The Office of the President has warned businessmen who are involved in foreign exchange speculation and hoarding to desist immediately or face very drastic action.
A media release from the Office of the President stated that with effect from May 4, 2015, no foreign exchange amounting to more than ten thousand Dollars, Euros and Pound Sterling can be taken out of this country without approval of the Office of The President.
The Government of The Gambia thus noted with great concern the rapid depreciation of the Gambian Dalasi against major international currencies particularly the US Dollar.
Below is the full text of the press release:
The Government of The Gambia has noted with great concern the rapid depreciation of the Gambian Dalasi against major international currencies particularly the US Dollar.
Consequently, with effect from 4th May 2015, no foreign exchange amounting to more than ten thousand Dollars, Euros, Pound Sterling can be taken out of this country without approval of the Office of The President and without declaring it before.
Any foreign exchange being sent out of the country without approval will be forfeited to the state with immediate effect. The US Dollar cannot be changed for more than 35 to 40 Dalasis to the Dollar. Anybody found hoarding foreign currency in order to cause the depreciation will be charged and tried under the Economic Crimes Act and the immediate amount hoarded will be confiscated. The Central Bank of The Gambia will set the rates of the Euro and Pound Sterling immediately based on their real value.
‘Operation No Compromise’ which is already against graft and corruption is hereby launched today and service heads are to carry it out to the letter as they have already been forewarned. Any security personnel found wanting in the execution of ‘Operation No Compromise’ will regret being born.
Businessmen who are involved in this foreign exchange speculation and hoarding are hereby strictly warned to desist immediately or face very drastic action. Though most of them are foreigners, there are a few greedy and unpatriotic Gambians involved. This ‘Operation No Compromise’ is here to stay until currency speculators and hoarders and the illegal market are wiped out of the system. This time around, such notorious businessmen will have their businesses closed and if they are foreigners face immediate deportation.
