Central Bank Governor John Rwangombwa displays new Rw500 and Rwf1000 notes as Deputy Governor Dr. Monique Nsanzabaganwa looks on. The new notes will be in circulation next week.
“We had several bidders and finally selected one who printed both notes,” Rwangombwa said.
The reason for change, Rwangombwa said, “the two notes almost looked similar. They were also old and we wanted to get them off the market,” Rwangombwa said.
He revealed that GE – a Germany company won a tender to print the notes at a Rwf5 billion cost or 1.6 billion each year in a span of 3 years.
Both current and new notes will continue to circulate together until the end of 3 years when Central Bank will be done with the cost of the new notes. This time, they will issue a monetization notice.
“We will start distributing these new notes in banks next week so that people can start to use them,” Rwangombwa told journalists.
The new banknotes are expected to be in circulation on Monday next week.
At a press conference on Thursday to announce decisions taken following the Monetary Policy Committee Meeting, Rwangombwa
announced that the Bank’s lending rate remained the same(5.5) as in the previous quarter.
Rwangombwa told journalists that the decision to keep the repo rate was hugely attributed to positive economic performance especially the booming money market.
Central Bank has announced that the newly printed Rwf500 and Rwf1000 notes that were printed will be out on the market next week.
“We had several bidders and finally selected one who printed both notes,” Rwangombwa said.
The reason for change, Rwangombwa said, “the two notes almost looked similar. They were also old and we wanted to get them off the market,” Rwangombwa said.
He revealed that GE – a Germany company won a tender to print the notes at a Rwf5 billion cost or 1.6 billion each year in a span of 3 years.
Both current and new notes will continue to circulate together until the end of 3 years when Central Bank will be done with the cost of the new notes. This time, they will issue a monetization notice.
“We will start distributing these new notes in banks next week so that people can start to use them,” Rwangombwa told journalists.
At a press conference on Thursday to announce decisions taken following the Monetary Policy Committee Meeting, Rwangombwa
announced that the Bank’s lending rate remained the same(5.5%) as in the previous quarter.
Rwangombwa told journalists that the decision to keep the repo rate was hugely attributed to positive economic performance especially the booming money market.
