Dr. Jaiteh,
LOL, you forgot that those reporters a the point are also clueless. It is
likely that they've not taken econ classes too. My guess is these numbers
and technical terms are directly lifted from the CBG monetary policy
committee minutes. Without a technical person explaining these numbers to
the Point, they are likely to confuse us more. Indeed, I agree that those
are questions that could've been directed to the relevant authorities.



On Tue, Feb 5, 2013 at 10:19 AM, Malanding Jaiteh <[log in to unmask]>wrote:

>  Unusual request to The Point editor. Most of us did not take economics in
> college and have no clue what this verbiage is about.
>
> I wish the paper had found answers to some of these questions before going
> to press.
> 1. Economy grew a modest 4.0 (2012) down from 4.3% in 2011. On Jan 17th
> this paper reported Gambia's GDP among the fastest growers- quoting The
> Economist. Why are these two statements so different? An opportunity for
> CBG input
> 2. What is "output would expand by 10.0 percent in 2013"? What output?
> What does "output expansion" mean in terms of the GDP growth?
> 3. Dalasi depreciating against all currency. Did they say why?
> 4.  $B!H (BTotal revenue and grants increased to D6.5 billion (22.5 percent of
> GDP) or 15.7 percent from 2011. .." Did they say what proportion is  grants
> and what proportion revenue?
> 5. "The pace of monetary expansion, the CBG added, moderated in line with
> expectations, while monetary supply grew by 7.8 percent in 2012 compared to
> 11.0 percent in 2011 and the target of 8.5 percent."  Simply put what does
> this mean?  What do they mean by: monetary expansion moderated, while
> monetary supply grew?
>
>
> I thank them for their service.
>
> Malanding Jaiteh
>  Central Bank on developments in Gambian economy
> africa <http://thepoint.gm/africa/news>  $B"d (B gambia<http://thepoint.gm/africa/gambia/news>
>  Tuesday, February 05, 2013
>
> Real Gross Domestic Product (GDP) of the Gambian economy is estimated to
> have grown by 4.0 percent in 2012 following a contraction of 4.3 percent in
> 2011, a press release from the Monetary Policy Committee of the Central
> Bank of The Gambia has said.
>
> The release, issued Monday at a press conference held at the Central Bank
> in Banjul, said preliminary projections indicate that output would expand
> by 10.0 percent in 2013 premised on strong growth of agriculture and
> tourism.
>
> The Monetary Policy Committee however said that the Dalasi weakened
> against all major international currencies traded in the foreign exchange
> market.
>
>  $B!H (BYear-on-year to end-December 2012, the Dalasi depreciated against the US
> Dollar by 11.6 percent, Pound Sterling by 18.0 percent and Euro by 11.5
> percent, $B!I (B the CBG stated.
>
> According to the Committee, preliminary estimates of government fiscal
> operations in 2012 showed a lower deficit (including grants) of 4.4 percent
> of GDP compared to 4.6 percent of GDP in 2011.
>
>  $B!H (BTotal revenue and grants increased to D6.5 billion (22.5 percent of GDP)
> or 15.7 percent from 2011. Government expenditure and net lending also rose
> to D7.7 billion (26.9 percent of GDP), or 13.6 percent from 2011, $B!I (B it added.
>
> The CBG Monetary Policy Committee said further that end-period inflation,
> measured by the National Consumer Price Index (NCPI), increased slightly to
> 4.9 percent in December 2012 from 4.4 percent in December 2011. Average
> inflation (12-month moving average) was 4.5 percent compared to 5.4 percent
> a year earlier, it stated.
>
> The pace of monetary expansion, the CBG added, moderated in line with
> expectations, while monetary supply grew by 7.8 percent in 2012 compared to
> 11.0 percent in 2011 and the target of 8.5 percent.
>
> It further stated that reserve money, the Bank $B!G (Bs operating target, rose by
> 6.8 percent compared to 15.6 percent in 2011. Reserve money was projected
> to grow by 5.8 percent in 2012.
>
> The Committee further indicated that in order to ensure effective
> transmission of monetary policy, it is essential to continue strengthening
> the resilience of banks.
>
> Bank soundness, it went on, is also critical to protect depositors and
> other creditors, as well as ensuring an appropriate provision of credit to
> the economy.
>
>  $B!H (BThe banking industry remains fundamentally sound. The industry $B!G (Bs capital
> and reserves increased to D3.06 billion in December 2012 compared to D2.63
> billion in 2011 mainly an account of capital injection totaling D392.4
> million, $B!I (B it said.
>
> The Central Bank Monetary Policy Committee also revealed that the average
> risk-weighted capital adequacy ratio also increased to 33.0 percent
> compared to 25.1 percent in 2011 and the minimum requirement of 10 percent.
>
> *Inflation Outlook*
>
> The Monetary Policy Committee further stated that inflation is forecast to
> remain in single digit consistent with the pace of monetary expansion.
>
>  $B!H (BThe MPC, however, assesses the balance of risks to the inflation outlook
> to be on the upside given heightened inflationary expectations, $B!I (B it added.
>
> *Decision*
>
> In light of these developments, the MPC is of the view that the current
> monetary policy stance is appropriate and has therefore decided to leave
> the Rediscount rate, the Bank $B!G (Bs policy rate, unchanged at 12.0 percent.
>
> However, the Committee said it would continue to monitor price
> developments and to take action consistent with its mandate to keep
> inflation low and non-volatile.
>
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