in reserve money decelerated to percent, substantially lower than the growth of percent a year ago reflecting mainly the contraction in the NFA of the CBG.

The Saho of the CBG, on the other hand, increased significantly to D5. CBG net claims on government in particular rose to D5. Total assets increased to D billion in the year to end-Marchor percent from a year ago despite the decrease in gross loans and advances by percent to D5. Private sector credit, accounting for percent of domestic credit, contracted by percent to D5. The ratio of non-performing loans to gross loans declined slightly to percent in March from percent in December Capital and reserves totalled D billion, higher than the D billion in March Capital adequacy ratio averaged percent, significantly higher than the statutory requirement of percent.

Deposit liabilities increased to D billion, or percent from March The liquidity ratio forex at percent, significantly higher than the statutory minimum requirement of percent The industry recorded a forex profit of D billion in the first quarter of and the return on assets and return on equity averaged percent forex percent respectively in March In the year to end-Marchthe domestic debt rose to D bank, or percent from a year bank.

Treasury bills and Sukuk-Al Salaam, which accounted for percent and percent of the domestic debt, increased by percent and percent respectively Data on the maturity structure of Treasury bills and Sukuk-Al-Salaam indicate that the 364—day bills accounted for percent of the outstanding stock, 182—day bills percent and 91—day bills percent compared to percent, percent and percent respectively Yields on all the Treasury bill maturities declined from bank year ago.

The yield on the day, day and day bills decreased from percent, percent and percent to percent, percent and percent respectively in March Similarly, the weighted average inter-bank rate fellto percent in March compared to percent in March Government Fiscal Operations Provisional data on government fiscal operations indicate that total revenue and grants amounted to D1. Non—tax revenue, in contrast, decreased significantly to D175 million, or 48 percent from the corresponding quarter in Grants decreased significantly to only D29 million compared to D million in the first quarter of Total expenditure and net lending amounted to D2.

Year—on—year, the Forex depreciated against the US dollar and Pound Sterling by percent and percent respectively, but appreciated slightly against the Euro by percent Inflation Outlook Global commodity prices have decreased by 28 percent since September mainly due to the 38 percent decline in energy prices.

The Food and Agricultural Organisation FAO Food Price Index averaged points in Marchdown percent from the March level Global inflation continues to decelerate in advanced economies and most emerging market and developing economies reflecting primarily the impact of the sharp decease in oil prices as well as lower commodity food prices Despite these benign developments, the inflationary pressures witnessed in The Gambia in persisted in the first quarter of Headline inflation, measured by the Bank Consumer Price Index NCPIrose to percent in Marchhigher than the percent in March and the target of 5 percent.

The main driver of headline inflation was food inflation which accelerated to percent from percent in March Non-food inflation, in contrast, eased slightly to percent in March compared to percent. Core inflation, which excludes prices of energy and volatile food items, rose to percent in March from percent March Decision In the light of the above considerations, the Committee decided to increase the rediscount Rate by one percent to percent.

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