A cabinet meeting chaired by President Paul Kagame on Friday, November 28, has approved the demonetisation of several old banknotes that have been in circulation for more than 10 years and are now considered vulnerable to counterfeiting.

The move, led by the National Bank of Rwanda (BNR), aims to strengthen the security and integrity of the country’s currency.

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The banknotes to be demonetised include Rwf500 from the 2004 and 2013 series, Rwf1,000 from the 2004 and 2015 series, Rwf2,000 from the 2007 series, and Rwf5,000 from the 2004 and 2009 series.

According to the cabinet resolutions, the public will have 12 months to exchange the old notes at commercial banks. After this period, the demonetised notes will no longer be legal tender.