First quarter remittance in 2024 stands at USD203.7M

May 24, 2024, 11:16 AM | Article By: Jankey Ceesay

The Monetary Policy Committee (MPC) of The Central Bank of The Gambia on Thursday disclosed that the diaspora remittance inflows amounted to US$203.7 million in the first quarter of 2024 representing a 12.4% percent increase from the previous year.

The Governor of the Central Bank of The Gambia, Buah Saidy, updated the media on the latest remittance inflow at the Bank’s quarterly press conference to give their findings on the current review of domestic and global economic conditions and trends.

He said one of the benefits of remittance is that it serves as a source of foreign currency in The Gambia, adding that private remittances remain the largest source of foreign currency supply.

“The foreign exchange market continues to function smoothly. Total volumes of transactions in the domestic foreign exchange market stood at US$600.9 million in the first quarter of 2024, slightly lower than the US$644.1 million in the same period in 2023,” the Bank Governor said.

He further disclosed that the exchange rate of the dalasis “continues to be relatively stable”.

“From December 2023 to March 2024, it depreciated against the US dollar by 6.9 percent, the Euro by 5.9 percent, Great Britain pound by 7.5 percent, and CFA franc by 5.1 percent,” he said. “CBG continues to hold comfortable levels of international reserves amounting to US$479.8 million in April 2024, which is sufficient to finance over 4.9 months of prospective imports of goods and services.”

He highlighted that the outlook for the global economy is showing signs of improvement, although there remain significant headwinds.

“Economic growth is expected to strengthen in many countries this year, accompanied by a steady decline in inflation. In its latest assessment of the world economy in April 2024, the International Monetary Fund (IMF) upgraded the economic growth forecast for 2024 by 0.1 percentage point compared to its January 2024 projections, while maintaining the growth forecast for 2025 unchanged,”

Governor Buah Saidy added: “This slight upward revision reflects the continued robustness in economic activities and the easing of some supply chain constraints that had previously hampered global trade.

“However, the IMF has also highlighted persistent risks, including geopolitical tensions and policy uncertainties, which could derail this growth trajectory.”