Gambian dalasi

Gambian dalasi. The dalasi is the official currency of The Gambia, a West African nation. It is subdivided into 100 bututs and is issued by the Central Bank of The Gambia. The currency's name is derived from the West African CFA franc-based "dalasi," which itself comes from the English "dollar."

History

The dalasi was introduced in 1971, replacing the Gambian pound at a rate of 1 pound = 5 dalasis. This change aligned The Gambia with a decimal currency system, moving away from the British colonial monetary structure. The initial series featured portraits of Sir Dawda Kairaba Jawara, the nation's first president, following independence from the United Kingdom. Subsequent issues have reflected changes in the country's leadership and political landscape, including notes issued during the period of the Armed Forces Provisional Ruling Council led by Yahya Jammeh. The currency has experienced significant devaluation over the decades, influenced by economic policies, tourism fluctuations, and the export prices of key commodities like groundnuts.

Coins

Coins were first introduced in 1971 in denominations of 1, 5, 10, 25, and 50 bututs and 1 dalasi. Early coinage featured the national crest and symbols of The Gambia, such as the lion and palm tree. A new, smaller series of coins was released in 1998, with the 1 dalasi coin becoming a bimetallic issue. The obverse of coins typically bears the portrait of the incumbent president, having featured figures like Yahya Jammeh and, more recently, Adama Barrow. The 1 butut coin is now rarely seen in circulation due to its low value. Coin production has been handled by various international mints, including the Royal Mint in the United Kingdom.

Banknotes

Banknotes are issued by the Central Bank of The Gambia in denominations of 5, 10, 20, 25, 50, 100, and 200 dalasis. The first series in 1971 depicted President Sir Dawda Kairaba Jawara and scenes of Gambian economic life. A major redesign occurred in 2006, featuring new security features like watermarks and security threads to combat counterfeiting. Current notes prominently feature images of important national institutions, such as the Arch 22 monument in Banjul, the Gambia River, and the Central Bank of The Gambia building. The 20 dalasi note is distinctive for its purple color and often circulates alongside the less common 25 dalasi note.

Exchange rates

The dalasi is a floating currency, but its exchange rate is heavily managed by the Central Bank of The Gambia. Its value has historically been pegged or closely aligned to a basket of currencies, with a strong traditional link to the British pound sterling. Major trading currencies include the United States dollar, the euro, and the West African CFA franc. The exchange rate has been subject to considerable pressure, leading to periodic devaluations, such as the significant adjustment in 2015. Remittances from the Gambian diaspora, particularly in regions like Spain and the United States, and earnings from the tourism sector are critical factors influencing its foreign exchange market.

See also

* Economy of The Gambia * Central Bank of The Gambia * West African CFA franc * British West African pound * Currency union

Category:Currencies of Africa Category:Economy of The Gambia