Western Union closes shop in Gambia after new exchange rates set


Scores of Western Union Money Transfer shops have been closed in Banjul after Gambian government fix its own exchange rates for the local currency.

Western Union is one of the main money transfer companies in the area ? ?
Western Union is one of the main money transfer companies in the area

One of the Western Union owners who prefer name not to be mentioned told Xinhua on Friday the company is closing outlets both in the capital and up country, “because we are losing due to the new exchange rates fixed by the Gambian president Yahya Jmameh. ”
“We lost a lot and we will continue to lose if we continue in this kind of difficult business environment.”
Ebrimahima Jallow, a Western Union owner said the new exchange rates have affected their business. “I am temporary closed for business until further notice,” Jallow told Xinhua.
In May the office of the Gambian president has intervened to regularize the weak local currency dalasis. “No bank or individual should exchange one U.S. dollar for more than 45 dalasis,” according to the office.
The new trading rate for the dollar is put between 35 dalasis to 45 dalasis. Rates for other foreign currencies will be announced soon. In the same vein, no one is allowed to take out of the Gambia any amount more than 10,000 dollars, pounds or euros without approval from the Office of the President.
The Office of the President has forcefully “appreciated” the dalasis against major world currencies with 1 dollar now pegged at 34 dalasis from 54 dalasis. Enditem

Source: Xinhua

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