A practical currency and money guide to travel, living and doing business in the Gambia and the Gambian dalasi (GMD).
What's in this Gambia currency guide:
The official currency of the Gambia (country code: GM) is the Gambian dalasi, with symbol D and currency code GMD.
The Gambia is a small, West African country located along the banks of the Gambia River. It is known for its diverse culture, vibrant music and dance scene, and beautiful beaches and wildlife.
Tourism is an important industry in The Gambia, with visitors coming to enjoy the warm weather, beautiful beaches, and diverse wildlife. Visitors can also experience The Gambia's rich culture by visiting local markets, museums, and traditional villages.
The country is also known for its bird-watching opportunities, with over 500 species of birds found in the country. The Gambia is also a popular destination for wildlife safari, where visitors can spot crocodiles, monkeys, and various antelopes among other animals.
The Gambia has a rich culture, with a mix of African, European, and Islamic influences. Visitors can experience the local music, dance, and art, and can also learn about the country's history and traditional way of life.
The Gambia also has a relatively low cost of living compared to other countries in the region, and the official language is English, which makes it a popular destination for tourists and expats alike.
However, it's worth noting that The Gambia is a developing country and infrastructure can be limited in some areas. It's also important to be aware of the current security situation and to follow any safety guidelines or advice provided by local authorities.
Overall, The Gambia is a unique destination that offers visitors the opportunity to experience a diverse culture, beautiful beaches and wildlife, and friendly people at a relatively low cost.
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in the Gambia.
Doing business in The Gambia can be challenging, as the country has a relatively small economy and a limited infrastructure. However, there are also opportunities for growth and development in certain sectors.
The Gambia has a relatively low cost of labor, which can be an advantage for businesses looking to invest in the country. However, the country also has a small domestic market, which can limit the potential for growth in certain sectors.
One of the main sectors of The Gambia's economy is agriculture, and there are opportunities for businesses to invest in this sector, particularly in the areas of food processing, packaging, and export.
Tourism is also an important sector in The Gambia, and there are opportunities for businesses to invest in this sector, particularly in the areas of accommodation, food and drink, and tour and travel services.
The Gambia also has a rapidly growing telecommunications sector, and there are opportunities for businesses to invest in this sector, particularly in the areas of mobile phone networks, internet services, and data centers.
The Gambia's government is actively encouraging foreign investment in the country and has put in place a number of policies and incentives to attract businesses. However, it's worth noting that the country's business environment can be challenging, particularly in the areas of bureaucracy, corruption, and a lack of transparency.
It's important to conduct thorough research and seek professional advice before starting a business in The Gambia, also to be familiar with the laws and regulations of the country and to have a good understanding of the local market and business culture.
Here we list some key points for expats and businesses to consider when managing financial dealings in the Gambia:
Understand Gambian dalasi currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the GMD exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Gambian dalasi bank account: A local GMD bank account can make it easier for you to manage your finances and pay bills while you are in the Gambia. It may also be more convenient to use a local GMD bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in the Gambia. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in the Gambia. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in the Gambia, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
The exchange rate of Gambian dalasi (GMD), or the amount of GMD that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest USD/GMD rate plus recent trend, chart, and historic rates.
12 May 2023
|0.4% ▼||2 Week|
25 Feb 2023
|2.5% ▼||3 Month|
26 May 2022
|10.3% ▲||1 Year|
27 May 2018
|26.4% ▲||5 Year|
28 May 2013
|69.4% ▲||10 Year|
31 May 2003
|144.9% ▲||20 Year|
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to the Gambia or planning a trip or maybe living there, so will need to exchange and spend Gambian dalasi.
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It is important to note that the exchange rate of the Gambian dalasi can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect GMD exchange rates before making any financial decisions.