Central Bank of The Gambia

The Central Bank of The Gambia (CBG) has backpedalled the decision that led to acute foreign exchange scarcity in the country in recent months.

The CBG announced on Wednesday that customers can now deposit and withdraw from their FCD accounts in the approved currencies.

It would be recalled that the country’s monetary policy-crafting institution recently placed restrictions on FCDs and shipment of foreign exchange.

CBG said “the objective of the Directives was to regularize conduct of foreign currency transactions and to prevent unethical behaviour of some market participants”.

Instead, the move caused widespread foreign exchange scarcity in the country.

The apex bank has now caved in to public criticism of its decision and said on Wednesday that customers are now at liberty to deposit into and withdraw from their FCD accounts in the appropriate currencies.

The bank also announced the immediate resumption of normal currency shipment “subject to the usual clearance process”.