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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.
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