KIGALI, Rwanda – Rwanda became the fourth country in the region to go live on the East African Payments System (EAPS) which the government believes is going to ease and speed up doing business for Rwandans in the region.<\/p>\n
This system comes as a means of reducing dependence on hard currencies and the cost associated with foreign exchange transaction,\u201d the Governor of the National Bank of Rwanda (BNR) John Rwangombwa (picture below) said last week during a press briefing in Kigali.<\/p>\n
\u201cIt is aimed at increasing efficiency and facilitate cross border transaction that is essential for boosting intra-regional trade among East African Countries,\u201d Rwangombwa said.<\/p>\n
EAPS is a Real Time Gross Settlement System (RTGS) in the region and a multicurrency system in which payments are carried out using any currency of the EAC partner states. It is part of the EAC Payment modernization efforts spearheaded by EAC Central Bank Governors to enhance cross border payments across the EAC region.<\/p>\n
Rwangombwa said this is going to reduce on exchange losses involved in transactions plus it is an easy way of payment since it involves use of SWIFT infrastructure.<\/p>\n
\u201cThis is aimed at speeding up doing business in the EAC region,\u201d Rwangombwa said.<\/p>\n
He called on the public to make use of this cross border payment system to be able to benefit from the immense attributes including safety and efficiency to boost regional trade and intra-regional payments<\/p>\n
During the same meeting, the Governor announced issuance of two new different notes of the 2000 and 5000 denominations which will be done as soon as the presidential decree is officially gazetted.<\/p>\n
This followed Cabinet\u2019s approval of the November 12, 2014 which approved the presidential order to issue the new banknotes.<\/p>\n
\u201cThese are actually not new noted since we just changed few features on them and they will be working hand in hand with the existing ones,\u201d Rwangombwa said.<\/p>\n
He explained the reason behind the new issuance saying this is a routine replenishment of the stock of banknotes by BNR.<\/p>\n
\u201cThe security features on the new banknotes will be strengthened to reduce counterfeits, but the designs of the two banknotes will remain unchanged,\u201d Rwangombwa said.<\/p>\n
\u201cThe new notes will not have the French language on them but are very user friendly for everyone,\u201d Rwangombwa said.<\/p>\n
Rwanda last made new banknotes in 1995.<\/p>\n
Rwanda plans to have an inflation that will not exceed 3% by end this year with a forecast of next year that will not be very far from the same level, which is because of what is happening on the global economy.<\/p>\n
The country expects inflation to continue to be below 5%.<\/p>\n
{{Business Week}}<\/p>\n","protected":false},"excerpt":{"rendered":"
KIGALI, Rwanda – Rwanda became the fourth country in the region to go live on the East African Payments System (EAPS) which the government believes is going to ease and speed up doing business for Rwandans in the region. This system comes as a means of reducing dependence on hard currencies and the cost associated […]<\/p>\n","protected":false},"author":3,"featured_media":2000055341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[75],"byline":[170],"hashtag":[],"class_list":["post-17734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-homenews","byline-igihe"],"bylines":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"contributors":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"featured_image":{"id":2000055341,"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton17734.jpg","alt":"","caption":"","mime_type":"image\/jpeg","width":0,"height":0,"sizes":{"thumbnail":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton17734.jpg","width":1,"height":1},"medium":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton17734.jpg","width":1,"height":1},"medium_large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton17734.jpg","width":1,"height":1},"large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton17734.jpg","width":1,"height":1},"full":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton17734.jpg","width":0,"height":0}}},"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/17734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=17734"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/17734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media\/2000055341"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=17734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=17734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=17734"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=17734"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=17734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}