The Association of Licensed Forex Bureaus in The Gambia has, in a letter sent to the Governor of the Central Bank of the Gambia on April 27, 2023, announced that they would cease operations following the implementation of the bank’s reference rate.
The association’s dispatch to CBG, seen by this medium, informed the central bank Governor, saying this implementation has increased high payout rates and continues to create losses for the bureau unabated and unsustainable.
“Following an emergency meeting of all forex bureaus held on Thursday, April 27, 2023, it was agreed that bureaus are unable to sustain the current losses on their operations due to implementing the CBG reference rate,” the letter informed.
“It is against this backdrop that forex bureaus have unanimously agreed to cease operations to the public with effect from Wednesday, May 3, 2023, until further notice,” they added.
The association has also informed the Central Bank of alerts made to the public to look for alternative channels to receive their money transfers before the issue is addressed.
They added, “This decision is taken in absolute good faith to avert the collapse of bureau operations, hoping that the situation will be addressed soonest.”
