Following
the declaration of all licenses for foreign exchange bureaus issued by the Central
Bank of The Gambia as “null and void”, the Association of Forex Exchange
Bureaux (ALFOB) Saturday convened an emergency meeting to discuss the matter.
In a press release issued after its emergency meeting, ALFOB said it shall continue to dialogue between its members and the Gambia Government through the relevant authorities to address the concerns of the government.
Noting that its members understand the fundamental need to operate within a stable market environment, since all the members of ALFOB are part of the national economy and have invested in branches, networks and employment, ALFOB stated that it shall not support or condone any operator that doesn’t adhere to “our code of conduct”.
‘‘ALFOB and its entire membership will continue to disassociate itself from any of the practices that impact negatively on the exchange rates and speculative practices that are detrimental to the economy of The Gambia,’’ its statement added.
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Revocation of Central Bank Licensed Forex Bureaux
Following the press release from the Office of the President, in relation to the Revocation of Central Bank Licensed Forex Bureaux and declaring the licenses null and void, the Executive Committee of ALFOB called an emergency meeting, held on Saturday 17th August 2013 to discuss the issues raised leading to the press release and the forex market situation in Gambia general.
ALFOB was incorporated in December 2004 by some of the reputable licensed forex bureaus in The Gambia. Membership of ALFOB is voluntary and subject to the following:-
1) Payment of annual subscription dues
2) Adhere to the constitution of ALFOB
3) Sign up to ALFOB Code of Conduct in conducting your bureau operations
4) Adherence to Central Bank of The Gambia Rules & Regulations and Bureau Guidelines
ALFOB and its members are part of the greater national economic ecosystem and has over the years provide great service to the general public. ALFOB and its members shall continue to work in developing our beloved nation to assist the government in its derive to attain its goal of making sure the entire population of the Gambia has easyaccess to finance, health and education.This AFLOB and its members have been doing and shall continue to do by creating jobs, help create wealth and access to finance through our expanded branch network across all communities in The Gambia.
ALFOB and its members understand the fundamental need to operate within a stable market environment, since all the members of ALFOB are part of the national economy and have invested in branches, networks and employment. Hence ALFOB shall not support or condone any operator that doesn’t adhere to our code of conduct. ALFOB and its entire membership will continue to disassociate itself from any of the practices that impact negatively on the exchange rates and speculative practices that are detrimental to the economy of the Gambia.
ALFOB and its members are small players in the overall forex market in The Gambia, and handles less than 15% of the total transaction volumes of the forex market. However ALFOB and its members have extended the availability of their operations to enable Gambians and the greater community to receive remittances from friends, family and love ones at very convenient locations within most corners of The Gambia.
ALFOB and its members wishes to thank the Government of The Gambia for creating an enabling environment that has allowed us to operate our businesses in a very stable and secure country.
ALFOB shall continue to engage with the relevant authorities to enable our members to continue serving the general populace within various areas of the country. At the same time ALFOB shall continue to dialogue between its members and The Gambia Government through the relevant authorities to address the concerns of the government.
For more information about ALFOB please contact us below:-
ALFOB
Head Office
Sonko Jileng Building
Churchill’s Town
