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Gambia Currency Drops Most in World as Nation Pegs Dalasi

Aug. 14 (Bloomberg) -- Gambia’s currency depreciated the most against the dollar in the world after the West African nation reinstated restrictions on foreign-exchange trading and pegged the value of the dalasi.

The exchange rate of the country that’s bordered on three sides by Senegal was set at 35 dalasi per dollar, President Yahya Jammeh’s office said in a statement dated yesterday. The government canceled trading licenses issued to foreign-exchange bureaus by the Central Bank of Gambia and placed a prohibition on exports of foreign currency to stabilize the dalasi.

“Shipments of foreign currency have to be done through banks and with the approval of the Central Bank of The Gambia,” according to the statement. Individuals leaving the country are restricted to taking $9,000 in foreign currency, with security forces instructed to confiscate anything above that amount.

The dalasi dropped 6.6 percent to 34.75 per dollar by 2:21 p.m. in Banjul, the capital, the worst among 175 currencies tracked by Bloomberg. It’s depreciated 5.5 percent since July 15, when the government lifted earlier restrictions on foreign-currency trading and said it would allow the exchange rate to be determined by the market.

To contact the reporter on this story: Suwaibou Touray in Banjul via Johannesburg at ebowers1@bloomberg.net

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net

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