The Government of The Gambia has lifted the restrictions on the trading of the US Dollar, the presidency has announced.
In a press release issued on Sunday, the presidency said the move followed a review of recent developments in the domestic foreign exchange market.
The presidency further announced that the range for the dollar exchange rate that was prescribed is hereby repealed, and that trading in the foreign exchange market is to be determined by market forces as par The Gambia’s commitment to a flexible exchange rate regime.
Below is the full text of the release:
Following a review of recent developments in the domestic foreign exchange market, the Office of the President informs the general public that restrictions on the trading of the Dollar have been lifted. The range for the dollar exchange rate that was prescribed is hereby repealed. 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 Office of The President urges 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.
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