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".
Who's OnlineWe have 299 guests online
Should Death Penalty Be Abolished In The Gambia?
Follow us on Twitter
- Senegal's Prosecution Of Habre 'Illegal'
- Obama To Take First Major Africa Trip In Late June
- Top Gambian Sports Executive Officer Dies
- G/Bissau Declares Mourning For Ex-Interim President
- Book Review: Standing Up Against Injustice – Dr. Amadou S Janneh
- Gambia's Jammeh In LGBT 'Hall Of Shame'
- Ex-Gambian Minister Publishes Memoirs
- Gambia Supports UN Resolution On Syria
- Two Gambians In Court For 'Gay Sex'
- Iranian Azim Aghajani Convicted Over Nigeria Arms
- Amnesty Int’l Denounces Gambia’s Harsh Criminal Law
- Michael Scales Gives To JollofNews
- Jollof News Online Appeals For Help
- Twelve Bomb Disposal Experts Abducted In Senegal
- Gambia Sticks Two Fingers Up At Britain