According to the Governor, 24.3 percent of these remittances came from the United States, underscoring the continued role of the Gambian Diaspora in supporting families and keeping the economy liquid.
He noted that the foreign exchange market continues to function smoothly, with total foreign currency purchases and sales climbing to US$2.4 billion in the first nine months of 2025 up from US$2.1 billion in the same period last year.
Despite global uncertainties, the dalasi held firm for most of the year. From June to September, it appreciated slightly by 0.1 percent against the US dollar. However, it weakened against several other major currencies, dropping 4.3 percent against the euro, 1.0 percent against the British pound, and 2.6 percent against the CFA franc.
On the external sector, the CBG reported a mild improvement. “The goods account deficit fell to US$698.7 million, down from US$727.9 million last year. Imports mainly electricity, fuel, construction materials and food rose by 2.9 percent to hit US$1.0 billion, while exports made a stronger jump of 22.8 percent, reaching US$309.6 million.”
He said the country’s current account deficit narrowed to US$66.7 million in the first three quarters of 2025, showing an improvement over the US$78.7 million recorded in 2024. Governor Saidy linked this progress to higher tourism income, rising exports, and steady remittance inflows.
He also assured the public that the Bank continues to maintain a solid buffer of foreign reserves to protect the economy from external shocks. As of end-October 2025, gross international reserves stood at US$493.11 million, enough to cover 4.4 months of projected imports.
On the fiscal side, he stated the government performance appears to be strengthening. “Preliminary data for the first half of 2025 shows that the overall deficit including grants fell to D6.0 billion, compared to D8.6 billion in the same period of 2024. The Governor attributed this to improved domestic revenue collection supported by reforms in tax administration.”
However, he said the deficit excluding grants saw a slight increase of 1.8 percent, rising from D15.2 billion to D15.5 billion between the first nine months of 2024 and 2025.
Governor Saidy concluded that while challenges remain, the overall outlook shows resilience, driven by strong remittances, firm reserves, and improved revenue performance.
