Despite cases of people arrested for counterfeit currencies related crimes, Rwanda National Police and the National Bank of Rwanda attest that these are "isolated cases” that have been "kept very low” thanks to various strategies.

The two institutions were reacting to recent incidents where several people were arrested circulating counterfeited currencies.

The most recent case was reported in Kamonyi District last week where one Wellars Nkusi was arrested with Rwf100, 000, (all fake), and other foreign counterfeit notes.

According to Southern Region Police Spokesperson, Inspector of Police Emmanuel Kayigi, the arrest of Nkusi came as a result of investigations into the case of Saleh Gatwaza, another suspect who is also in custody on charges over circulating forged currencies.

It emerged during interrogations and investigations that Gatwaza was getting the forged monies from Nkusi, a money changer operating in downtown Nyabugogo terminal, where he was arrested with the counterfeit notes.

Similarly, early last week, Police in Musanze District also arrested two siblings along Musanze-Kigali highway, with US$19000, approximately Rwf15.7 million, all fake.

IP Kayigi pointed out that, when retailers accept fake bills, they bear the entire burden of the loss, calling for vigilance.

"Even a single case is a crime that has to be fought by everyone; it affects the ordinary person, especially those in small businesses, who are the most targeted,” said Kayigi.

A statement from the National Bank of Rwanda shows that the threat of counterfeiting of Rwandan currency remains as low as 0.001% of currency in circulation.

However, the statement notes that counterfeit money, if not controlled, may lead to expansion of the underground illegal activities, which are not always part of the tax base.

"If this happens, it may have contractionary effects on government revenues and limit the execution of public investment projects. The weakening of people’s purchasing power and the contractionary effects of the decline in government spending usually negatively affect local business,” the statement reads in part.

"Usually, big denominations are more attacked due to their face values and purchasing power. Thus ,Rwf2, 000 and Rwf5, 000 denominations are more attacked.”

Key features for genuine banknotes

According to the central bank, key security features to recognise a genuine banknote include a 3mm security thread, a coat of arms of Rwanda that can be seen when a note is exposed to light. The Rwf2, 000 and Rwf5, 000 notes also bear anti-copy spark.

Other features include a small basket and gorilla changing colours from gold to green.

Both Police and the central bank advised traders not to "profile customers” and to "assume that a person is not a criminal based on how they look and act.”

"You have to assume that anyone – elderly, woman, students, businesspeople, or hardened criminals, can try to defraud you by giving you fake money. So, closing these loopholes by thoroughly scrutinising every currency not you are given minimise your chances of being scammed and enhances the fight against currency counterfeit,” said Kayigi.

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