Five illegal money changers including a minor arrested in Rubavu

Police spokesperson for the Western Region, Chief Inspector of Police (CIP) Innocent Gasasira said the suspects, all women, were “arrested red-handed exchanging money at ‘Petite Barriere’’ border post with the Democratic Republic of Congo.”

The suspects were identified as Aimerence Nikuze, Anitha Uwambajimana, Virginia Uwimana and Marie Claire Mbanjimana.

The last suspect is a minor, CIP Gasasira said.

“They were found with varying amounts of money in different currencies including Rwanda and Congolese francs, and US dollars. The suspects and exhibits have since been handed over to Rwanda Investigation Bureau in Gisenyi,” he said.

“There is a proper and legal way through which money exchange business is conducted; because they know what they are doing is illegal they tend to employ varied tricks to run their black market,” the spokesperson said.

He added: “This is why Police normally plan and conduct a target operation based on credible information on specific people involved and their bases.”

Economists say such unlawful financial businesses may lead to distortion of foreign exchange market due to speculative transactions; dollarization of the national economy; inflation and reduction of the competitiveness of local products in the international market.
According to National Bank of Rwanda, the licensing body, “no individual or a company is authorized to transact in foreign currencies unless it is licensed.”

Article 4 of the law governing foreign exchange bureaus, partly states that a company or a cooperative intending to apply for a license to operate a foreign exchange bureau shall have a paid-up capital not less than Rwf20 million or its equivalent in another currency before the commencement of operations which should be maintained at all times.

As at the end of September, there were 87 licensed forex bureaus in Rwanda, 46 of them operating in the Central Business District of Nyarugenge.

Article 223 of the penal code also specifies that “any person who, by any means, illegally sells or exchanges, national or foreign currency, commits an offense.” It sets an imprisonment of between six months and two years or a fine of up to Rwf3 million, or one of these penalties.