Taarifa Rwanda

Rubavu: Two arrested Over Illegal Money Exchange

Two unlicensed money changers were arrested on Saturday in Gisenyi Sector, Rubavu District.

The arrest is part of the ongoing operations against illegal dealers in foreign currency exchange business.

Police spokesperson for the Western region, Chief Inspector of Police (CIP) Innocent Gasasira identified the suspects as Christian Bahati and Elina Musabyimana, who after the search were found with $ 3, 045 and 670, 200 Congolese francs, respectively.

They were also found in possession of Rwf130, 000 and Rwf147, 000, respectively.

Speculators and illegal money-changers have often been blamed for the volatility in the currency market.

CIP Gasasira said that the duo was arrested red-handed, exchanging money in Gasutamo Village, Mbugangari Cell.

“This was a Police targeted operation based on credible information on specific people involved and their bases. What they were doing is illegal and has negative impact on the economy,” he explained.

The arrest of the duo came few days after two other women were apprehended in the same area over similar crime.

Economists say that unlawful financial businesses could distort the forex market, trigger dollarisation of the economy, fuel inflation and reduce the competiveness of local products in the international market.

According to Central Bank regulations, no individual or company is allowed to trade in currencies without a license.

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