US IS LARGEST SOURCE OF DIASPORA REMITTANCES TO GAMBIA

The governor of the Central Bank of The Gambia has revealed that the United States continues to be the largest source of diaspora remittances, accounting for 26.3% of the total inflows during the quarter.

Governor Buah Saidy noted that the domestic foreign exchange market is functioning smoothly with robust activity volumes.

Addressing the CBG quarterly press briefing yesterday afternoon, he said: “In the first quarter of 2025, total activity volumes, measured by aggregate purchases and sales of foreign currency, increased to US$670.1 million, compared to US$600.9 million reported in the same period a year ago. Private remittance inflows, which continue to be a major source of foreign currency supply, amounted to US$207.9 million in the first quarter of 2025, higher than the US$187.2 million reported in the fourth quarter of 2024,” he highlighted.

Governor Saidy added that the exchange rate of the dalasi continues to be relatively stable, reflecting improved market confidence and supply conditions.

“From January to March 2025, the dalasi depreciated against the US dollar by 1.7 percent, the British pound sterling by 0.2 percent, and the CFA franc by 0.5 percent. However, it appreciated against the euro by 1.2 percent during the review period,” he further explained.

He also mentioned that in early 2025, The Gambia’s current account improved, thanks to more tourism revenue, stable money sent from abroad, and less spending on electricity imports.

He also highlighted that the country’s deficit went down to US$13.2 million (0.6% of the total economy) from US$21.1 million (0.9% of the total economy) at the end of 2024 and the trade deficit also decreased, going from US$297.1 million (13.0% of the total economy) to US$248.1 million (10.3% of the total economy).

However, he noted that the trade deficit continues because of importation of fuel, electricity, and food, while exports are low.

Source: The Standard