Governor, Central Bank of The Gambia
By Buba Gagigo
The Central Bank of The Gambia (CBG) has rescinded its decision to restrict FCDs and shipment of foreign exchange.
“The Central Bank of The Gambia announces the decision to rescind the recent restrictuons on FCDs and shipment of foreign exchange. The objective of the Directives was to regularize conduct of foreign currency transactions and to prevent unethical behavior of some market participants,” the Central Bank communicated in a dispatch dated 31st August 2022.
The Central Bank notified that customers can now deposit and withdraw from their FCD accounts in the approved currencies; the Dalasi remains the country’s legal tender and that transactions should be quoted accordingly; and that normal shipment of currency resumes with immcdiate effect subject to the usual clearance process.
CBG assured the public of its resolve to ensure smooth functioning of the foreign exchange market and safeguard the stability of the exchange rate of dalasi.
Central Bank seize this opportunity to advise all banks and licensed dealers in foreign exchange to strictly abide by foreign exchange regulations and guidelines.