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In June, The Gambia suspends Ria Financial Services and two other money transfer operators, as national currency continues to weaken. (Photo Credit: All In London) |
The Gambia’s
Central Bank (CBG) on Wednesday announced it is ending the suspension of the
money transfer operator, Ria Financial Services.
Ria and two
other money transfer operators [Money Express, and W@ri] were suspended in June
- as the national currency, the Dalasi, continues to weaken against major
foreign currencies and rising foreign exchange rates.
A CBG statement
said the three financial bureaus are no longer allowed “to operate in the
country’s foreign exchange market from June 21, 2013 until further notice”.
The Gambia’s
financial market regulator labeled as “illegal” any foreign exchange
transactions including sale and purchases through these money transfer
operators (MTOs).
On October 23, the
CBG said: “All commercial banks, finance companies, as well as licensed foreign
exchange bureaux may now conduct money transfer operations or establish a
business relationship with RIA Financial Services.”
But it keeps
mute over the fate of Money Express, and W@ri. For the past year, the Dalasi
continues to loss value against the US Dollar, the British Pound and the Euro.
“As recent as
May 2013, it depreciated against the British Pound by 12.62 per cent, the US
dollar by 11.87 per cent and the Euro by 12 per cent,” according to the
economic think tank, the International Monetary Fund [IMF].
IMF’s Mission
Chief to The Gambia, David Dunn, said although inflation has picked up during
2013, it is projected to stabilize at around 5 per cent a year by 2014.
Written by Modou S. Joof
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