The measures that the Bank of the Republic of Burundi (BRB) has just taken in terms of monetary policy are the beginning of reforms to make this sector much healthier. Faustin Ndikumana, national director of PARCEM, told RegionWeek today.
This was after the BRB announced the measures authorizing beneficiaries to collect or transfer funds in foreign currency to their accounts and authorizing foreign exchange bureaus to operate in Burundi.
As Faustin Ndikumana points out, there had been a foreign exchange problem linked to the potential resources of these currencies, in particular export earnings, currencies resulting from cooperation, the entry of foreign direct investment, as well as in the tourism.
“We had seen that the measures that had been taken were aimed at favoring a handful of men to get their hands on the monetary flows for their personal interest, which caused enormous damage to the national economy, even to the confidence that the economic partners had placed. in the country,” said Faustin Ndikumana
The measure to withdraw the authorization of exchange offices was taken in February 2020, while the measure restricting the payment conditions for transfers received from abroad was taken in March 2020.
According to Faustin, there were tensions in the currency supply. The BRB reforms will allow foreign currencies to enter the country freely and the diaspora to invest without problems.
The national director of PARCEM demands that there be transparency even in the management of the currencies of the Central Bank, by auditing those who have harmed the national economy.
To continue to broadcast our news, we need your support!
With more support, we could produce better and more frequent multimedia projects that show the fascinating and dynamic diversity of Burundi and the East African region, its business opportunities and its sights.
RegionWeek is Burundi’s leading independent English-language media.