The National Bank of Rwanda has raised the minimum capital required to start a forex bureau and the minimum requirements for staffers.
Pursuant to article 34 of the regulation no 01/2017 of 22/02/17 governing forex exchange, http://crunchydomesticgoddess.com/wp-content/plugins/jetpack/json-endpoints/class.wpcom-json-api-comment-endpoint.php the National Bank of Rwanda placed a moratorium on licensing of new forex bureaus.
In the frame work of implementing new requirements and streamlining of the forex bureau sector, for one to run a forex bureau in Rwanda, they have to have a minimum capital of Rwf 50million compared to the previous Rwf 20million.
The level of education required in the business was also reviewed where by the staffers will be required to hold at least a bachelor’s degree, a diploma with 2years experience in the sector, or five years’ experience to those with an advanced level certificate.
“All these measures taken aim at developing a dynamic and vibrant foreign exchange market, enhance professionalism, and ensure best practices with regard of national and international policies,” said Francoise Kagoyire, the bank supervisor in the National Bank of Rwanda.
Explaining on the increment, Kagoyire said; “with Rwf 50 million, the forex bureau will be able to update its sectors like the IT sector, buying camera’s, buying computers, which we think will cost 10 million and remain with 40 million to do business.”
Currently there are over 90 forex bureaus operating in Rwanda.