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Mr. Jallow is working with Key Points The country’s foreign exchange situation improved on Wednesday.
Jallow said the government should prioritize issues that affect the daily lives of Gambians rather than focusing on the draft constitution. “The exchange rate is not controlled and there is no legal oversight process,” he said.
He stressed that exchange rate fluctuations are a factor driving the prices of basic commodities across the country.
“It is not some hidden fact; every Gambian and even non-Gambians know that most of the exchange rate dealers are operating illegally and are illegally increasing the exchange rate without any authorization which is almost a fraud,” he claimed.
Furthermore, Jallow pointed out that Western Union has numerous branches and does not provide adequate services to Gambians and non-Gambians.
He claimed that Gambians currently use banks such as Wave, Western Union, Ria or MoneyGram but are not properly monitored and regulated, which gives them the freedom to exploit customers at will.
He called on the Barrow government to take immediate action to strengthen monitoring and supervision of foreign exchange bureaux to protect consumer rights and ensure fair competition in business.
He advocated for better reporting mechanisms to provide accurate information on exchange rates and services.
Jallow believes that by effectively addressing these issues, the government can stabilize the market, restore public confidence, and promote a healthier economy.
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