Central Bank Lift Embargo on the Shipment/Withdrawal of Foreign Currency

The Central Bank of The Gambia Building in Banjul

The Country’s reserve Bank has decided to rescind the recent restrictions on Foreign currency deposits and shipment of foreign currency.

“The objective of the Directives was to regularize the conduct of foreign currency transactions and to prevent the unethical behavior of some market participants,” the Central Bank said in a press statement on Wednesday.

In May, The Gambia’s Central Bank wrote to all commercial Banks and financial institutions in the Country to suspend payments of withdrawals in foreign currency and limit transactions to the local dalasi currency.

“Any bank found to have permitted the withdrawal of cash in a foreign currency will be duly penalized as prescribed by the Central Bank,” a letter sent to all banks and seen by Alkamba Times in May 2022 stated.

Lifting the embargo on Wednesday, the Central Bank said:

” Customers can now deposit and withdraw from their FCD accounts in foreign currencies; the Dalasi remains the Country’s legal tender transactions should be quoted in Dalasi, and that normal shipment of currency resumes with immediate effect subject to the usual clearance process.

” The Bank would also like to assure the public of its resolve to ensure smooth functioning of the foreign exchange market and safeguard the stability of the exchange rate of the Dalasi. The CBG wishes to seize this opportunity to advise all banks and licensed dealers in foreign exchange to strictly abide by foreign exchange regulations and guidelines.”


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