|
Momodou
Denmark
11745 Posts |
 Posted - 22 Oct 2007 : 21:44:45
|
Ecomansa Holds Seminar On Appreciation Of Dalasi
By Gibairu Janneh
Following the appreciation of the dalasi against foreign currencies many thought that the price of basic commodities would also be reduced. This is however not the case yet. The foreign exchange rates have dropped yet the prices of commodities are still high. This situation of the economy prompted the Economic and Management Studies’ Association of the UTG to organise a seminar on Wednesday on the theme “The appreciation of the dalasi and its effects on the domestic economy” held at the Girl’ Guide Headquarters in Kanifing.
The main speakers at the seminar included Dr. Buhari Sillah, Head of Economics Department, Mr. Lamin Bittaye, a part time lecture in Economics and Yaya Jallow a Graduate Assistant, Mr. Jallow explained what is meant by foreign exchange.
He said that the foreign exchange rate of a country is determined by the amount of foreign currency surplus reserves that a country has based on the supply.
He added that a country’s foreign exchange does have an influence on the countr’s trade, unemployment and its general level of economic growth.
Mr. Bittaye said the appreciation of the dalasi was due to the positive measure taken by the Central Bank; that from 2004, The Central Bank embarked on reserve building which led to the dalasis’ appreciation. He further stated that other measures by the Central Bank, such as the control of inflation, reduction in Bank charges, staff monitor programmes were all measures that facilitated the growth of the dalasi.
For his part, the head of the Economics Department, Dr. Buhari Sillah, analysed the general situation of the country’s economy and concluded that with time the prices of commodities will be reduced. He however noted that this reduction will be gradual as other factors are also involved.
Source: Foroyaa Newspaper Burning Issue
Issue No.124/2007, 22 – 23 October, 2007
|
A clear conscience fears no accusation - proverb from Sierra Leone |
|
Topic Locked
