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Friday, May 24, 2024
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Forex bureaus called off plans to close

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By Lamin Cham

The Association of Licensed Forex Bureaus (ALFOB) has announced that the proposed closure of bureaus operations which was scheduled to take place tomorrow Wednesday has been called off.

A short statement from the association assured the public that all bureaus will be opened and fully operational for money transfer services and foreign exchange requirements.  It gave no further details.

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Last week, the association issued a press statement saying that bureaus can no longer sustain the current losses on their operations due to the implementation of the Central Bank of The Gambia’s reference rate and have unanimously agreed to cease operations to the public from Wednesday until further notice. It is not clear what led to the change of plans.

“What we can say for now is that the planned closure has been called off and bureaus will operate normally,” a member of the association told The Standard.

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