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Foreign Exchange Bureaus’ Sales Volumes and Dealing Rates Reach Record Highs by 9am on Succeeding Working Day
Banjul, The Gambia
The Gambian Central Bank has released the latest figures on foreign exchange sales volumes and dealing rates by foreign exchange bureaus in the country. According to the report, the total sales volume of foreign currency by bureaus stood at DXX million by 9am on the succeeding working day, marking a significant increase from last week’s figure.
Record-Breaking Sales Volumes
- Total sales volume of foreign currency: DXX million
- Significant increase from last week’s figure
Net Inflows from Bureaux to Banking System
The Bank also disclosed that the net inflows from the bureaux to the banking system reached DYY million during the same period. This is a substantial improvement from previous weeks, indicating a surge in foreign exchange transactions.
New Regulations for Foreign Exchange Bureaus
In a related development, the Central Bank has issued new regulations governing the operations of foreign exchange bureaus in the country. The regulations, which come into effect immediately, aim to promote transparency and accountability in the foreign exchange market.
Key Requirements
- Each bureau is required to maintain separate records of its transactions with commercial banks
- Bureaus must submit daily and monthly returns of their business performance to the Bank
- Failure to comply may attract fines and even revocation of license
Prohibited Activities
The regulations also prohibit bureaus from engaging in unauthorized banking activities such as: + Opening accounts for customers + Establishing Letter of Credit facilities
Anti-Money Laundering Measures
In addition, the Central Bank has emphasized the importance of anti-money laundering measures and has called on all bureaus to implement necessary controls to prevent money laundering and terrorist financing.
Accessing the Regulations
The full text of the new regulations can be accessed on the Central Bank’s website.
Disclaimer
The Central Bank is not responsible for any errors or omissions in this report. The figures may be subject to revision upon further verification.