Gambia Moves On Dollar Hoarding

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Gambia Moves On Dollar Hoarding

Sunday, 21 October 2012 19:31

(AFP) – Gambia on Sunday warned banks and businesses against hoarding foreign cash, saying stockpiling currency was illegal and causing prices to rise.

The tiny west African nation uses the Gambian dalasi, which in recent years has lost value against major currencies, including the US dollar.

"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 the prices of basic commodities and causing hardship to the people of the Gambia," the presidency said in a statement.

It said the "criminal trend" was unjustifiable and warned of "drastic action" against any person or business found to be hoarding foreign money or speculating on its value.

The presidency also announced an immediate freeze on shipping US dollars overseas and warned of tough penalties against anyone "not playing by the rules of honest trading practices".

Comments

+2 #5 2012-10-22 23:27

The Dollar was 34 dalasis yesterday and 27 dalasis today.is Yaya Jammeh out of his mine to think that he can control the world market ?the foreign reserve is low because of Yaya and now he is forcing on us his own rate.it is tobaski for God Sake and families have budgets to live on.this guy is Evil to the Max.May the Curse of GOD be on Him

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-5 #4 2012-10-22 23:24

Do you guys have the slightest clue about factors responsible for devaluation? Absolutely not!

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+3 #3 2012-10-22 04:58

Was it not the Sheikh himself who dishes out big brown envelopes stashed with US dollars to musicians , or his globe trotting wife who always carries large amounts of dollars in cash? Let him start by showing a good example from his household. BUNU KENN YAPP!!

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+3 #2 2012-10-22 01:05

The Gambians had enough from the regime`s manipulation of our banking system and they are saving their money in Senegal instead of saving in the Gambian banks. Dictator jammeh and his bandits had politicalise our banking system and now they are shamelessly accussing the Gambian business people of intentionally hiking the prices of basic commodities and causing hardship to the people of the Gambia. These bandit regime will always blame someone to be use as a scape goats because they will never admit to their own failures.

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+8 #1 2012-10-21 21:44

Have Gambia Customs considered the idea of checking out Zeinab's bags at the airport? All our dollars can be disappearing to Morroco and the USA.

Why would we not be short of foreign currency when a lot of tourists and foreign visitors have stayed? Do these idiots at State House think that the recent bad publicity of their blunder of murdering 9 people will not come to haunt them? Fools die for want of wisdom!

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