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The National Bank of Rwanda has warned commercial banks and forex bureau that dollar forex bureau hoarding foreign currencies that it will punish them with unspecified sanctions as their actions are affecting the economy.
The speculators, including off-shore dealers who have reportedly invaded the forex market, are buying dollars and hoarding them, thus stifling imports and affecting businesses. The situation, which the government says is expected to normalise in the next two months, has worsened with increasing demand for the dollar to fund imports. Several importers have reported they are already incurring losses due to a shortage of dollars in the market. In the first half of this year, the franc depreciated by 1.
The dollar was selling at Rwf Mid last week, the dollar rate was at Rwf buying and Rwf selling. However the price increased when it was being traded by forex dealers and commercial banks. The dollar was retailing at between Rwf and Rwf Rwandan franc in free fall against dollar.
Mr Gatete recently met with forex dealers, managing directors of commercial banks and forex bureau owners over the distortion in the forex market. The Governor said there was no cause for alarm and the central bank was keenly watching the market. He explained that the high demand for the dollar is largely driven by the growing volume of imports.
All dollar forex bureau has pushed up the demand for foreign exchange, leading to what Mr Gatete called a moderate depreciation of the Rwandan franc against the US dollar. The central bank says that between July and Julyimports increased by dollar forex bureau per cent. To ease pressure on the franc, the central bank has had to intervene by selling foreign currency reserves to banks as well as issuing Treasury bills and mopping up excess liquidity in the market. Outstanding liquidity amounted dollar forex bureau Rwf billion compared with Rwf Demand for foreign currencies dollar forex bureau threat to Rwanda franc.
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