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toubab1020
12306 Posts |
 Posted - 20 Jun 2010 : 10:54:32
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THis from the D.O. must be quite serious if this newspaper is issuing warnings about this;
http://observer.gm/africa/gambia/article/following-the-artificial-shortage-of-foreign-exchange-govt-issues-stern-warning
Following the artificial shortage of foreign exchange Gov't issues stern warning
Africa » Gambia
Friday, June 18, 2010
Government has issued a stern warning to speculators and unscrupulous businesses creating an artificial shortage of foreign currency, especially the United States Dollar thereby causing its unprecedented appreciation against the Gambian Dalasi.
A press release from the Office of the President stated that all those involved in the act, including foreign exchange bureaus, banks and mobile telephone operators are hereby warned that very drastic action will be taken against any individual or corporate body found culpable of hoarding and speculating on foreign exchange.
Reproduced below is the full text of the release.
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.
The office of the President wishes to inform the general public, particularly those involved in the foreign exchange business, that this criminal trend is unacceptable and unjustifiable, as it makes no economic sense. Those involved including the Bureau de Change or Foreign Exchange Bureaus, banks and Mobile Telephone Operators are hereby warned that very drastic action will be taken against any individual, or body corporate found culpable of hoarding and speculating of 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. As a first step to curb this nefarious activity or negative trend, a moratorium has been imposed with immediate effect on all shipping of the US Dollar out of the country with possible exception for essential importation, which must obtain prior clearance from the Office of the President.
In the same vein, a team of enforcement agents have been directed to investigate, monitor all Foreign Exchange Bureaus 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.
They have the authority to investigate, seize as well as prosecute those found to be hoarding US Dollars. All the Commercial Banks have facilities for the opening of foreign currency accounts and therefore, there will be no excuse of any institution found with large amounts of US Dollar cash.
Author: Daily Observer
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"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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