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. > >---------------------------------------------------------------------------- > >To unsubscribe/subscribe or view archives of postings, go to the Gambia-L >Web interface at: http://maelstrom.stjohns.edu/archives/gambia-l.html >You may also send subscription requests to >[log in to unmask] >if you have problems accessing the web interface and remember to write your >full name and e-mail address. >---------------------------------------------------------------------------- _________________________________________________________________________ Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com. ---------------------------------------------------------------------------- To unsubscribe/subscribe or view archives of postings, go to the Gambia-L Web interface at: http://maelstrom.stjohns.edu/archives/gambia-l.html You may also send subscription requests to [log in to unmask] if you have problems accessing the web interface and remember to write your full name and e-mail address. ----------------------------------------------------------------------------