By Amadou Jadama
National Convention Party leader Abubacarr Kinteh has urged government to impose stiffer conditions and regulate foreign exchange bureaux to bring down the high cost of living in the country.
“The foreign exchange rates in the country today are skyrocketing all the time in The Gambia because of too many foreign exchange bureaux that are operating in the country. The Central Bank of The Gambia and the Ministry of Finance should regulate this as soon as possible,” Mr Kinteh told The Standard Tuesday.
“I want the government to control them. You see one person with one registration certificate, photocopying it and giving it out to up to 20 outlets under the same name. I am not saying ban forex bureaux, I am saying look at them properly because they are killing our economy,” he charged.
According to the NCP leader, the proliferation of forex bureaux on every street puts artificial stress on demand for foreign exchange which the commercial banks could not meet. He explained that the artificial demand leads to high exchange rates and since the country imports most of the basic needs, prices rise leading to the high living costs.
Mr Kinteh added: “I am encouraging Gambian entrepreneurs to stand for this country. Unlike foreigners, they will have empathy for their fellow Gambians. Most of the people operating these bureaux are non-Gambians and their primary interest is to maximise profits for themselves no matter how badly it will affect the people and the economy at large. Our economy is too fragile and we cannot afford to have foreigners dictate and control exchange rates and bureaux as they see fit,” he added.
