Economy

BRB threatens to sanction foreign exchange offices

“Exchange offices must comply with the rates set by the central bank,” says Prosper Ngendanganya, Director of Supervision, Financial Stability and Financial Inclusion in Burundi Central Bank –BRB. He says the decision has been taken after a meeting organized between the central bank and shareholders of exchange offices this November 14. He adds that officers from security forces and National Intelligence services also attended the meeting.

Prosper Ngendanganya: “Currency exchange offices must comply with the rates set by the central bank,”

Mr. Ngendanganya says, at a press briefing, a currency exchange office which will be caught in violation of the new exchange regulations will be prosecuted in accordance with the criminal code of Burundi.

“Penalties will be imposed on exchange offices which don’t use BUREX software as required,” he says adding that people who buy or sell currencies at foreign exchange offices approved by the central bank must require a printed purchase or sale slips. Burundi Central Bank demands foreign exchange dealers to apply the rate of the central bank which is BIF 1878 for a US dollar.
Last September, BRB Governor explained that the revision of the Exchange Regulations that were in force since June 2010 aims to adapt the Exchange Regulations to the current moment, correct deficiencies observed in the control and monitoring mechanism.