Rwanda National Police

Rwanda National Police (RNP) and the National Bank of Rwanda (BNR) have resolved to partner in overcoming illegal exchange of currencies in order to protect the economy against adverse effects that come with it.

Through this partnership, both institutions agreed to educate the business community about setting up legally recognized forex bureaus instead of conducting “black market” forex activities that cause inflation and other economy challenges.

Through this partnership, police carried out investigations on potential illegal money exchanges, and arrested eight suspects in Kigali on October 6.

The suspects were arrested in separate locations as they conducted unauthorized money exchanges, and are currently held at Muhima Police Station pending further investigations, Superintendent of Police (SP) Modeste Mbabazi, Police Spokesperson for Central Region, said.

Supt. Mbabazi noted that cases of malpractices in foreign exchange occur in various forms that are contrary to regulatory frameworks – thus making it difficult for such activities to be monitored or evaluated.

“All those seeking to operate in currency exchange need to organize themselves and open up a legal business, rather than conducting black market exchanges that are not beneficial to the country,” he said.

“Police also calls upon the business community to cooperate with police in stopping this illegal activity, as well as to sensitize their counterparts about legal practices that benefit the country.

Francoise Kagoyire, the Director of Bank Supervision and Forex Bureaus at BNR, commended their partnership with police in this operation.

She noted that illegal foreign exchange trading scheme include the buying or selling of foreign currency by an individual or company which is not licensed.

“Any person or company that has not obtained approval from BNR to conduct forex business should not indulge in this activity – otherwise they are breaking the law through fraudulent behavior,” she said.

“It is such activities that give leeway to the entry of counterfeit money because both the buyer and the seller are usually in a hurry to conduct the transaction because they know it is illegal. On top of that, operators in this illegal business use inflated rates that may undermine the value of our national currency,” she said.

Penal code article 488 states that any person who sells or exchanges national or foreign currency illegally shall be liable to a term of imprisonment of six months to two years and/or a fine between Rwf200,000 and Rwf3 million.