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Gambia News : Central bank says economy is slowing down

Consequently, the bank announced that its monetary policy committee has decided to increase the rediscount rate by one percentage point to 16 per cent.

The statement was contained in the bank’s first report since the beginning of the global financial crisis.

With regard to The Gambia, the report points to some encouraging signs starting with the banking industry which it states continues to show strong performance in terms of "profitability, loan quality, capital adequacy and liquidity."

As at end-September 2008, the total outstanding stock of domestic debt rose to D6.1 billion (27.0 percent of GDP) or 5.7 percent from a year ago.

stated that balance of payments projections indicate an overall surplus of D301.2 million ($13.1 million) in 2008 compared to a revised estimate of D741.7 million ($29.8 million) in 2007, reflecting the deterioration in both the current and the capital and financial accounts.