Gambia holds rates at 15%

The Central Bank of the Gambia said that an increase in food prices meant that it had to keep its benchmark rediscount rate at 15%.

The central bank said last Friday that a 9.7% rise in food prices meant it would fail to reach its 5% inflation target, which it hopes to reach by December 2007, if it lowered rates.

The central bank said the economy is expected to grow by 7%, fuelled by the expansion of the banking, tourism, communications and construction industries.

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