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Saturday 19 June 2021
HomeNewsGambia cancels licences for forex bureau operators

Gambia cancels licences for forex bureau operators

The Gambian government has cancelled operating licences for all foreign exchange operators and ordered them to apply for new licences from the country’s apex bank, PANA confirmed Wednesday from here.

A statement from the Gambian presidency disclosed that previous licenses had been declared ”null and void with immediate effect”.

”After giving advice and warnings to operators in the foreign exchange market, government reviewed the situation again and found out that they have not complied,” the statement noted.

It was also stated that henceforth no foreign exchange bureau would be allowed to ship foreign exchange out of the country.

”All foreign exchange shipments are to be done through banks and only after approval from the Central Bank of the Gambia.”

Meanwhile, the government further declared transactions in foreing exchange on the streets as illegal and said deals have to be done in forex bureau.

”Individuals travelling out of the country are required to declare foreign currency they are travelling with and the maximum limit for foreign exchange anyone is allowed to travel with is US$9,000,” the statement noted, adding that security officials have been ”mandated to seize any amounts above this threshold.”

The government also announced that the exchange rate for one US Dollar has now been pegged at D35 Gambian Dalasis.

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