Prolonged overvalued exchange rate would damage Gambia’s international competitiveness - IMF warns

The warning came at the back of several Gambia Government directives that downgraded foreign currency exchange rates, impose a moratorium on the shipment of the dollar, suspension of money operators, seizure of financial bureau licences, and arrests and detention of forex bureau staff – amid a continuous decline in value of the local currency, the Dalasi. (Photo Credit: Bloomberg)

The Gambia: IMF suggests further tax reforms to strengthen revenues

Also, IMF Board claims The Gambia made significant progress in the fight against poverty prior to the drought, however, it admitted that poverty is still widespread (Photo credit: Wikipedia)

CBG must play role on exchange rate policy

In October 2012, President Yahya Jammeh forced exchange rate down in a directive against "hoarding" but the IMF did not recognise such mandate as the Central Bank of The Gambia is responsible of regulating the financial market (Photo credit: Wikipedia)

For full confidence to return to the financial market of The Gambia, the Central Bank of The Gambia (CBG), which is responsible for exchange rate policy, must continues to implement this policy framework, according to the IMF.

An International Monetary Fund (IMF) mission to the country led by Mr. David Dunn revealed that the recent directive by the Office of President Yahya Jammeh on the exchange rate and shipments of U.S. dollars led to some “disruptions” in the foreign exchange market and created “uncertainty” about The Gambia’s exchange rate policy.