There is a complete and total silence from the Central Bank of Gambia and the Ministry of Finance on the stipulated exchange rate of foreign currency rate to Dalasi in the Gambia today. No one is saying anything on the right rate to exchange the Dollar or Pounds with. The broad daylight robbery and cheating of foreign currency traders and Gambians in Diaspora was issued in a pathetic ‘Executive directives’.
The Gambian President is so desperate, he is resorting to tampering with the market rates of Dalasis to foreign currency rates, whilst unable to control inflation. The country is slowly falling into hyperinflation, in which the scenarios witness in Ghana, Nigeria, Zimbabwe etc where people count local currency in thousands rather than double units is fast approaching. A loaf of bread will soon cost D100, whilst a bag of rice will fall into D5000 or more.
Banks in the country are clueless and afraid to buy or sell any foreign currency today. Money transfer traders are equally unwilling to buy or transfer any money. The real risk takers among the foreign currency bureaus are the only ones brave enough to accept any money transfers. They are operating on guess work. The Pound exchange today at £1 to D50 falling from £1 to D80.10. Whilst the Dollar fell from $1 to D55 to $1 to D35.
This interference on global foreign currency market affects Gambians all over the world. The amount of money Gambians need to remit for small transactions will immediately increase, since the prices of commodities will be unaffected by the rapid and sudden executive manipulations. This is all the more reason, the business community needs to lend a hand to opposition and activist in ending the wanton dictatorship.
Below is the rates on CBG website: http://www.cbg.gm/index.html
OFFICIAL INTERBANK RATES FOR TRADING PURPOSES
Rates as of 04th May, 2015
However, the rates by which foreign currency traders go by is blank on the Central Bank Gambia website.