Prosper Ngendanganya, Director of Supervision, Financial Stability and Inclusion at Burundi Central Bank –BRB says the decision has been taken to supervise all movement of foreign currency exchange in Burundi.
Prosper Ngendanganya: “No need to receive instant transfers in foreign currencies while all residents in the country are only allowed to use BIF in all operations”
“All foreign instant transfers including operations done through Western union and MoneyGram will be operated in Burundian francs,” he says adding that only commercial banks are allowed to exchange foreign currencies.
He also says there is no need to receive instant transfers in foreign currencies while all residents throughout the country are only allowed to use BIF in all operations.
Mr. Ngendanganya says, however, that individuals with bank accounts in foreign currencies will continue to withdraw and deposit their money in foreign currencies.
The decision follows the measures imposed by the central bank suspending all foreign currency offices, he adds.
On 10 February, Jean Ciza, Governor of Burundi Central Bank said foreign currency exchange offices didn’t respect the rules set for foreign exchange rate. He said the foreign currency dealers bought dollars but rarely supplied them to the clients.
Concerning people who do trans-border businesses, Mr. Ngendanganya says the central bank will soon establish appropriate measures to facilitate those traders and travelers. “Importers should also receive foreign currencies as usual,” he says.
On 17 March, a USD was bought at BIF 1881, 08 and sold at BIF 1911, 4 while a Euro was bought at BIF 2101, 5 and sold at BIF 2135 according to the official exchange rate.
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