Gambia: Gov’t declares Forex bureau licences null and void

New S.G. Sabally

New S.G. Sabally

The Government of The Gambia yesterday announced that all licenses for foreign exchange bureaus issued by the Central Bank of The Gambia are declared null and void with immediate effect.A news release from the Office of the President said all intended bureau operators are to apply afresh for licenses.

Below we reproduce the full text of the release:

After giving advice and warnings to operators in the foreign exchange market Government has reviewed the situation again and found out that they have not complied. Therefore Government has taken the following decisions:

•The exchange rate of the US Dollar is now fixed at D35

•All licenses for foreign exchange bureaux issued by the Central Bank are declared null and void with immediate effect. And all intended bureau operators are to apply afresh for licences

•With the new licenses to be issued for bureaux transactions are to be done strictly within the confines of bureaux and therefore all foreign exchange transactions in the streets would be deemed illegal

•No foreign exchange bureau is allowed to ship foreign exchange out of the country. All foreign exchange shipments are to be done through banks and only after approval from the Central Bank

•Individuals travelling out of the country are required to declare foreign currency they are travelling with and the maximum limit for foreign exchange anyone is allowed to travel with is $9000. Furthermore security officials are mandated to seize any amounts above this threshold.

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