Gambia: CBG Rescinds Restrictions On FCD, Shipment of Foreign Exchange

1 September 2022
The Point (Banjul)

The Central Bank of The Gambia (CBG) announced the decision to rescind the recent restrictions on Foreign Currency Deposits (FCDs) and shipment of foreign exchange.

"The objective of the directives was to regularise conduct of foreign currency transactions and to prevent unethical behaviour of some market participants," the Central Bank communicated in a dispatch dated 31st August 202, signed by Governor Buah Saidy.

Governor revealed that customers can now deposit and withdraw from their FCD accounts in the approved currencies. He said the Dalasi remains the country's legal tender and that transactions should be quoted accordingly, and that normal shipment of currency resumes with immediate effect subject to the usual clearance process.

He assured the public of CBG's resolve to ensure the smooth functioning of the foreign exchange market and safeguard the stability of the exchange rate of dalasi while advising all banks and licenced dealers in foreign exchange to strictly abide by foreign exchange regulations and guidelines.

Read the original article on The Point.

Tagged:
Copyright © 2022 The Point. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.