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Nyarikangbanna
United Kingdom
1382 Posts |
 Posted - 16 Nov 2012 : 20:25:22
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| This is nothing but sheer incompetency. |
I do not oppose unity but I oppose dumb union. |
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Senegambia
175 Posts |
Posted - 17 Nov 2012 : 17:15:56
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Government directives are worked on and thought through logically and realistically. Not based on emotions. What we now have in Gambia is an Emotional Goverment. With an emotional head.
I still choose to believe that we will survive this era of dictatorship. |
Tesito
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Karamba
United Kingdom
3820 Posts |
Posted - 17 Nov 2012 : 20:39:51
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| Will someone let Chairman Captain Jammeh know that a nation is not managed like gun store. |
Karamba |
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kobo
United Kingdom
7765 Posts |
Posted - 17 Nov 2012 : 21:46:43
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Dictatorship, tyranny, rogue and scoundrel is order of the day and prevailing without due regard for competency, professionalism, technocracy and expertise  |
Edited by - kobo on 17 Nov 2012 22:30:49 |
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Momodou
Denmark
11511 Posts |
Posted - 10 Dec 2012 : 17:54:24
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IMF welcomes lifting of directives on exchange rate, shipment of US dollar
By Yusuf Ceesay
The Point: Publisded on Monday, December 10, 2012
The International Monetary Fund, IMF, on Friday said that it has welcomed the lifting of the restrictions imposed by the recent directives from the Office of the President on the exchange rate and shipment of US dollars.
According to the IMF mission led by David Dunn, the directive had led to some disruptions in the foreign exchange market, and created uncertainty about the country’s exchange rate policy.
“The mission welcomes the recent lifting of the restrictions imposed by the directive and the renewed commitment to a flexible, market-determined exchange rate policy, which has helped the foreign exchange market to largely return to normal conditions,” it said.
Read Full Story |
A clear conscience fears no accusation - proverb from Sierra Leone |
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kobo
United Kingdom
7765 Posts |
Posted - 10 Dec 2012 : 21:38:36
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FOROYAA BURNING NEWS;
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Momodou
Denmark
11511 Posts |
Posted - 26 Jun 2013 : 12:34:04
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Is this another "Operation rob the Diaspora and their families"?
It seems someone has again forgotten that the dalasi is market determined.
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RIA, WARI AND MONEY EXPRESS SUSPENSION WHAT IS THE IMPLICATION?
By Saikou Suwareh Jabai
Foroyaa: Published on Tuesday, 25 June 2013
Complaints are reaching this paper that recipients to remittance through certain money transfer services could not receive their monies. This prompts this reporter to conduct investigation. One Alpha Jallow lamented to Foroyaa that he has been sent money from abroad through money transfer services but according to him he went to collect his money but was denied access to his money for reason(s) he was not informed about. The sent money, according to him, was eventually returned to the sender.
Upon investigation it was disclosed to this reporter that the Central Bank of The Gambia issued a press release suspending the operations of Money Express, Ria and Wari Money Transfer Services from the domestic foreign exchange market, effective Friday, June 21,2013.
He said the release has it that any foreign exchange transactions, including sale and purchases through these Money Transfer Operators (MTOs) as well as transfer of funds through them and/or on their behalf are illegal. This is why he said those who sent monies to the following money transfer services should advise their senders to divert it to others that are not suspended.
Editor's Note
The Central Bank will be approached for explanation.
Source: Foroyaa
Gov’t issues stern warning to foreign currency dealers
The Daily Observer: Published on Wednesday, June 26, 2013
The Office of the President has issued a stern warning to institutions and individuals bent on creating artificial shortage of foreign currency in The Gambia.
The release reads:
It has come to the attention of the Office of the President that speculators and some unscrupulous businesses are creating an artificial shortage of foreign exchange especially of the United States dollars thereby causing its unprecedented appreciation against the Gambian Dalasi with the sole intention of hiking prices of basic commodities and causing hardship to the people of the Gambia.
The Office of the President, according to the press release, wishes to inform the general public, particularly those involved in the foreign exchange bureaus, banks and mobile telephone operators are hereby warned that drastic action will be taken against any individual, or body corporate found culpable of hoarding and speculating in foreign exchange. This office reserves the right to close any business, bureau de change, bank or any company that is bent on sabotaging the economy of the Gambia without any further notice.
Anybody found dealing with foreign currency like CFA and is not registered to do so will face the full force of the law in addition to forfeiting such to the state. As a first step to curb this nefarious activity or criminal trend, the release went on to state that ‘ all those wishing to exit the country with foreign currency in excess of USD 10,000.00 or its equivalent must have declared the same at the point of exit.
Furthermore, a moratorium has been imposed with immediate effect on all shipping of the US Dollar out of the country with possible exemption for essential importation, which must obtain prior clearance from the Office of the President. In the same vein, the release adds that, a team of enforcement agents have been directed to investigate, monitor all foreign exchange bureau and unregistered agents, as well as any other institution, and are authorized to confiscate any US Dollar currency going out of the country without prior approval or adherence to the law. They have the full authority to investigate, seize as well as prosecute those found to be hoarding any foreign currency especially the US Dollars.
The release went further to state that all the commercial banks have facilities for the opening of foreign currency accounts and therefore, there will be no excuse for any institution, individual or group found with large cash amounts of any foreign currency especially the US Dollars, Euros, Pounds Sterling or the CFA Francs.
The Ministry of Finance, the Central Bank of the Gambia, The Gambia Revenue Authority, and the team of Enforcement Agents (Operation No Compromise) are hereby warned to apply these measures to the letter as the Office of the President would not allow greedy, unpatriotic and heartless people to hold the populace to ransom. Anyone found violating these directives or not playing by the rules of honest trading practices will be prosecuted under the Economic Crimes Law in addition to bring banned from doing any business in The Gambia.
Finally the general public is hereby informed that the trading of the US Dollar should be between the range of D30.00 to D33.00 to 1(One) US Dollar. The release from the Office of the President concludes.
Author: Daily Observer
Govt. imposes moratorium on dollar shipping
The Point: Published on Wednesday, June 26, 2013
The Government of The Gambia has announced that it has imposed a moratorium, with immediate effect, on the shipping of the US dollar out of the country, warning that drastic action will be taken against any individual, businesses or group found not playing by the rules.
A statement issued by the presidency late yesterday stated that it has come to the attention of the Office of the President that 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 prices of basic commodities and causing hardship to the people of The Gambia.
The presidency, according to the press release, informed the general public, particularly those involved in the foreign exchange bureaus, banks and mobile telephone operators that they are hereby warned that drastic action will be taken against any individual or body or corporate body found culpable of hoarding and speculating in foreign exchange.
It stated that it reserves the right to close any business, bureau de change, bank or any company that is bent on sabotaging the economy of the Gambia without any further notice, stressing that anybody found dealing with foreign currency like the CFA and is not registered to do so will face the full force of the law, in addition to forfeiting such to the state.................
Read more at: The Point Online |
A clear conscience fears no accusation - proverb from Sierra Leone |
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Momodou
Denmark
11511 Posts |
Posted - 01 Jul 2013 : 20:19:51
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Update on the Foreign Currency Market
Written by Mustapha Jallow
Foroyaa: Published on Monday, 01 July 2013
Following the press release from the office of the president announcing the fixing of the exchange rates of some major foreign currencies traded in the Gambia in a bid to curb the scarcity and escalating cost of these currencies, some registered foreign exchange (forex) bureaux were visited by this reporter over the weekend to find out how the market is responding to this new regulation. It is however discovered that most of these currencies are not easily available if you want to buy them.
The US Dollar which is reported as scarce is fixed by the state house release to be sold at D31 to the US Dollar and bought at D32. However, those who have it are selling at not less than D35 for the Dollar. As for the Franc CFA, which is equally reported as scarce, the 5000 francs is officially selling at D300 and D315, but it is found out that one cannot get it at less than D350.
The Euro, which is fixed between D40 and D41 for buying, is also reported as scarce. One cannot however get it at anything less than D45. Equally is the pound sterling which is fixed between D45 and D48 for buying. It is also reported that one cannot buy the pound at less than D55.
The key problem now is finding the foreign currency.
Source: Foroyaa |
A clear conscience fears no accusation - proverb from Sierra Leone |
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kaanibaa
United Kingdom
1169 Posts |
Posted - 02 Jul 2013 : 22:52:25
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I guess the CBG would print those currencies and sell them at the fixed rates. Here though erm I mean the rest of the civilized world we work our butts off to get those currencies and then send to our families. Such crude tactics to stiffle that exchange rate is beastly and will not succeed. How can a termite wrestle with an elephant, this the joke of the century.Gambia has the "weak" dalasi generated by its economic output , the weight of it I think depends on many factors and cannot be determined by presidential decree, even stupid me know that so what the hell is going on at the Central Bank Gambia eh.....wake up brothers and sisters at CBG , tell that dumb pransingdent to stop meddling in financial matters especially those that transcend national remits.If he wants to boost the dalasi he should allow freedom in many areas of trade and economic activity which includes political freedom. Oil rich Gambia is still a dream of dreamers , till that becomes a reality the tumbling weakling is here to stay haunting that midget of a president
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Momodou
Denmark
11511 Posts |
Posted - 15 Jul 2013 : 12:42:50
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Restrictions on the Dollar lifted
THe Daily Observer: Monday, July 15, 2013
A press release from the Office of the President has revealed that restrictions on the trading of the Dollar have been lifted. The move according to the release came following a review of recent developments in the domestic foreign exchange market. It added that the range for the dollar exchange rate that was prescribed is now repealed.
Below is the full text of the release:
Following a review of recent developments in the domestic foreign exchange market, the Office of the President informs the general public that restrictions on the trading of the Dollar have been lifted. The range for the dollar exchange rate that was prescribed is hereby repealed. Trading in the foreign exchange market is to be determined by market forces as par The Gambia’s commitment to a flexible exchange rate regime.
The Office of The President urges players in the foreign exchange and other markets to play by the rules and advises traders to eschew the practice of hoarding and undue speculation. While reiterating our commitment to free market policies, Government will ensure that players in the market conform to the rules and regulations that govern free markets.
Author: Daily Observer |
A clear conscience fears no accusation - proverb from Sierra Leone |
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sankalanka
270 Posts |
Posted - 15 Jul 2013 : 17:52:16
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When I was in the Gambia recently, I listened to a program on the radio hosted by people from the Central Bank of the Gambia. It was an economic forum, and they were talking about the depreciation of the dalasi, the scarcity of foreign exchange and other economic factors that affects the Gambian economy.
It looks like these economists have a through grasp of the dynamics of our economy, and seem to understand all the intricacies connected with the financial markets, the banking system and the interplay of the dalasi against other currencies in the financial markets. But in all their explanations and understanding, something just was not adding up.
What I find particularly interesting in the discussion was that the inflow of foreign exchange in the country is in excess of the outflow of foreign exchange. In essence there is a surplus of foreign exchange. And the outflow of foreign exchange, the foreign exchange that should be used to buy the goods and services in the economy, is not actually being used to buy such goods and services. They discovered that most of these foreign exchange outflows has nothing to do with buying goods and services for the economy. This was a very interesting revelation.
Despite the fact that there was a surplus of foreign exchange yet the Gambian dalasi continue to depreciate. What is causing the Gambian dalasi to depreciate continuously? They do not seem to find the answer. They may know the answer but were not stating it publicly.
It comes across that the people at the Central Bank are good economists and they know their jobs, and if there are no political interference, they can formulate good economic policies that can guide the economy and move away from all these unpredictability. They have a thorough understanding of what is going on with the Gambian economy. The economists who hosted this program were very good indeed. I could not recall their names. I just happen to find the discussion very interesting on the radio and listened in.
Whilst I was in the Gambia, I was a very keen observer. I observed everything. I went around asking for the prices of commodities, and within a short distance, I can observe the vagaries in the pricing system. For instance, a bag of cement was selling at 270 dalasi at one store, but another store not far from the first, it was selling at 275 dalasi. I understand in other locations it was selling for more than that. And you wouldn't even know what is influencing these pricing decisions.
I was also there when the presidential meet the farmers tour returned to Banjul. I had a good observer position along the Churchill's town route and observed everything. I was also there for the setsettal. I made three observations. One before the sesettal start. Two during the setsettal from 9am to 1pm. And three after the setsettal.
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Momodou
Denmark
11511 Posts |
Posted - 18 Jul 2013 : 19:40:46
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MILLIONS COULD BE LOST IN FIXING EXCHANGE RATES
Foroyaa Editorial: Published on Thursday, 18 July 2013
In October 2012, the Office of the President reacted to the depreciation of the dalasi by launching what it referred to as “operation no compromise on foreign currency hoarding and speculation” It accused speculators of hoarding the dollar to create an artificial shortage and currency depreciation.
It promised to take all necessary measures to ensure that the exchange rate of the dollar returns to 28 dalasi per dollar. We indicated that prior to the Press Release; the licensed dealers were purchasing the dollar at 34 dalasi per dollar and selling at 35 dalasi per dollar. We argued that a bureaux de change would earn one thousand dalasi if it buys1000 dollars at 34 dalasi per dollar and sells at 35 dalasi per dollar.
However, with the executive order to reduce the exchange rate to 28 dalasi per dollar, the bureaux which bought the 1000 dollars at 34 dalasi would automatically lose 6000 dalasi for selling it at 28 dalasi per dollar. This is how dangerous currency fixing is after the exchange rate has already been allowed to be determined by the market. It was no surprise that the Government had to issue another statement to revoke its fixed rate for the dollar and indicate its commitment to the flexible exchange rate that is market determined.
It was equally no surprise that Mr David Dunn of the International Monetary Fund did call on the Central Bank to continue to implement the flexible exchange rate policy. The IMF Mission criticised the executive directive by asserting in no uncertain terms that:
"The recent directive by the Office of the President on the exchange rate and shipments of U.S. dollar led to some disruptions in the foreign market and create uncertainty about the Gambia's exchange rate policy", and further welcomed what it termed as “the recent lifting of the restrictions imposed by the directive and the renewed commitment to a flexible market determined exchange rate policy.”
In short, the flexible and market determined exchange rate is what the government has agreed with the IMF. One would have thought that the Government would come to realise that there is a fundamental difference between a policy and a directive.
A policy cannot be changed on a daily basis while directives could be changed as and when one wishes. Under the rule of law, even directives cannot be changed overnight. The Government has agreed with the IMF to maintain a flexible exchange rate system by leaving the market to determine the exchange rates of foreign currencies against the dollar.
If it wants to fix rates, it must sit down with its partners and change the policy before issuing directives which leads to lack of confidence in the currency market and in fact give rise to hoarding because of fear of losing millions. The public should be surprised that after intervening again, the government did not hesitate to issue another notice on 14 July indicating that the exchange rate shall be determined by the market forcesand assuring the Gambia’s commitment to the flexible exchange regime.
This vicious cycle in policy directives is very disruptive of the foreign exchange market and mayhave a very unsettling effect on the economy that could hinder imports resulting in the scarcity of goods and price rises. The government should be decisive on the economic fundamentals it is going to retain rather than this see saw approach to policy making.
Source: Foroyaa |
A clear conscience fears no accusation - proverb from Sierra Leone |
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Momodou
Denmark
11511 Posts |
Posted - 29 Jul 2013 : 12:30:41
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Flip-flopping. I am no economist but know that The Gambia is not producing or exporting anything significant that makes the Dalasi to be stronger than other currencies at the moment.
These interferences will only hurt businesses and families that receive remittances from the Diaspora.
I thought a fortnight ago Government accepted "Trading in the foreign exchange market is to be determined by market forces as par The Gambia’s commitment to a flexible exchange rate regime."
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Gov’t raises concern over high foreign exchange rates
The Daily Observer: Monday, July 29, 2013
The Office of the President has expressed concern over the “unwarranted” hike in the exchange rate of The Gambian dalasi vis-à-vis other international currencies notably the US dollar.
A media release from the office of President says that the hike is often instigated by unscrupulous and unpatriotic individuals who are bent on sabotaging the economy.
Below is the remaining text of the release:
This state of affairs is unacceptable and as such the exchange rate of the US dollar is fixed at a maximum of 37 dalasis to the dollar with immediate effect. Henceforth any individual who wishes to ship foreign currency out of the country must do so through one of the numerous banks in the country. However, where it is absolutely necessary for an individual to carry cash out of the country such must not exceed US$10,000 (ten thousand dollars) and must be declared at the point of exit otherwise it would be cancelled.
Furthermore, individuals and business entities are hereby warned against hoarding of foreign currency as doing so is against the law. The state has knowledge of those involved in the hoarding of the foreign currency and such persons will be pursued and prosecuted. Operation swat will be reinforced to crack down on illegal / parallel market dealers in foreign currency. The release ends.
Author: Daily Observer
Govt. fixes dollar exchange rate at D37
The Point: Monday, July 29, 2013
In its latest move on the much-talked about foreign exchange issue, the presidency has announced that the exchange rate of the US dollar is with immediate effect fixed at a maximum of 37 dalasi.
In a statement issued late on Saturday, the Office of the President expressed concern over what it called the unwarranted hike in the exchange rate of The Gambian dalasi vis-à-vis other international currencies, notably the US dollar....
Read Full Story |
A clear conscience fears no accusation - proverb from Sierra Leone |
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toubab1020
12237 Posts |
Posted - 29 Jul 2013 : 16:13:27
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| Ah...........Yes.......... it's all about money again ! |
"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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Momodou
Denmark
11511 Posts |
Posted - 31 Jul 2013 : 08:57:35
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FOREX BUREAU EMPLOYEES ARRESTED AND DETAINED
By Madiba Singhateh
Foroyaa: Published on Tuesday, 30 July 2013
Foroyaa receives information that some employees of Foreign Exchange (Forex) bureaux within the Kanifing Municipality were picked up in the evening of Saturday,27 July and taken to the NDEA office at the former Holgam compound in Kanifing South. Visiting the place at around 22.30 hours (10.30 pm), this reporter found the place overcrowded with people and vehicles, as anxious business people and relatives came to find out why their employees or loved ones were arrested. Some of the relatives of those arrested claimed that they have been released after providingsurety in signing a bail bond of D300,000.
Those unable to provide surety remained in detention. Some claimed that their relatives were only employees and not the proprietors of these forex bureaux and that they were picked up at the bureaux around 17.00 hours (5pm). It was also disclosed that one of those held at the NDEA office is a lactating mother whose child was brought to her by the family members at around 21.00 hours (9pm) for breastfeeding. Some of the forex bureaux proprietors even expressed surprise as to why their employees were being arrested.
Talking to Mr. Alieu Ceesay, he said two of his staff, Lamin Samateh and Lamin Ceesay, were being held there. He said since their arrival there around 6pm, he was unable to see them and trying to access the two through their cell phones proved futile. He said he did not know why they were arrested, but added that as foreign exchange dealers they are fully abiding by the orders issued by the Central Bank regarding the exchange rates.
“We are not responsible for the depreciation of the Dalasi as we are small operators in the economy,” he said.
Talking to this reporter, the president of the association of forex bureaux in the country, Mr. Momodou Cham, expressed surprise that the forex bureaux are being closed down. On how many have been closed so far and the reasons; he said he doesn’t exactly know the figure, but that many are being closed down and that the reason advanced is that they do not have the original letter from the Central Bank.
However, before leaving the scene around 1.00 am (Sunday), many people came and signed the bail bond of D300,000 to secure the release of their staff or loved one.
Those released on bail were asked to report at the NDEA on the following day.
As we go to press, reports are coming that many of those who were released and asked to report the following day are now being held. Investigation continues until the truth is known and reported.
Source: Foroyaa |
A clear conscience fears no accusation - proverb from Sierra Leone |
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