The Government of The Gambia with effect from 12th January 2016, has lifted the restriction it imposed on the foreign currency exchange rate on May, 5th, 2015, a press release issued by the Jammeh State House stated. This followed the stabilization of the exchange rate and the positive impact it has in the pricing of goods and services, the statement added. The decision to intervene in the foreign exchange market, the news release went on “it was meant to correct certain distortions and market failures that resulted in the continued depreciation of the value of the dalasi against foreign currency.”
The Gambia government also said it is committed to promoting private sector led economy despite the recent decision to micromanage foreign currency trading. “The government of The Gambia wishes to reiterate its commitment to the free market system and will continue to promote and encourage honest private sector participation and contribution of all sectors of the economy,” the statement intimated.
The government press release cautioned actors in the economy to act responsibly and avoid speculation in the foreign exchange market as doing so, the release went on, will face the positive gain made in the economy in the past months.
“Government will not hesitate to use the full force of the law and deter individuals motivated by greed and selfishness from undermining the economy by engaging in unlawful practices such as hoarding the foreign currency and speculation,” the release warns.
Written By A Staff Writer