The Gambian Dalasi is expected to maintain its position as Africa's best-performing currency for the remainder of the year due to a rise in remittances and tourism receipts, according to the Governor of the nation's central bank.
The Dalasi has strengthened by 0.9% against the US dollar this year, outperforming all other 23 African currencies monitored by Bloomberg.
Only three African currencies have appreciated against the greenback in 2023.
“Going forward, we expect the dalasi to appreciate slightly against major trading currencies, especially the US dollar because we see remittances growing,” Governor Buah Saidy was quoted by Business Africa as saying.
“Our tourism season starts from October through December, so there will be inflows of foreign exchange from there as well.”
Gambia experienced a rebound in tourism, with tourist arrivals surging to 174,490 in 2022 compared to 102,460 in the preceding year.
This resurgence followed a dip to 89,232 in 2020, attributed to the impact of the Covid-19 pandemic on global travel.
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