Bank Customers To Pay 15% Tax On All Foreign Currency Transactions

gambia1Commercial banks have received a circular from the Central Bank of The Gambia informing them that, effective immediately, they must collect a 15% tax on the value of each foreign currency transaction. Amounts collected must be paid directly to the Central Bank.

Beneficiaries of diaspora remittances will see a 15% reduction in the amounts they receive which will go to financing the reelection campaign of Yaya Jammeh. This transaction tax adds to the cost of remitting money to the Gambia and to the cost of doing business in The Gambia, in general,

This decision signals the start of Jammeh’s election campaign. The revenue generated will go to finance Jammeh’s re-election campaign.

The use of public funds to finance his election campaign is consistent with this year’s Human Rights Watch’s report on The Gambia that cites this issue as one of the problems that must be addressed before the 1st December presidential elections. If the problem persists, HRW recommends that sanctions be applied by Gambian’s development partners.

Another development that has just occured and which is pertinent to the upcoming elections is that our sources are reporting that a large consignment of new bank notes has just arrived and has been escorted by Central Bank officials. Concurrent with the arrival of the consignment was the instruction to all APRC National Assemble members that they should all report to their respective constituencies to wait for further instructions. The reason for this move is unclear at this moment.

After putting himself out of circulation for nearly 4 months, Jammeh emerged from a self-imposed exile to announce, for the umpteenth time, that his government is finally going to commence building the Laminkoto – Passimas road project. He announced the downgrading of the project from a basalt to a laterite road for the lame reason that Senegal could close the border again thus delaying the project because the basalt is available only in neighboring Senegal – a veiled reference to the three-month border closure early this year.

The Laminkoto road project has been promised the people of Wuli on the far northeastern region of the least accessible parts of the country since 1980 during the administration of Sir Dawda Jawara – a promise revived on numerous occasions and only during election time by Jammeh.

Although he preemptively denied that the project was an electioneering gimmick designed to get voters in the Wuli-Sandu area to vote for him, that did not prevent him from offloading his venom on the opposition. For all intents and purposes and as far as Yaya Jammeh is concerned, the election season has started, the opposition must, therefore, take note.

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  1. This is another ill-thought move by Jammeh and his bunch of incompetent nepotist . He recently increased the deposit Money Remitters have to deposit with the central bank from 1M to 3M dalasi, this cost is now transferred onto the people in the diaspora and the thousands of families that depend on remittances to make ends meet.

    It already cost 10% on average to transfer money to Gambia. Increasing the cost of transferring money by another 15% will only encourage people to use unsafe black markets and the Senegalese border post. This will be especially true for larger transfers.

    Black markets will reduce his tax base and force people to the informal economy – making the country loose tax and money paid to social security – his primary cash cows.

    Policies like this is what happen when you force all competent people to abandon ship or keep quiet for self preservation.

  2. This MURDEROUS kanilai DEVIL isn’t done yet with us IF Gambians relent on our NOBLE collective efforts just for a flinch to get rid of by ALL MEANS & ANYWAYS NECESSARY…

    The IDOLATROUS kanilai KILLER DEVIL & enabler cohorts & MERCENARIES both in the aprc militia services, nia & so-called security apparatus, army, police, immigration, junglers as well as in the 419-judiciary are all revelling in the shock of the solidifying Unified Front on mission to salvage reclaim the motherland at ALL costs come December & beyond….

    WHATEVER happens, the Gambia has rise up & NOT LOOKING BACK against perpetual DESPICABLE humanity crimes being perpetuated both within the country & outside under the orders of the MURDEROUS kanilai KILLER DEVIL since July 1994 & continuous…

    The Unified Coalition Front knows collectively we are more numerically both in persons & strength far than this SADISTIC KILLER TYRANT & ALL ENABLERS COMBINED; let the Coalition form the Regional Committees to get down to their various areas in the country to campaign & sensitize the communities for the REST OF TIME LEFT To THE VERY LAST MINUTES TO THE CASTING OF VOTES ON THE VERY ELECTION Day…

    Whatsoever happens come December the Gambia & HUMANITY at large will be the only winners INSHA ALLAH…

    Long live the Gambia…

  3. This is disturbing news from The Gambia , I was reliably informed that two kids were kidnapped at Bundung borehole and third child has escaped. There was another report of three kids been kidnapped at latrikunda Piccadilly . Please kaironews educate your listeners in local languages about this horrible and evil practice jammeh has been doing in The Gambia . We must dedicate our time and resources to expose this despicable act and bring those responsible to justice .

  4. Jammeh offer of the day is terrorize Gambia citisens that includes looting , turtore, poltical disappears, killings and jailings for poltical oponents. Jammeh is rayer kind among his tribes people in the Gambia, who are generaly they know for honestly and humblness and hard working and peceful people.
    Yahya Jammeh is looting Gambia peoples abroad money is hes plan is tru. grudgefol people always after people things. Jelos people cannot do good job because they like distory everybody befour the feil good. they like peoples to be begas and the can com to you evirday beg somethings from you. they like distory your lifes and propaties.

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