There go Fams again.  Who is he kidding?  What a pack of rubbish.  Why don't
you do something more productive by recovering the millions of Dalasis
you'll gave to Lang Conteh and your circle of friends?  The journalist that
wrote this article themselves don't know the heck Fam's talking about, but
forwarded us this garbage anyway.  This rubbish is not even worth the ink
that typed it.  Inflation reduced my foot!

Boy, these people really have a lot of confidence in their relations with
Gambians.  They have no qualms to tell us any garbage that comes to mind
with no reservations.  Just like the their Boss.  Why was Fams fired as SOS
for Finance?  I supposed it is for the superb job he did there.  Gambians
know to ignore the below foaming. Please indulge below.



Inflation to reduce
By Bakare Muritala & Momodou Bah
Oct 18, 2004, 09:56

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The Monetary Policy Committee (MPC) of the Central Bank has decided to
reduce the rediscount rate by one percent.
According to Famara Jatta, governor of the Central Bank, many factors paved
the way for the decrease in inflation.

Famara Jatta

“With the agricultural production expected to increase and given underlying
inflationary expectations, contractionary and fiscal policies and the
concomitant stabilty of the Dalasi, inflation is forecast to decelerate.”

Other factors that influenced the domestic inflation include the capitalised
and highly liquid banking sector, shift in the business and economic
activities and the improvement of micro-economic fundamentals and the
depreciation of the Dalasi by 2 per cent and 6 per cent against the Pound
and Swedish Kroner respectively.
The Central Bank governor further stated that the reduction in monetary
aggregates and increase in money reserve by 25.5 per cent, fall in money
supply by 23.6 per cent, a 14.7 per cent decrease in consumer prices and
10.7 per cent in non consumer prices also influenced the decrease in
inflation.

“Core inflation, which strips out both prices of energy and volatile food
items, also decelerated to 6.6 per cent from 12.7 per cent in August 2003.
Total government revenue and grants decreased to 4.2 per cent, domestic
revenue (taxes) rose by 5.1 and total expenditure and net lending reduced by
22.9 per cent.”
Mr Jatta added that the inflation outlook was influenced not only by other
domestic factors but international developments.

“Taking into consideration, the above mentioned factors the Monetary Policy
Committee has decided to reduce the rediscount rate and policy rate by one
percent,” he said. He concluded that the MPC will continue to monitor the
situation and if the outlook changes, the committee would review its stance.

© Copyright 2003 by Observer Company

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