Illegal foreign exchange dealers arrested in Bujumbura city

In the morning of this September 27th, some foreign exchange dealers without bureaus have been arrested by the police after others were arrested a day before in the city center of Bujumbura.

A place of illegal foreign exchange dealers is almost deserted after some have been arrested

The junction of Prince Louis Rwagasore roadway and Amitié Street, near Ndamama House in the city center of Bujumbura is one of the places where many foreign exchange dealers without bureaus stand waiting for clients.

At 11 a.m. on September 27th, the place was almost deserted. Many of those foreign exchange dealers were working in other hidden places for fear of being arrested by the police. They report that the police have arrested some of their colleagues in the morning and that the arrests go on.

“Since the morning, the police have been arresting people,” says one foreign exchange dealer in his hiding place.

The police accuse us of violating regulations of Burundi Central Bank-BRB by conducting illegal transactions outside authorized foreign exchange bureaus, he adds.

He says it is ‘impossible’ to exchange foreign currencies at the rate of the national bank as the economic situation is ‘critical’.

For him, many of the arrested people are new in the activity of foreign exchange and ‘do not know how to avoid policemen’.

He adds that they exchange $1 for BIF 3000 whereas the rate of the central bank is BIF 1878 for $1.

The foreign exchange dealer says he works illegally since he does not have a bureau authorized by BRB. “Even those working legally are sometimes arrested due to illegal transactions,” he says.

Many of those foreign exchange dealers say they continue to work clandestinely. “Clients call me on phone and we agree on the place where to meet,” says another foreign exchange dealer.

Illegal foreign exchange dealers are arrested while there is lack of foreign currencies in some foreign exchange bureaus. Some of them say they do not have any dollar.

Recently, BRB has requested foreign exchange dealers to acquire exchange management software from the central bank. However, it’s impossible for those who work illegally to use it.

Iwacu has contacted the Ministry of Security in vain.