{"id":48496,"date":"2023-12-03T17:11:29","date_gmt":"2023-12-03T17:11:29","guid":{"rendered":"https:\/\/www.africa-press.net\/gambia\/?p=48496"},"modified":"2023-12-03T15:48:50","modified_gmt":"2023-12-03T15:48:50","slug":"gambias-2023-remittance-inflows-at-us564-1m","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/gambia\/all-news\/gambias-2023-remittance-inflows-at-us564-1m","title":{"rendered":"Gambia\u2019s 2023 remittance inflows at US$564.1M"},"content":{"rendered":"

Africa-Press – Gambia. <\/strong><\/span>The Governor of the Central Bank of the Gambia, Buah Saidy, has stated that from January to September 2023, the country\u2019s remittance inflows amounted to US$564.1 million, representing a 4.5% increase compared with the corresponding period a year ago.<\/b><\/p>\n

At a press conference held yesterday at the Bank\u2019s conference room, Governor Saidy explained that global economic growth had lost momentum since the last MPC meeting in August 2023 with a slowdown in the manufacturing, trade, and services sectors.<\/p>\n

This, he said, is attributed to the still-elevated inflation, high borrowing costs, moderate growth prospects in China, and intensified geopolitical tensions.<\/p>\n

Governor Saidy further stated that The Gambia economy has continued its strong recovery path, aided by robust consumer demand, recovery in tourism, and buoyant public and private sector investments. He reiterated that the Bank\u2019s Composite Index of Economic Activity (CIEA) indicates a growth of 6.6% in the third quarter of 2023, higher than the 5.2% recorded in the previous quarter.<\/p>\n

\u201cCentral Bank of The Gambia staff forecast economic growth at 5.3% for 2023, representing a 0.2% point upward revision from the August 2023 forecast. The revision reflects a stronger than expected rebound in tourism, better cropping season, and robust public and private consumption and investment,\u201d he stated.<\/p>\n

Saidy further highlighted that significant headwinds remain, tilting the risk to growth outlook to the downside, adding that key risks outlook include elevated inflation, uncertainties surrounding global commodity prices, and structural bottlenecks in the domestic economy.<\/p>\n

On foreign exchange, Governor Saidy disclosed that the foreign exchange market has continued to be stable with robust activity amid improved liquidity conditions. He said that the volumes of activities, measured by total sales and purchases of foreign currencies, stood at US$2.1 billion from January to September 2023, slightly lower than US$2.5 billion recorded in the corresponding period in 2022.<\/p>\n

Saidy further told journalists that the dalasi has continued to be relatively stable against major currencies, despite the challenging global environment, emphasising that owing to excessive demand for foreign currencies to finance the rising import bill, the dalasi depreciated moderately against the three major traded currencies.<\/p>\n

From June to September 2023, Governor Saidy explained that the dalasi depreciated by 2.7%, 2.3%, and 0.1% against the US dollar, Euro, and the CFA, noting that the dalasi appreciated against the British Pound Sterling.<\/p>\n

He revealed that the Bank has decided to maintain the Monetary Policy Rate (MPR) at 17%, saying the decision is aimed at sustaining the declining trend in domestic inflation.<\/p>\n

For More News And Analysis About Gambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Gambia. The Governor of the Central Bank of the Gambia, Buah Saidy, has stated that from January to September 2023, the country\u2019s remittance inflows amounted to US$564.1 million, representing a 4.5% increase compared with the corresponding period a year ago. At a press conference held yesterday at the Bank\u2019s conference room, Governor Saidy […]<\/p>\n","protected":false},"author":84,"featured_media":48495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[2355,2361,260],"class_list":["post-48496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-gambia","tag-gambia"],"yoast_head":"\nGambia\u2019s 2023 remittance inflows at US$564.1M - Gambia<\/title>\n<meta name=\"description\" content=\"The Governor of the Central Bank of the Gambia, Buah Saidy, has stated that from January to September 2023, the count ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambias-2023-remittance-inflows-at-us564-1m\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gambia\u2019s 2023 remittance inflows at US$564.1M\" \/>\n<meta property=\"og:description\" content=\"The Governor of the Central Bank of the Gambia, Buah Saidy, has stated that from January to September 2023, the count ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambias-2023-remittance-inflows-at-us564-1m\" \/>\n<meta property=\"og:site_name\" content=\"Gambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-03T17:11:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2023\/12\/sm_1701605765.189073.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambias-2023-remittance-inflows-at-us564-1m#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambias-2023-remittance-inflows-at-us564-1m\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Gambia\u2019s 2023 remittance inflows at US$564.1M\",\"datePublished\":\"2023-12-03T17:11:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambias-2023-remittance-inflows-at-us564-1m\"},\"wordCount\":417,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambias-2023-remittance-inflows-at-us564-1m#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2023\/12\/sm_1701605765.189073.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Gambia\",\"Gambia\"],\"articleSection\":[\"all news\",\"Economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambias-2023-remittance-inflows-at-us564-1m#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambias-2023-remittance-inflows-at-us564-1m\",\"url\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambias-2023-remittance-inflows-at-us564-1m\",\"name\":\"Gambia\u2019s 2023 remittance inflows at US$564.1M - 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