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Gambia News: Currency Market Still Volatile

Mam Cherno Jallow, the Chief Executive Officer of The Gambia Chamber of Commerce and Industry, has said that the prices of basic commodities would reduce gradually, since the currency market is still volatile.

"You don't expect all prices to reduce at the same time. Ii is a gradual process. Basic commodities such as rice, sugar and cooking oil are going down," Mr. Jallow told Foroyaa on Monday.

He opined that the reason why consumers are not feeling a huge price reduction is that retailers are not axing prices down as the wholesalers have done.

Mr. Jallow said the depreciation of the dollar; euro or pound sterling is good for both consumers and business people, since it results in low prices thus making businesses flow rapidly. "The depreciation of the dollar and other currencies could be a blessing or could create some problems as well," Mr. Jallow opined.

He said that the depreciation of the major currencies would be a problem for people who depend on remittances from abroad.

"Others who will be affected by the depreciating currencies, are those businessmen who export and re-export."

"Those coming from outside The Gambia will find the dalasi very expensive," he added.

On why certain banks are not buying hard currencies, Mr. Jallow opined that they might be having enough hard currencies with them.