The National Bank of Rwanda (BNR) has hired Giesecke & Devrient, a German-based company, to train staff to detect forged currencies.

The training has targeted banks, forex bureau and other financial institutions due to  reports of counterfeited notes recently detected in the country.

François Kanimba, the governor of the BNR, said if counterfeit currency is not checked in time, it could hurt the economy and businesses.

The Giesecke & Devrient Company supplies banknotes to the Deutsche Bundesbank and 40 other central banks worldwide. It also offers banknote paper, banknote security features, and automatic currency processing equipment.

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