Trade and Export (Currency Importance in relation to the Country Gambia)

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Gambia = 1 Dalasi = .023 US Dollars (United States)

                                =  .144019 Chinese Yuan Renminbi (China)

                                =  .015 British pound (United Kingdom)

                                = 13.0079 CFA Franc (Mali)

 

Determining the currencies between each country when it comes to trading is very important because it determines the strength of your money against other countries you want to trade with. According to some sources in the internet, companies and countries go global because they take the advantage in getting easy money through currency rates. Taking consideration the currency’s strength towards your country and thinking about the exchange rates of each will make companies go “easy rich”. Despite having these benefits there are also disadvantage on going global through currencies since currency rates are very volatile and can really drop as lows as what you have expected. So it is also very important to consider the trends which will be discussed on the next topic. Without knowing the news and what’s happening to the country you are trading with may compromise your market share in global trading. This makes trends and news important in trading. I also included US dollars in the exchange rate of dalasi since US dollar is the global standards in trading and determining the GDP. As you can see on the exchange rate, Dalasi is really very weak against other currencies since Gambia is one of the poorest countries in the world and also is the smallest country in Africa. 

 

Image Credit to; Pixabay.com a public domain picture. 



About the author

reji-katayama

Simple Yet Complex. That's the beauty of life which represents me.

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