The Rwandan government says it is resorting to the printing of new currency banknotes of 1,000 and 500 Rwandan franc denominations.
They will be printed by selected firms in Russia and Germany, the minister of Finance and Economic planning, Uziel Ndagijimana confirmed on Wednesday, 30 January 2019.
The Rwandan senior government official explained that all 500 and 1000 Rwandan francs denominations issued by the Central Bank in the earlier series will continue to be legal tender until the whole process is completed.
Currently, the Rwandan currency has notes in the denominations of 5,000, 1,000 and 500 besides the metal coins in the denominations of 100, 50, 20, 10, and 5.
According to the Central Bank, the quality of new notes is as good as the ones that were printed earlier in an unnamed foreign country.
After finding that the banknotes for 1000 and 500 available got soiled or torn from current use, the bank is looking to order the printing of the 1,000 and 500 notes by improving the quality but without revising the specifics, it said.
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