This is crazy. The government is there to serve Yaya Jammeh and his business interest only and not the interest of The Gambia. Now that the Chief businessman has sold his sheep at exorbitant prices at very low foreign currency rates at our expense, he now want to let the market dictate the rate and you Cherno saying he is listening.
Kejau
> Govt withdraws
move on foreign currency hoarding
>
<http://thepoint.gm/africa/gambia/article/govt-withdraws-move-on-foreign-currency-hoarding#map>
> Africa <http://thepoint.gm/africa/news> »
> Gambia<http://thepoint.gm/africa/gambia/news>
> Friday, November 16, 2012
>
> The Office of the President has withdrawn moves taken last month
on
> speculative activities and dollar hoarding it said was meant to
manipulate
> the dalasi exchange rate.
>
> A statement issued by the presidency yesterday announced that the
exchange
> rate for the dalasi is market determined, and it would uphold that
regime.
>
> The presidency said it has observed that since the last press release
on
> Operation No Compromise on foreign currency hoarding, the general
public
> and licensed foreign exchange dealers have been complying
satisfactorily.
>
> “As a result, the Office of the President has decided to
withdraw the
> instructions given earlier on speculative activities and hoarding
meant to
> manipulate the dalasi exchange rate,” it stated.
>
> “The Office of the President announces for the information of
the general
> public and licensed foreign exchange dealers that the exchange rate
of the
> dalasi is market determined and would uphold that regime, but would
at the
> same time not tolerate any attempt to thwart the swift or smooth
> functioning of the foreign exchange market,” the statement
added.
>
> The authorized shipment of foreign currency through the banking
system,
> the
> presidency noted, shall continue under the guidelines established by
the
> Central Bank of The Gambia.
>
> However, the presidency warned that anyone found not playing by the
rules
> of transparent market practices will be dealt with according to
law.
>
> It said authorities will, therefore, continue to closely monitor
the
> foreign exchange market to ensure orderly operation.
>
>
>
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