Gambia: President's Office Warns Against Thwarting Foreign Exchange Market

Following the declaration of 'Operation no compromise of foreign currency hoarding', the Office of the president has confirmed that the general public and licensed foreign exchange dealers have been complying satisfactorily and as a result, decided to withdraw the instructions given earlier on speculative activities and hoarding meant to manipulate the dalasi exchange rate.

A media release from the presidency issued Thursday further revealed that despite the compliance; any attempt to thwart the smooth functioning of the foreign exchange market will not be tolerated and anyone found not playing by the rules of transparent market practices will be dealt with according to law.

Below is the full text of the release;

The Office of the President has observed that, since the last press release on 'Operation No Compromise on Foreign Currency Hoarding' the general public and licensed foreign exchange dealers have been complying satisfactorily and as a result, the Office of the President has decided to withdraw the instructions given earlier on speculative activities and hoarding meant to manipulate the dalasi exchange rate.

The Office of the President announces for the information of the general public and licensed foreign exchange dealers that the exchange rate of the dalasi is market determined and would uphold the regime out would, at the same time, not tolerate any attempt to thwart the smooth functioning of the foreign exchange market.

Authorised shipment of foreign currencies through the banking system shall continue under the guidelines established by the Central Bank of The Gambia. Anyone found not playing by the rules of transparent market practices will be dealt with according to law. The authorities would, therefore, continue to closely monitor the foreign exchange market to ensure orderly operation.

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