Economy

Burundi: Bureaux de change face shortage of foreign currencies

While discussing the new regulations of the Central Bank on foreign exchange this October 9th, owners of foreign currency exchange offices in Burundi have said they suffer the shortage of foreign currencies.

Alexandre Nsavyimana: “Foreign currency exchange offices get little amount of foreign currencies from clients”

“Our clients do not get foreign currencies because we do not have enough of them,” says Alexandre Nsabimana, Representative of the owners of foreign exchange offices in Burundi.

He adds that clients do not accept the exchange rate of the Central Bank-BRB and therefore decide to keep their foreign currencies.

“The central bank and commercial banks no longer give us foreign currencies and we are compelled to comply with the central bank regulations governing foreign currency exchange rate,” says Mr. Nsabimana.
He calls on the central bank to give foreign currencies to the exchange offices so they can continue to work as usual.

For him, both clients and foreign exchange dealers must conform to the regulations set by the central bank on foreign currency exchange.

Oscar Ndayikengurukiye, a foreign exchange dealer in Bujumbura city says clients do not understand the lack of foreign currencies in bureaux de change.

He says that clients do not accept the exchange rate set by the central bank. “They think the exchange rate will increase soon,” he adds.

He invites the representatives of the owners of foreign currency exchange offices to talk with BRB officials so foreign currency dealers can get foreign currencies.

“When we tell our clients that the exchange rate is the one of the central bank, they call us thieves,” says Ananias Nyabenda, a foreign exchange dealer in Kobero locality in Muyinga northern province.
Mr. Nyabenda says the central bank should provide them with foreign currencies in order to satisfy their clients.

The regulations governing foreign currency exchange which were introduced by BRB on September 17th, 2019 do not specify where foreign exchange dealers can get foreign currencies.

Guidelines for IWACU users' forum

Comments should not violate laws and regulations. Included post with a character racist, anti-Semitic, defamatory or abusive, calling for ethnic and regionalist divisions, disclosing information about a person's privacy, using works protected by copyright (texts, photos, videos ...) without mentionning the source.
Iwacu reserves the right to remove any comments likely to contravene this guidelines, and also like comments off topic, repeated several times, promotional or rude. Comments written in capital letters will be deleted automatically.

Add comment

Your email address will not be published. Required fields are marked *