Get the best exchange rate between the US dollar and Gambian dalasi?
To get the best exchange rate between the US dollar and Gambian dalasi you need to be aware of what the mid-market exchange rate is.
When sending money to Gambia, or perhaps making a purchase in the country, online money transfer services are often the most efficient option because:
Exchange rates are much closer to the mid-market rate when compared to traditional banks
Transaction is generally processed faster
Fees are low and competitive
Travelers to Ghana should bring US dollars in cash and exchange currencies once in the country. There are several foreign exchange bureaus in the capital city that’ll gladly accept US dollars for Gambian dalasi.
The US dollar is the most traded currency in the world. The world’s unofficial reserve currency, it can be found in most major currency pairs. In forex, it’s an important benchmark and target rate for countries that fix or peg their currencies against its value. It is also used as the standard currency for oil, precious metals and other commodities.
$1, $5, $10, $20, $50, $100
1c, 5c, 10c, 25c, 50c
The dalasi is the official currency of Gambia, the smallest country in Africa. A British colony until 1965, Gambia’s industries include tourism, fish and peanuts.
5, 10, 20, 25, 50, 100, 200 dalasis
1, 5, 10, 25, 50 bututs, 1 dalasi
What affects exchange rates between the US dollar and the Gambian dalasi?
The exchange rate between the Gambian dalasi and the US dollar is currently managed by the Gambian Central Bank and isn’t affected by any external factors. However, a problem for Gambian authorities is that they’re spending huge amounts of foreign currency reserves to maintain the peg.
The central bank would longer be able to maintain the currency peg and could be forced to either devalue the currency or scrap the peg policy altogether if the economic situation in Gambia worsened by any drastic changes in the following:
Interest rates in either country
Balance of trade between the two countries
Employment levels and economic developments in Gambia
Sharp fluctuations in the value of the US dollar against other major currencies
How does the Gambian dalasi trade against the US dollar historically?
Several different peg policies have been in place over the years to try to control the sharp fluctuations in the value of the dalasi compared to the US dollar and other currencies. In 2013, the Gambian government also introduced strict controls on foreign currency exchange, leading to a sharp drop in the value of the dalasi compared to the US dollar.
Since 2008, the value of the Gambian dalasi has been in continuous decline compared to the US dollar. From a high during the financial crisis in 2008 of about 20 dalasi to 1 dollar, the value quickly dropped to 26 per dollar in the beginning of 2009.
Between 2009 and 2011, the exchange rate between the dalasi and dollar remained relatively stable at around 26 dalasi per dollar.
At the end of 2011, a new and long period of decline for the dalasi started when the dalasi moved from a value of about 26 per dollar to almost 45 per dollar in 2014. During these years, the exchange rate of the dalasi was also subject to several government-initiated revaluations.
US Dollar to the Gambian Dalasi for the last 10 days
1 USD =
US Dollar to the Gambian Dalasi for the last 10 months
1 USD =
US Dollar to the Gambian Dalasi for the last 10 years
Adrienne Fuller is the head of publishing at Finder US. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. For the past 3 years she has been the publisher of money transfers, helping readers save when they send money all over the globe. She has a BA from Colorado College and loves to hike with her two Catahoula dogs around her home in San Diego.
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