Apr 29, 2016, 10:34 AM
The Office of the President has withdrawn moves taken last month on speculative activities and dollar hoarding it said was meant to manipulate the dalasi exchange rate.
A statement issued by the presidency yesterday announced that the exchange rate for the dalasi is market determined, and it would uphold that regime.
The presidency said it has observed that since the last press release on Operation No Compromise on foreign currency hoarding, the general public and licensed foreign exchange dealers have been complying satisfactorily.
“As a result, the Office of the President has decided to withdraw the instructions given earlier on speculative activities and hoarding meant to manipulate the dalasi exchange rate,” it stated.
“The Office of the President announces for the information of the general public and licensed foreign exchange dealers that the exchange rate of the dalasi is market determined and would uphold that regime, but would at the same time not tolerate any attempt to thwart the swift or smooth functioning of the foreign exchange market,” the statement added.
The authorized shipment of foreign currency through the banking system, the presidency noted, shall continue under the guidelines established by the Central Bank of The Gambia.
However, the presidency warned that anyone found not playing by the rules of transparent market practices will be dealt with according to law.
It said authorities will, therefore, continue to closely monitor the foreign exchange market to ensure orderly operation.