Sunday, March 26, 2023

Gambia Imposes Restriction on Foreign Currency Export at USD 10,000


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By Suwaibou Touray A press release issued yesterday, 4th May, from the office of theCurrency Export at USD 10,000 president of the Gambia and read out on GRTS television  is informing the general public of its grave concern regarding what it described as “the rapid depreciation of the Gambian Dalasi” against all international currencies, especially the US Dollar.The exchange rate of the country, that is bordered on three sides by Senegal, is now set at 50 dalasi per dollar this week, stated the release. It is further stated in the release that the amount of foreign currency an individual can take out of the country at a time should not exceed Ten Thousand US Dollars (US$10,000). “No one is allowed to take more than 10,000 dollars without prior approval from the office of the president and anyone found violating this pronouncement will have his/her money forfeited to the state,” the release stated. The release also warned that anyone involved in hoarding foreign currency should desist from it otherwise if found culpable, the person will be charged and tried for economic crime. On 25th November 2014, the Monetary Policy Committee (MPC) of the Gambia Central Bank revealed that the Gambian Dalasi has depreciated against the US dollar by 18.60 percent, Euro by 12.6 percent and Pound Sterling by 20.10 percent. However, the release added that the Dalasi’s rapid depreciation reaching 50 dalasis to 1 dollar has prompted government to raise concern over the issue, blaming foreign exchange speculators of deliberately hoarding foreign currency which it said is an economic crime.]]>

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