Update on Money Transfer Services

By Sailu Bah

Operators of Forex Bureaus revealed that they have resumed paying western union Currency Export at USD 10,000money transfers four days ago after suspending the transaction for some weeks following the imposition of fixed rates for foreign currencies by the state.

This development, according to the operators, has affected their businesses since the western union is one of the most widely transacted money transfer service in the country.

Speaking to an operator in Banjul, he confirmed that the foreign exchange rates are not stable and fluctuates by the day. This, he said, is what is affecting business.

“The problem is that one cannot buy the dollar at a high rate and then sells it at a lower rate. This is how our businesses are being affected by the fixed rates introduced by the government,” he explained.

Another Forex Bureau operator at Westfield expressed similar views, adding that the exchange rates as at now are as follows: the US dollar is buying at D35 and selling at D40, Pounds  is buying at D55 and selling at D60 and the Euro is buying at D44 and selling at D50.