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Gambia’s domestic debt increases to 32.86bn

Feb 28, 2020, 2:03 PM | Article By: Pa Modou Cham

During yesterday’s Monitory Policy Committee’s (MPC) meeting of the Central Bank of The Gambia, Governor Bakary K. Jammeh revealed that the Gambia’s stock of domestic (local) debt has increased to 32.86 billion in February 2020 from 31.86 billion in December 2019.

He added that stock of treasury and Sukuk-Al Salaam bills decreased by 1.4% to D19.1 billion during the period under review.

“The yields on the 91 day, 182-day, and 364-day treasury bills increased from 2.24%, 4.98%, and 7.39% at the end December 2019 to 3.96%, 5.20% and 8.50% respectively in February 2020.”

On the domestic economic outlook, focusing on the real sector, the governor indicated that The Gambia’s economy is estimated to have grown by 6.5% in 2018, driven largely by the services sector.

He, however, added that growth is projected at 6.0% in 2019 and 6.2% in 2020 due mainly to the strong growth in the services sector, in particular tourism, trade, financial services and insurance, and telecommunication.

“Agriculture sector and construction are expected to contribute strongly to growth in 2020.”