I'm looking forward to the next moratorium in Gambia. Banana republics are generally ruled by moratoria. Who is the biggest foreign currency hoarder and speculator in Gambia???? $5000 question.
Haruna.
As a first step to curb this nefarious activity or criminal enterprise, a moratorium has been imposed with immediate effect on all shipping of the US Dollar out of the country with possible exemption for essential importation, which must obtain prior clearance from the Office of the President.
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From: C. Omar Kebbeh <[log in to unmask]>
To: GAMBIA-L <[log in to unmask]>
Sent: Mon, Oct 22, 2012 7:22 am
Subject: [G_L] Welcome to the next economic school of thought - JAMMEHNOMICS
‘Operation no compromise on foreign currency hoarding’ launched
Africa » Gambia
Monday, October 22, 2012
The Office of the President has announced the launch of ‘Operation no compromise on foreign currency hoarding and speculation’ with immediate effect, a media release from State House has revealed.
This came following the activities of speculators and some unscrupulous businesses that are creating an artificial shortage of foreign exchange especially of the United States Dollar thereby causing its unprecedented appreciation against the Gambian dalasi with the sole intention of hiking prices of basic commodities and causing hardship to the people of The Gambia.
Below is the full text of the release;
It has come to the attention of the Office of the President that speculators and some unscrupulous businesses are creating an artificial shortage of foreign exchange especially of the United States Dollar thereby causing its unprecedented appreciation against the Gambian dalasi with the sole intention of hiking prices of basic commodities and causing hardship to the people of The Gambia.
The Office of the President wishes to inform the general public, particularly those involved in the foreign exchange business that this criminal trend is unacceptable and unjustifiable as the international market value of all foreign currencies is an open secret. Those involved in foreign exchange transactions including the Bureau de Change or Foreign Exchange Bureaus, Banks and Mobile Telephone Operators are hereby warned that very drastic action will be taken against any individual, or body corporate found culpable of hoarding of and speculating in foreign exchange. This office reserves the right to close any business, Bureau de Change, Bank, or any company that is bent on sabotaging the economy of The Gambia without any further notice. Anybody found with foreign currency like the CFA and is not registered to deal in such will face the full force of the law in addition to forfeiting such to the State.
As a first step to curb this nefarious activity or criminal enterprise, a moratorium has been imposed with immediate effect on all shipping of the US Dollar out of the country with possible exemption for essential importation, which must obtain prior clearance from the Office of the President.
In the same vein, a team of enforcement agents have been directed to investigate, monitor all Foreign Exchange Bureaus and unregistered agents, as well as any other institution, and are authorized to confiscate any US Dollar currency going out of the country without prior approval. They have the full authority to investigate, seize as well as prosecute those found to be hoarding any foreign currency especially the US Dollars. All the Commercial Banks have facilities for the opening of foreign currency accounts and therefore, there will be no excuse for any institution, individual or group found with large cash amounts of any foreign currency especially the US Dollars, Euros, Pound Sterling or the CFA Francs.
These measures will be in place until such time that the US Dollar returns to its true value of D28.00 per US Dollar.
The Ministry of Finance, the Central Bank of the Gambia, the Gambia Revenue Authority, and the team of enforcement agents are hereby warned to apply these measures to the letter as this office would not allow greedy, unpatriotic and heartless people to hold the populace to ransom. Anyone found violating these directives or not playing by the rules of honest trading practices will be prosecuted under the economic crimes law in addition to being banned from doing any business in The Gambia.
Operation no compromise on foreign currency hoarding and speculating is hereby launched with immediate effect.
Author: Daily Observer
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