Friday, June 2

Forex Bureaus to shutdown on Wednesday

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The Association of Licensed Forex Bureau (ALFOB) has declared that due to the Central Bank of The Gambia’s new rates, Forex Bureaus in The Gambia will be closed effective from Wednesday, May 3rd, 2023.

A statement made available stated that following an agreement of all Forex Bureaus held on Thursday, April 27th, 2023, it was agreed that bureaus are unable to sustain the current losses on their operations due to the implementation of the CBG reference data.

The statement further stated that ALFOB has written a letter to all in a bid to inform their partner Money Transfer Operators (MTOs) to streamline the CBG references rates so as to generate some margins but unfortunately the high payouts still persist adding  that  the situation continues to create losses for bureaus unabated and unsustainable. 

“We are aware of some bureaus that have already stopped paying out to customers of certain MTOs due to this dilemma. It is against this backdrop therefore that forex bureaus have unanimously agreed to cease operations to the general public with effect from Wednesday, May 3rd, 2023 until further notice,” the Association announced in a press release. The Association further stated that there would be a press release on Tuesday, May 2nd, 2023 to this effect in order to alert the general public so that they could use alternative channels to receive their money transfers. 

“The decision is taken in absolute good faith in order to avert the collapse of bureau operations, hoping that the situation will be released soonest,” the statement said.