The letter sent to all the banks has it that "further to the prudent objectives of operationalising the foreign currency deposit accounts, it has come to the attention of the Central Bank of The Gambia that account holders have largely reported speculative behaviour of withdrawing foreign currency for purposes of trading in the unofficial market."
In an endeavour to ensure all market transactions are duly conducted in the country's legal tender, Central Bank advises all banks with immediate effect to desist from paying out foreign currency withdrawals in foreign currency, adding they must pay out in dalasi.
Signed by the Central Bank Governor Mr. Buah Saidy, the warning has been advanced that any bank found to have permitted the withdrawal of cash in a foreign currency will be duly penalised as prescribed by the Central Bank."
"All Banks are hereby directed that FX banknote shipment shall be for the purpose of funding banks nostro accounts. Customers who bring foreign currency should sell to the banks rather than shipment being conducted on their behalf to fund their private accounts. This is in line with enhancing our anti-money laundering framework."
