Banks And Local Money Exchange Bureaus Rendered “Ghost Offices.”

Money Changers Defy Jammeh’s Decree to regulate Foreign Currencies

There is a major scarcity of foreign exchange in The Gambia, as local money changers have embarked on hoarding their monies, in retaliation to President Yahya Jammeh’s decree to determine the value of major international currencies, such as the mighty dollar and the pounds sterling, the Freedom Newspaper can authoritatively report. Almost all major banks across the country had been affected by this protest action. Bank officials at the Trust Bank, the Guarantee Bank and the First International Bank who spoke to this paper on condition of anonymity lamented about President Jammeh’s recent move to regulate international currencies value. “ As you can see, there is no serious banking activity taking place here. Our Foreign Exchange Department has been rendered bankrupt by the President’s move. Most of our clients (money changers) have stopped coming here. They refused to trade their foreign exchange at loss. This bank lacks foreign exchange. With the Hajj just round the corner, many people are finding it difficult to have access to foreign exchange. The dollar and the pound are hard to come by. They are no where to be seen. This is a scary development. When you have a retarded President, such a thing is bound to happen. The Central Bank, which is expected to provide the Government with accurate information about economic issues are hell bent on distorting the economic realities of this country. The economy is not moving. This is the reality on the ground.” said a Bank official.