The Central Bank of The Gambia has reported strong foreign currency inflows, with private remittances alone reaching US$638.4 million between January and September 2025.

Governor Buah Saidy said the United States accounted for 24.3 percent of all remittances, highlighting the crucial role of the Gambian diaspora in supporting families and keeping the economy stable.

He said the foreign exchange market remains “orderly and functioning smoothly”, noting that total purchases and sales of foreign currency rose to US$2.4 billion in the first nine months of 2025, up from US$2.1 billion last year.

Despite global pressures, the dalasi held steady for much of the year. Between June and September, it appreciated by 0.1 percent against the US dollar, though it weakened against other major currencies — falling 4.3 percent against the euro, 1.0 percent against the British pound, and 2.6 percent against the CFA franc.

The Bank also reported an improvement in the external sector.

The goods account deficit narrowed to US$698.7 million, down from US$727.9 million a year earlier.

Imports rose by 2.9 percent to US$1 billion, driven by electricity, fuel, construction materials and food.

Exports recorded a sharp rise of 22.8 percent, reaching US$309.6 million.

Governor Saidy said the current account deficit shrank to US$66.7 million in the first three quarters of 2025, compared with US$78.7 million in 2024.

He credited the improvement to higher tourism earnings, stronger export performance and sustained remittance inflows.

He assured the public that the country’s foreign reserves remain strong. As of end-October 2025, gross international reserves stood at US$493.11 million, enough to cover 4.4 months of projected imports.

On fiscal performance, he said government finances appear to be improving.

Preliminary data for the first half of 2025 show the overall deficit, including grants, fell to D6.0 billion from D8.6 billion in the same period last year — a development he attributed to stronger domestic revenue collection and tax administration reforms.

However, the deficit excluding grants saw a small rise of 1.8 percent, increasing from D15.2 billion to D15.5 billion between the first nine months of 2024 and 2025.

Governor Saidy delivered the update during the Central Bank’s Monetary Policy Committee press briefing on Thursday.