Update on Foreign Exchange

By Sailu Bah

This reporter confirmed that foreign exchange bureaus have now started using the Currency Export at USD 10,000Western Union facility for currency conversion, but many operators and clients say they do so reluctantly due to the low exchange rates.

One Foreign exchange bureau operator, on Monday 11 May 2015, said they have now started using the western union facility with the new rate, but that business has gone down.

He expressed the hope that they will soon return to normalcy, adding that clients often complain about the losses they incur due to the lowering of the exchange rate.

“We have now started using the western union facility for our clients, but we are yet to return to normalcy” he asserted.

Another operator also expressed similar concerns, and added that, the inconsistency of the exchange rate will affect their business. He explained that many people will buy a lot of foreign currency and keep it just to realise that it has gone down. This he said is not good for business at all. He urged the government to be consistent in the way it handles exchange rates to avoid losses in the business sector.

Foroyaa has not yet succeeded in getting the views of the Central Bank but would continue in its effort to get their views.