{"id":58861,"date":"2023-11-24T11:45:09","date_gmt":"2023-11-24T11:45:09","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/central-bank-warns-against-forex-trade-fraud"},"modified":"2023-11-24T13:36:40","modified_gmt":"2023-11-24T13:36:40","slug":"central-bank-warns-against-forex-trade-fraud","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-warns-against-forex-trade-fraud","title":{"rendered":"Central bank warns against forex trade fraud"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>John Rwangombwa, the Governor of the National Bank of Rwanda, has issued a warning about the widespread forex trade malpractices that are affecting the country’s economy, leading to a shortage of foreign exchanges.<\/p>\n

The call was made during a joint press conference of the Monetary Policy Committee and Financial Stability Committee on November 23.<\/p>\n

The conference shed light on recent suspensions and penalties imposed on several forex bureaus, signaling a decisive crackdown on deliberate withholding of the US dollar.<\/p>\n

Rwangombwa stressed that a total of 16 forex bureaus were impacted by the recent regulatory actions, marking a significant warning against those engaging in illicit activities within the forex market.<\/p>\n

He said: \u201cWe took punitive measures on these forex bureaus because of the malpractices in the market. Some were holding forex, you enter they tell you they don\u2019t have forex, somebody else comes in they have forex.\u201d<\/p>\n

\u201cAccording to the regulations we have, we suspended them for three months, others were penalised between Rwf350,000 to 500,000, depending on the offence and we continue following up on what\u2019s happening,\u201d he noted.<\/p>\n

Rwangombwa highlighted that \u201cthose who had malpractices, were taking advantage of the pressures on the market today and they wanted to make super novel profit.\u201d<\/p>\n

\u201cFurthermore, we also require them to have CCTV cameras in their business premises so we are able to track what they are doing and their actions including tracing these malpractices.\u201d<\/p>\n

\u201cIt\u2019s our responsibility to ensure market conduct is according to existing regulations,\u201d he said.<\/p>\n

The conference also addressed concerns regarding the impact of suspensions, whether it has affected the velocity of the supply on the market or not, and if it has helped in regulating depreciation concerns.<\/p>\n

Addressing the concerns, he said, \u201cTaking actions against these forex bureaus wasn\u2019t really about generating more US dollars, but behaviours and the perceptions they are creating in the market of shortage beyond the actual status was the one that was eliminated.\u201d<\/p>\n

\u201cEspecially, when you look at the daily depreciation that we had before and the one reduced after the actions were taken,\u201d he added. \u201cWe intended to create order in the market.\u201d<\/p>\n

\u201cWhat is happening is the demand and supply forces that are determining the price of the forex and that is what is supposed to be done. We don\u2019t dictate the pricing of the forex but we monitor, and they are required to report to us the pricing at which they are transacting because some of them were sending us information that they sell at a certain amount yet not.\u201d<\/p>\n

For More News And Analysis About Rwanda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Rwanda. John Rwangombwa, the Governor of the National Bank of Rwanda, has issued a warning about the widespread forex trade malpractices that are affecting the country’s economy, leading to a shortage of foreign exchanges. The call was made during a joint press conference of the Monetary Policy Committee and Financial Stability Committee on […]<\/p>\n","protected":false},"author":84,"featured_media":58860,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[760,763,758],"class_list":["post-58861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-rwanda","tag-rwanda"],"yoast_head":"\nCentral bank warns against forex trade fraud - Rwanda<\/title>\n<meta name=\"description\" content=\"John Rwangombwa, the Governor of the National Bank of Rwanda, has issued a warning about the widespread forex trade malp ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-warns-against-forex-trade-fraud\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central bank warns against forex trade fraud\" \/>\n<meta property=\"og:description\" content=\"John Rwangombwa, the Governor of the National Bank of Rwanda, has issued a warning about the widespread forex trade malp ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-warns-against-forex-trade-fraud\" \/>\n<meta property=\"og:site_name\" content=\"Rwanda\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-24T11:45:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-24T13:36:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2023\/11\/sm_1700820357.087983.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"652\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-warns-against-forex-trade-fraud#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-warns-against-forex-trade-fraud\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Central bank warns against forex trade fraud\",\"datePublished\":\"2023-11-24T11:45:09+00:00\",\"dateModified\":\"2023-11-24T13:36:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-warns-against-forex-trade-fraud\"},\"wordCount\":444,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-warns-against-forex-trade-fraud#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2023\/11\/sm_1700820357.087983.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Rwanda\",\"Rwanda\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-warns-against-forex-trade-fraud#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-warns-against-forex-trade-fraud\",\"url\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-warns-against-forex-trade-fraud\",\"name\":\"Central bank warns against forex trade fraud - 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