COMPARING THE DALASI TO THE DOLLAR MAY NOT BE ENOUGH,KINDLY COMPARE THE
DOLLAR TO THE POUND AND OTHER CURRENCIES.


>From: MLJ Conteh <[log in to unmask]>
>Reply-To: The Gambia and related-issues mailing list
><[log in to unmask]>
>To: [log in to unmask]
>Subject: Gambian Dalasi: Minor Correction
>Date: Sun, 8 Apr 2001 14:36:49 -0400
>
>Comrades:
>
>According to the currency converter table,
>The Gambian Dalasi continues to decline in
>value since the overthrow of an elected
>Government of The Gambia. Please read the
>following excerpts:
>
>Friday, July 22, 1994 I chose as an index.
>1 US Dollar = 9.75000 Gambian Dalasi
>1 Gambian Dalasi (GMD) = 0.10256 US Dollar (USD)
>
>Median price was 9.55000 / 9.75000 (bid/ask).
>Minimum price was 9.55000 / 9.75000
>Maximum price was 9.55000 / 9.75000
>Computed from a sample of 1 price on Friday, July 22, 1994
>Rate for next day
>
>FXConverter - 164 Currency Converter Results
>Saturday, December 31, 1994
>1 US Dollar = 9.80000 Gambian Dalasi
>1 Gambian Dalasi (GMD) = 0.10204 US Dollar (USD)
>
>Median price was 9.60000 / 9.80000 (bid/ask).
>Minimum price was 9.60000 / 9.80000
>Maximum price was 9.60000 / 9.80000
>Computed from a sample of 1 price on Friday, December 16, 1994
>Rate for next day
>
>Sunday, December 31, 1995
>1 US Dollar = 9.95500 Gambian Dalasi
>1 Gambian Dalasi (GMD) = 0.10045 US Dollar (USD)
>
>Median price was 9.75000 / 9.95500 (bid/ask).
>Minimum price was 9.75000 / 9.95500
>Maximum price was 9.75000 / 9.95500
>Computed from a sample of 1 price on Saturday, December 30, 1995
>
>Tuesday, December 31, 1996
>1 US Dollar = 10.09500 Gambian Dalasi
>1 Gambian Dalasi (GMD) = 0.09906 US Dollar (USD)
>
>Median price was 10.01750 / 10.09500 (bid/ask).
>Minimum price was 10.01750 / 10.09500
>Maximum price was 10.01750 / 10.09500
>Computed from a sample of 1 price on Friday, December 27, 1996
>
>Wednesday, December 31, 1997
>1 US Dollar = 10.55000 Gambian Dalasi
>1 Gambian Dalasi (GMD) = 0.09479 US Dollar (USD)
>
>Median price was 10.38880 / 10.55000 (bid/ask).
>Minimum price was 10.38880 / 10.55000
>Maximum price was 10.38880 / 10.55000
>Computed from a sample of 1 price on Tuesday, December 23, 1997
>
>Thursday, December 31, 1998
>1 US Dollar = 11.31000 Gambian Dalasi
>1 Gambian Dalasi (GMD) = 0.08842 US Dollar (USD)
>
>Median price was 11.05000 / 11.31000 (bid/ask).
>Minimum price was 11.05000 / 11.31000
>Maximum price was 11.05000 / 11.31000
>Computed from a sample of 1 price on Tuesday, December 29, 1998
>
>Friday, December 31, 1999
>1 US Dollar = 11.90000 Gambian Dalasi
>1 Gambian Dalasi (GMD) = 0.08403 US Dollar (USD)
>
>Median price was 11.25000 / 11.90000 (bid/ask).
>Minimum price was 11.25000 / 11.90000
>Maximum price was 11.25000 / 11.90000
>
>
>Sunday, December 31, 2000
>1 US Dollar = 15.80000 Gambian Dalasi
>1 Gambian Dalasi (GMD) = 0.06329 US Dollar (USD)
>
>Median price was 15.10000 / 15.80000 (bid/ask).
>Minimum price was 14.75000 / 15.80000
>Maximum price was 15.10000 / 15.80000
>
>
>Friday, April 6, 2001
>1 US Dollar = 15.45000 Gambian Dalasi
>1 Gambian Dalasi (GMD) = 0.06472 US Dollar (USD)
>
>Median price was 15.15000 / 15.45000 (bid/ask).
>Minimum price was 15.00000 / 15.45000
>Maximum price was 15.15000 / 15.50000
>
>
>On the eve of the overthrow of the legal
>Government of The Gambia, The Gambian Dalasi
>rated D9.75 to $1.00. At fiscal year end
>December 31, 1994, The Gambian Dalasi rated
>D9.80 to $1.00, which represented less than 1 percent increase.
>
>For fiscal year ending December 31, 1995, the
>dalasi's value decreased by 15 bututs, which
>represented a 2 percent increase compared to index
>year 1994. The dalasi's value decreased as of
>fiscal year December 31, 1996 by 30 bututs,
>which represented a 4 percent increase from
>the index year of 1994. For December 31, 1997,
>the Dalasi's value against the US Dollar decreased
>by 75 bututs from index year closing, which
>represented an 8 percent increase. At December
>31, 1998, the value of The Gambian Dalasi
>decreased by D1.51, representing an increase
>of 16 percent. My research revealed that at
>December 31, 1999, The Gambian dalasi decreased
>in value to The American Dollar at D2.10, which
>represented an increase of 22 percent as compared
>to index year of 1994. The most terrifying
>devaluation was in fiscal year 2000, when The
>Gambian Dalasi decreased by D6.00, which
>represented an increase of 62 percent as compared
>to index year. Finally, The Gambian Dalasi as
>of Friday April 6, 2001 reduced in value against
>the US Dollar by D5.20, which represented a 58
>percent increase as compared to index year 1994,
>though The Gambian Dalasi rosed by 35 bututs,
>resulting in a slight decrease of 4 percent as
>compared to fiscal year end 2000.
>
>Comrades, I made my research on the basis that
>The Gambian Dalasi is decreasing in value against
>The US Dollar. The Gambia does not export any
>major product, and its groundnut trade has been
>seriously damaged by the efficient administration
>of the military junta. As we speak, the illegal
>government of the day owes numerous Gambian
>farmers over D3 million. The irony of the whole
>thing is that The Gambian dictator is donating
>tractors to rural farmers without giving them
>resources to plough their crops with. The reason
>for these donations is simply politics. Dictator yahya
>thinks that the tractor politics will pay enough
>dividends for him to steal the presidential
>elections slated for October 2001.
>
>We in the opposition must provide issues to
>debate the so-called appointed agents of
>destruction. By endeavoring and researching
>we will be able to find enough ammunition to
>derail the moron of kaninlai.
>
>Please understand that when a domestic currency
>increases in amount against an international
>currency, it is said to have decreased in value
>because it takes more of that currency to purchase
>a single international currency which remains
>constant in value. Also a decrease in value
>of a domestic currency will result in an increase
>in percentage configuration as compared to index
>year. It is applicable to use 1994 as a base
>year for The Gambia, since a new illegal republic
>came into existence. It is also true that valuation
>can result in an increase in value for The
>Gambian Dalasi when comparing previous and present
>fiscal year ends. In my research The Gambian
>Dalasi increased in value against the US Dollar
>only on one occassion, which was Friday April
>6, 2001. In conservative financial reporting,
>an accountant would be very careful in attesting
>the significance of that increase, since it only
>reported a first quarter configuration.
>
>A Gambian civil servant employed as a managing
>director making D44,000 has seen his/her purchasing
>power decreased by 1% to 62% in terms of the
>US Dollar.  Please read the following table:
>
>Date       Gambian D.   Yearly($)   Monthly($)
>7/22/94     D44,000      $4,512.82   $376.07
>12/31/94     44,000       4,489.80    374.15
>12/31/95     44,000       4,422.11    368.51
>12/31/96     44,000       4,360.75    363.40
>12/31/97     44,000       4,170.62    347.55
>12/31/98     44,000       3,890.36    324.20
>12/31/99     44,000       3,697.48    308.08
>12/31/00     44,000       2,784.81    232.07
>04/06/01     44,000       2,847.90    237.32
>
>I know some would say but the salary of a managing
>director did not stay constant from your index
>year to the last reporting period.  My answer is
>that even if the managing director had a liberal
>increase of 10% per annum, which I think is
>irresponsible, especially in a non-for-profit
>public service sector, the adjustment will be
>minimal.  It is disturbing that the illegal
>government of the day takes pride in developments
>when in fact it is engaging in destructive
>economic behavior.  How can a managing director
>live on a monthly salary of $232.07?
>
>For a principle dear to any Gambian, this dictator
>must go.  Moron yahya has enriched himself at
>the expense of The Gambian people.  It is our
>responsibility to regroup and free our country
>from a government that has killed, stolen, lied to
>its citizens and continues to deny our rights
>to political democracy.
>
>My prediction is that with the trend of things
>in The Gambian, and The Gambian finance minister's
>apparent inflation of budgetary figures, The
>Gambian Dalasi will decrease in value as of fiscal
>year end December 31, 2001.
>
>Naphiyo,
>
>Comrade ML Jassey-Conteh
>NB:  My mother's last name is Jassey, and thus
>      I am qualified to use it in my salutation.
>      I am not using any fake names.  I am from
>      Faraba Banta, Kombo East District.  I now
>      live in Greensboro, North Carolina.
>
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