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The Association of Licensed Forex Bureaus (ALFOB) recently announced the closure of business for all forex bureaus across the country due to continuous losses caused by The Central Bank of The Gambia (CBG) reference rate. An official statement issued by ALOFB stated that bureaus cannot sustain the current losses on their operations due to implementing the CBG reference rate.
The Association of Licensed Forex Bureaus (ALFOB) recently announced the closure of business for all forex bureaus across the country due to continuous losses caused by The Central Bank of The Gambia (CBG) reference rate. An official statement issued by ALOFB stated that bureaus cannot sustain the current losses on their operations due to implementing the CBG reference rate.
ALFOB further mentioned that they have communicated to all forex bureaus to inform their partner Money Transfer Operations (MTOs) to streamline the CBG reference rates to generate some margins. Unfortunately, the association said that the high payout rates still persist. Bureau heads stated that the situation continues to create ‘unabated and unsustainable’ losses for bureaus.
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ALFOB stated that they are aware of some bureaus that have already stopped paying out to customers of certain MTOs due to the dilemma. It is against this backdrop that forex bureaus have unanimously agreed to cease operations to the public with effect from Wednesday, May 3, 2023, until further notice.
According to ALFOB, the decision is taken in absolute good faith to avert the collapse of bureau operations, hoping the situation will be addressed soonest.
