Central Bank’s 15% Tax Story Is Faulty

gambia1One writer has reacted to an article reproduced on Kairo News. The said article – culled from www.sidisannehblogspot.com – explained that the Central Bank of the Gambia has imposed 15% tax on all foreign currency transactions.

In a reaction published below, the author who goes by the name JC, thought the article is misleading. Read the reaction below:

On 31st October, the Central Bank of The Gambia issued 3 separate circulars addressing foreign currency transactions in 3 main areas:- Foreign Currency Shipment, Sale of Foreign Currency to the Central Bank and maintaining Orderliness and Transparency in the Domestic Foreign Exchange Market.

It is not true that the Central Bank has levied a 15% tax on all foreign currency transactions. On the contrary, the Central Bank, via one of the circulars, issued directives requesting commercial banks to sell 15% of their weekly foreign currency purchases to the Central Bank, mainly to enable the latter build its General International Reserves which are running dangerously low, covering just about 2 months of Import Cover. The circular, in no way imposed any TAX on foreign currency transactions. An attempt to impose tax (as high as 15%) on foreign currency transactions would be counter-productive and one does not need to be an economist to know that.




  1. I thank the author for the clarification. I was extremely worried about this issue as it will have very negative impact on the money how families will receive if this tax is levied on currency transactions.

  2. The supposed clarification from “JC” on the 15% tax on foreign remittance is welcomed. But for me, more worrying is the fact that on such an important economic policy matter, with potentially destabilizing consequences, the central bank itself could not come up with a clear unequivocal statement to allay public worry.
    That it has to be some anonymous post online is not satisfactory, and has not settled anything about the public’s worry.

  3. Deyda Haidara

    Sidi Sanneh should be very careful, now a days he is publishing a lot of wrong and false informations on his blogpost.
    Continuing to do so will erode his credibility that he painfuly built over the years only to cloud it with verifiable misinformations.
    For the records Sidi Sanneh reported in his blog that Yaya Jammeh sent a delegation comprising VP Njie Saidy, KMC Mayor Koli, NIA Director Bajie and Fatu Lamin Faye to Mama Kandeh of GDC to strike a deal. This is totally false and malicious. In as much as he hates Mama Kandeh, he should not concoct lies on the man, it is very UNGODLY.
    Sidi Sanneh should report the truth and nothing but the truth if he wants to maintain his dignity into the 3rd republic.

    • That’s journalism. It’s not all they write should be expected true, especially if we have the means and option of verifying news or claims in the social networks.
      ‘Sidi Sanneh should be very careful’ is like a threat……..

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