Browsing: Burundi Forex bureaus

Burundi new forex laws hurt traders

Burundi’s central bank cracks down forex bureaus that have been selling dollars at twice the official rate.
This has led to small scale traders finding it difficult to find the foreign currency in the country to trade which is affecting their businesses.

In 2015 when the political crisis erupted, the forex rate almost doubled, with the dollar exchanging at Bfi3,050 ($1.65) against an official rate of between Bfi1,700 ($0.92) and Bfi1,800 ($0.97).

According to a trader in Bujumbura, the central bank’s move means that forex bureaus will not be readily selling dollars which will be creating scarcity leading to a higher black market rate.

In September, Bank of the Republic of Burundi (BRB) asked all forex bureau operators to purchase software worth $ 1,08. Which according to the central bank governor Jean Ciza,was supposed to help the central bank to follow closely the bureau’s activities in efforts to comply with …