Commercial banks make currency exchanges under strict conditions

02-18-2020 All currency exchange offices have been closed since February 15 following the measure taken on 11 February by Jean Ciza, Governor of Burundi Central Bank. He accuses foreign exchange dealers of violating the current currency exchange regulations. Only commercial banks are allowed to deal with foreign currencies. This measure (...)

OLOCUME disagrees with BRB decision to close forex offices

02-13-2020 Gabriel Rufyiri, Chairman of a corruption watchdog-OLUCOME says the decision taken by the Burundi Central Bank-BRB doesn’t provide any solution to the problem of the lack of foreign currencies in Burundi. He says the country faces a major challenge since financial partners reduced their support to the government in (...)

Only Burundi Central Bank to buy and sell gold

11-27-2019 The Minister of Energy and Mines has banned any gold business in the country. Only Burundi Central Bank is allowed to buy and sell gold. A local corruption watchdog applauds the decision but doubts its implementation. “The purchase and sale of gold by shop counters is now suspended,” said (...)

BRB threatens to sanction foreign exchange offices

11-15-2019 “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 (...)

Burundi: Bureaux de change face shortage of foreign currencies

10-10-2019 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. “Our clients do not get foreign currencies because we do not have enough of them,” says Alexandre (...)

Illegal foreign exchange dealers arrested in Bujumbura city

09-28-2019 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. The junction of Prince Louis Rwagasore roadway and Amitié Street, near Ndamama House in the city center (...)

Burundi Central Bank doubles minimum capital to establish foreign exchange bureaux

09-18-2019 “The minimum capital to establish a foreign exchange bureau has been raised to strengthen the equity,” said Jean Ciza, Governor of Burundi Central Bank (BRB) yesterday at a press briefing. The starting capital rises from BIF 50 million to 100 million. He has granted to traders one year to (...)

Burundi Security Council decides to suspend foreign NGOs for three months

09-29-2018 The National Security Council has decided to suspend all foreign NGOs operating in Burundi for three months since Monday 1 October. It accuses them of not abiding by the law. Silas Ntigurirwa, Secretary General of the National Security Council says the measure has been taken so that NGOs operating (...)

325 tons of rare earth concentrates exported in six months

04-10-2018 Rainbow Mining Burundi (RMB) has reached 25% of its objectives in 6 months of operation. According to the Director General of RMB, the fact of transferring the payment of exported products to the account of Burundi Central Bank and the lack of experienced personnel are the major challenges that (...)

One year given to bank debtors to sell their mortgaged property

11-07-2017 The central bank has recently revised the law on banks and included some innovations. Some of them are the protection of consumers of financial services and improved access to credit. Based on daily activities and Burundi integration into the East African community, the Central Bank decided to review some (...)