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Momodou
Denmark
11604 Posts |
 Posted - 02 Sep 2013 : 18:18:34
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Some Forex Bureaux Still Closed Operators Await Central Bank Explanation
By Alhagie F.S Sora
Foroyaa: Published on Monday, 02 September 2013
Following the announcement of the commencement of the re-licensing of the foreign exchange bureaux by the Central Bank of The Gambia (CBG) on the 21 August 2013 after an earlier revocation of their licenses by the Office of the President, many forex bureaux in the Kanifing Municipality are still not open for business as they are yet to be issued with the license to operate.
According to the said press release from the Central Bank, a first batch of 19 forex bureaux out of 49 had been issued with licences to conduct business. This was also accompanied by a press release from The Association of Licensed Forex Bureaux (ALFOB) thanking the CBG, the nation’s monetary regulatory authority, for accelerating the licensing process and further urging its members to exercise patience and full cooperation.
Since then, the process has been deemed as slow by some proprietors of forex bureaux who are yet to be authorized to commence operations. They are expressing concern as to why they are still not issued with license after they have already satisfied the condition of being legal financial operators.
When the Director of the Foreign Exchange Department at the Central Bank was approached to shed light on the concerns expressed by the operators regarding the slowness of the process, Mr. Omar Jatta directed the reporter to the Governor as the appropriate authority. However, after two days of making frantic efforts to talk to the Governor, this reporter has not succeeded.
Foroyaa will continue with the efforts to get the Governor’s version to share with readers.
Source: Foroyaa
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