A press release from the Central Bank of The Gambia says: "Pursuant to our
recent notice for the licensing of Foreign Exchange Bureaux and the
registration of Money Changers, the Central Bank of The Gambia wishes to
inform the general public that the necessary forms and copies of the
guidelines are now available and can be obtained from the Foreign Exchange
Department of the bank with immediate effect.

The duly completed application forms should be submitted to the General
Manager, Central Bank of The Gambia, 1-2 Ecowas Avenue, Banjul.

Therefore, all intending persons and companies who wish to act as authorised
Foreign Exchange Dealers must submit a valid application to the bank and
obtain the required authorization within a period of one month effective
from Wednesday, July 10th, 2002"  Dated July 9th, 2002.

The notice referred to in that press release is hereby reproduced. It sets
the conditions for engaging in foreign exchange dealing.

"PRESS RELEASE FOR THE LICENSING OF FOREIGN EXCHANGE DEALERS AND MONEY
CHANGERS.

The general public is hereby notified that any person or company wishing to
engage in the busisness of buying and selling foreign currencies must obtain
the prior approval of the Central Bank of The Gambia in the form of a
license to operate a Foreign Exchange Bureaux or act as a Money Changer.

For the purpose of dealing in foreign exchange transactions under the
Central Bank of The Gambia Act, (1992), three main categories of Foreign
Exchange Dealers are recognised.

A. AUTHORISED FOREIGN EXCHANGE DEALERS I.E COMMERCIAL BANKS.

B. FOREIGN EXCHANGE BUREAUX, AND

C. REGISTERED MONEY CHANGERS.

1. AUTHORISED FOREIGN EXCHANGE DEALERS are Commercial banks licensed under
The Financial Institutions ACT, (1992), and are authorized to engage in ALL
ASPECTS of Foreign Exchange transactions without any restrictions, in
additiona to their normal banking functions.

2. FOREIGN EXCHANGE BUREAUX whic constitute a category of Foreign Exchange
Dealers whose activities are RESTRICTED TO ONLY TO THE PURCHASE AND SALE OF
CURRENCY BANK NOTES AND COINS, BANK DRAFTS, AND TRAVELLERS' CHEQUES FOR
IMMEDIATE DELIVERY (SPOT TRANSACTIONS), AND TO ALSO ENGAGE IN THE CONDUCT OF
MONEY TRANSFERS, THEY ARE ALSO PART OF THE INTER-BANK MARKET, I.E They are
allowed to deal with other banks and the Central Bank.

3. REGISTERED MONEY CHANGERS, which constitute HOTELS AND INDIVIDUALS WHOSE
ACTIVITIES ARE REGISTERED ONLY TO THE PURCHASE AND SALE OF FOREIGN CURRENCY
BANK NOTES AND COINS, BANK DRAFTS, AND TRAVELLERS' CHEQUES FOR IMMEDIATE
DELIVERY (SPOT TRANSACTIONS). They are NOT ALLOWED to engage in money
transfer activity.

Therefore, all persons, companies and institutions other than Banks desirous
of operating a Foreigne Exchange Bureaux or engage in money Exchange
Business shall first register the business with the Registrar-General and
obtain a license from the Central Bank of The Gambia.

An application for a Foreign Exchange Bureaux license or Money Changer must
be made on a prescribed form obtainable from The Cantral Bank of THe Gambia.

The duly completed application form must be submitted to the General
Manager, Central Bank of The Gambia, accompanied by an ORIGINAL COPY OF
BUSINESS REGISTRATION CERTIFICATE. The applicant MUST have an ESTABLISHED
AND IDENTIFIABLE LOCATION for Foreign Exchange Business.

All persons, companies, traders, and the general public at large are
therefore urged to fully comply with the provisions of this notice in the
interest of ensuring the orderly operations of the Foreign Exchange Market."
  Dated: June 28, 2002.

There is a time in the life of every problem when it is big enough to see,
yet small enough to solve.    -Mike- Levitt-


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