Rwanda National Police

Police in Rubavu have arrested two illegal foreign currency dealers as the clampdown on currency trading intensifies police spokesperson for the western province has said.

Chief Inspector of Police (CIP) Innocent Gasasira, explained that Police launched the operation from April 2, against the illegal currency traders because they posed a serious economic threat to the country.

He identified the suspects as Jean Baptiste Nitegeka , and Jean Marie Twizerimana.

He added: “This is why the Police normally conduct targeted operations based on credible information on specific people involved and their bases.”

This comes after the police noted that the activities of illegal foreign currency dealers posed serious security and economic threat to the country.

They were found with varying amounts of money in different currencies, including Rwanda and Congolese francs, and US dollars. The suspects and exhibits have since been handed over to Rwanda Investigation Bureau (RIB) in Gisenyi,” he said.

Economists say that unlawful financial businesses could distort the forex market, trigger dollarisation of the economy, fuel inflation and reduce the competitiveness of local products in the international market.

According to central bank regulations, no individual or company is allowed to trade in currencies without a license.

Article 223 of the penal code also specifies that “any person who, by any means, illegally sells or exchanges, national or foreign currency, commits an offense.” It sets imprisonment of between six months and two years or a fine of up to Rwf3 million, or one of these penalties.