Gov’t warns against foreign currency shipment outside banking system

The Gambia government has issued a press release giving a strong warning against cash shipment of foreign currencies outside the banking system of the country.

The release, issued by the Office of the President and aired by State TV last night, said: “The full brunt of the law will be taken against any individual or establishment that is engaged in unlawful practices.”

The following is the full version of the presidential press release:

Contrary to the financial policy that all shipments of cash be done through the banks, some individuals or institutions continue to send cash outside the banking system in contravention of this policy directive.

In view of that, the general public is hereby reminded that all foreign currency shipments have to be done through the banking system and no other system. Therefore, banks are obliged to provide the requisite information as prescribed by the Central Bank of The Gambia, in seeking approval from the Office of the President, to ship foreign currencies.

Furthermore, licensed foreign exchange bureaux are strongly advised to desist from activities detrimental to the smooth functioning of the foreign exchange market, including shipping foreign currencies outside the banking system, with immediate effect.

The full brunt of the law will be taken against any individual or establishment that is engaged in unlawful practices.