Burundi central bank lifts ban on foreign exchange bureaus

Burundi’s central bank said on Friday (October 7) it had lifted a ban it imposed in February 2020 on foreign exchange bureaus with the aim of weeding out operators flouting official exchange rates.

The Central African country faced a shortage of hard currency in the wake of a 2015 political crisis that prompted donors to suspend aid, but this year the European Union agreed to resume financial support and the United States pledged aid.

During the two-year ban on foreign exchange bureaus, currency traders continued to buy and sell foreign currency on the black market, where the Burundian franc trades at a steep discount to the official rate.

Foreign exchange bureaus will have to register with the central bank to re-open.

Published on: Reuters

Publication date: October 08, 2022

Link: https://www.reuters.com/world/africa/burundi-central-bank-lifts-ban-foreign-exchange-bureaus-2022-10-08/