Landlords and other traders who prefer pricing products and services in foreign currencies could soon face the law. This follows a warning issued by the National Bank of Rwanda (BNR) against quoting prices in currencies other than the Franc. The move by the central bank is aimed at reducing the impact of speculators on the dollar rate and consequent artificial shortages that have plagued the local forex market for over a month now. In a statement signed by the Governor of the bank, John Rwangombwa, last evening, the central bank reminded Rwandans that buying or selling foreign currency from street vendors was not allowed. BNR has also urged the public to only buy or sell foreign currency from licensed forex bureaus and commercial banks. Rwangobwa outlined new requirements and regulations to streamline the forex exchange market, among them a prerequisite that operators should always display a valid license at the business premise alongside the rates. Members of the public buying or selling foreign currency will also be required to present valid identification card or passport and be issued with a receipt showing transaction details. “Whoever is going to buy or sell any foreign currency must present his or her identity card or a valid passport and must request for a receipt clearly showing the transaction details,” the statement reads in part. Quoting of prices in foreign currencies, especially the US dollar, has become increasingly common in the country, with the central bank partly blaming the emerging trend for dollar scarcity and fluctuation of rates. Last week, the dollar rate hit an all-time high, with some operators in the capital trading it at about Rwf800, leading to public outcry. In most incidences, though the dollar rate displayed is per the central bank’s directives, operators hoard them leading buyers to source for them from unlicensed traders. By press time BNR had set the dollar rate at Rwf 731.
