Central Bank to issue new Rwf2000 and Rwf5000 notes

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Central Bank to issue new Rwf2000 and Rwf5000 notes

The central Bank has announced that it will soon issue and circulate the new bank notes of Rwf2000 and Rwf5000. The announcement  follows the  Cabinet’s  approval  of  12th November   this year approving  the  Presidential  order  to  issue the two banknotes with legal tender.

The bank notes  that will  be issued after  the Presidential  Decree  is officially   gazetted  will see some of  the  security  features strengthened but   their  main designs  remain unchanged  from the  current two  banknotes that are in circulation.

Central Bank to issue new Rwf2000 and Rwf5000 notes2

The issuance, Central Bank says is a routine replenishment of the stock of Bank notes. Last year   the bank issued a new note of Rwf500 with new features that projected the countries vision   2020 as knowledge based economy.

“The  bank  took  advantage  of  the replenishment to strengthen   the security  features of the  above mentioned  banknotes,”  John Rwangombwa, governor of the  Bank said

Currently, the bank notes   in  circulation  are  Rwf5000,Rwf2000, Rwf1000, and Rwf500  while  coins are in  Rwf100, Rwf50, Rwf20, rwf10,rwf  5 and Rwf1.

Meanwhile, Rwangombwa says the country has joined   the East African payment Systems (EAPs) becoming the fourth country to go live on the platform.

The EAPS  is a real  time  Gross Settlement system(RTGS) in the   region  and the  multi-currency system in which  payments  ate carried  our using  any currency  of   any of the member states, Rwangombwa said

Financial experts say the system will increase efficiency and facilitate cross border transactions that is essential for boosting intra-regional trade among the member states. The region is yet to fully set to pace the cross border financial transactions.

“it has been difficult for a  Rwandan business person to  pay a colleague in say Uganda, they would need to  change Rwanda francs in Dollars and then   to Ugandan shillings, and in the process you  lose  some  money,”  said  Theodore Murenzi, Executive Secretary of Rwanda long Distance truckers Association.

Accordingly, the system comes as a means of reducing dependence on hard currencies and the costs associated with foreign exchange transactions.




About the author

Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

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