Govt. repeals pegging of US dollar exchange rate

A statement issued by the presidency on Monday said the move followed a review of recent developments in the domestic foreign exchange market.

‘‘Trading in the foreign exchange market is to be determined by market forces as par The Gambia’s commitment to a flexible exchange rate regime,’’ the statement said.

However, the Office of The President urged players in the foreign exchange and other markets to play by the rules and advises traders to eschew the practice of hoarding and undue speculation.

‘‘While reiterating our commitment to free market policies, Government will ensure that players in the market conform to the rules and regulations that govern free markets,’’ the presidency added.