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Momodou
Denmark
11524 Posts |
 Posted - 21 Jun 2013 : 18:13:26
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Central Bank suspends three major money transfer services
The Point: Published on Friday, June 21, 2013
”The Central Bank of The Gambia has suspended money transfer services from three major Money Transfer Operators namely, Ria, Money Express and Wari from operating in the country’s foreign exchange market.
In a statement issued late on Wednesday, the Central Bank said the suspension will take effect from today Friday 21st June 2013 until further notice.
‘Consequently, all Authorized Dealers and the General Public are advised that with effect from Friday, June 21, 2013, any foreign exchange transactions, including sale and purchases through these MTOs as well as transfer of funds through them and/or on their behalf is illegal,’ the statement said.
The Central Bank of The Gambia also said it has observed that the transactions market for foreign exchange remains broadly consistent with economic fundamentals.
The Bank, however, noted that the speculative activity by market operators in the domestic foreign exchange market continues to exert pressures on exchange rates, resulting in continuing depreciation of the Gambian Dalasi.
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