The Gambia Central Bank’s Monetary Policy Committee has revealed that the government spent $336.4 million on imports from January to June 2020.

Exports however sharply decreased from US$70.1 million to $52.1 million which includes decline in surplus in services account.

“From January to June 2020, imports amounted to US$336.4 million, higher than US$275.5 million in the same period in 2019.  Exports decreased to US$52.1 million in the first six months of 2020 from US$70.1 million in the corresponding period of 2019,” the committee said during a quarterly virtual summit on Thursday. 

“The surplus in the services account declined to US$38.3 million, or by 31.5 percent in the first six months of 2020 from US$55.9 million in the same period a year ago. 

“The gross international reserves stood at US$306 million, equivalent to over 5 months of next year’s imports of goods and services. Total foreign assets of the Bank amounted to US$325.4 million in August 2020.”

Reporting by Adama Makasuba