Burundi Unifies Exchange Rates, Denies Devaluation
In Burundi, the US dollar has two different prices. The official rate, set by the Banque de la République du Burundi (BRB), is around 2,900 Burundian francs, while the informal market rate is nearly double. This disparity affects importers, who pay the higher rate daily.
The government has recently unified the exchange rates, a move that has been misunderstood as a devaluation. However, according to officials, the unification of exchange rates is not a devaluation. The exact details of the unification and its implications on the economy are not specified in the available information.
Article source: iwacu-burundi.org | Image credit: IWACU
