We are agents for some of the worlds top private banks. It is our goal to refer our clients to the most suitable bank for their requirements. For further information, please contact us...

*If you have assets worth $300,000 USD or more and would like it safeguarded in a Bank Account in this jurisdiction, click here for a consultation request..

Gambia banking Information

Economy—overview: The economy is a mixture of village agriculture and handicrafts an industrial sector based largely on oil support services and a government characterized by budget problems and overstaffing. Oil has supplanted forestry as the mainstay of the economy providing about 90% of government revenues and exports. In the early 1980s rapidly rising oil revenues enabled the government to finance large-scale development projects with GDP growth averaging 5% annually one of the highest rates in Africa. Subsequently falling oil prices cut GDP growth by half. Moreover the government has mortgaged a substantial portion of its oil earnings contributing to the government's shortage of revenues. The 12 January 1994 devaluation of Franc Zone currencies by 50% resulted in inflation of 61% in 1994 but inflation has subsided since. Economic reform efforts continue with the support of international organizations notably the World Bank and the IMF.

GDP: purchasing power parity—$5.25 billion (1996 est.)

GDP—real growth rate: 4% (1996 est.)

GDP—per capita: purchasing power parity—$2 000 (1996 est.)

GDP—composition by sector:

agriculture: 11.4%

industry: 35.2%

services: 53.4% (1993)

Inflation rate—consumer price index: 3% (1996 est.)

Labor force: NA

Unemployment rate: NA%

Budget:

revenues: $870 million

expenditures: $970 million including capital expenditures of $NA (1997 est.)

Industries: petroleum extraction cement kilning lumbering brewing sugar milling palm oil soap cigarette making

Industrial production growth rate: NA%

Electricity—capacity: 118 000 kW (1995)

Electricity—production: 438 million kWh (1995)

Electricity—consumption per capita: 220 kWh (1995)

Agriculture—products: cassava (tapioca) accounts for 90% of food output sugar rice corn peanuts vegetables coffee cocoa; forest products

Exports:

total value: $1.2 billion (f.o.b. 1995)

commodities: crude oil 90% lumber plywood sugar cocoa coffee diamonds

partners: Belgium-Luxembourg 24.3% Taiwan 20.2% US 14.9% Italy 14.8% (1995 est.)

Imports:

total value: $670 million (f.o.b. 1995)

commodities: intermediate manufactures capital equipment construction materials foodstuffs petroleum products

partners: France 31.2% Netherlands 24.6% Italy 11.4% US 6.9% (1995 est.)

Debt—external: $5.3 billion (1996)

Economic aid:

recipient: ODA $NA

Currency: 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes

Exchange rates: CFA francs (CFAF) per US$1—608.36 (January 1998) 583.67 (1997) 511.55 (1996) 499.15 (1995) 555.20 (1994) 283.16 (1993)

note: beginning 12 January 1994 the CFA franc was devalued to CFAF 100 per French franc from CFAF 50 at which it had been fixed since 1948

Fiscal year: calendar year


Source = world66.com

*If you have assets worth $300,000 USD or more and would like it safeguarded in an Gambia Bank Account, click here for a consultation request..