Burundi: Central Bank to commence repatriation of foreign currencies
The Central Bank will repatriate foreign currencies from exporters to reinforce control over forex.As foreign exchange crisis continues in Burundi, the Central Bank of Burundi has announced that it will commence repatriation of foreign currencies from exporters in order to reinforce control and boost the nation's forex market. This was announced by the Central Bank of Burundi Governor, Jean Ciza, mandating exporters to transfer their receipts to foreign accounts opened at the Central Bank of Burundi from February 1, 2017. This development which is part of the move to boost Burundi's foreign exchange market, is aimed at
reinforcing control over foreign currencies. With this, commercial banks will no longer be able to receive foreign currencies as all foreign currencies transactions from exporters will be received directly by the Central Bank. As of 27 January 2017, one US dollar traded at BIF 1678 at BRB official rate, while on the black market it traded at BIF 2700. This has affected the price of commodities in Burundi. Since 2016, forex traders and businesses have been sourcing dollar from neighbouring Democratic Republic of Congo.