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Gambia’s 2019 remittances stand at US$318.50m

Jan 17, 2020, 12:22 PM

Karafa Jobarteh, the deputy director at the Foreign Exchange Department of Central Bank of The Gambia has disclosed at the recent Third Diaspora Roundtable Technical Meeting that the 2019 remittance to the country has increased to $318.50 million.

“The remittance volume which recorded $205.6 million, $226.7 million and $277.9 million in 2016, 2017 and 2018 respectively increased to $318.50 million in 2019,” he told the conference.

He further indicated that private remittances continue to improve considerably over the past half a decade.

Deputy Director Jobarteh attributed the significant increase in remittance numbers to the improved data compilation coupled with the renewed confidence in both the macroeconomic and political landscape of The Gambia.

Mr. Jobarteh posited that the contributions of the Diaspora cannot be overemphasised, noting that the remittance numbers account for about 20% of GDP. Mr. Jobarteh further indicated that the remittance corridors have significantly shifted as the USA and UK have leapfrogged Spain as the main source of remittance inflows.  He also noted that a Gambian Money Transfer Operator is doing very well in the remittance market as its volume remain in the mix of the top Five MTOs.

The One day meeting was held at the National Assembly building.