Circulation counterfeit currency down by 70%

KIGALI - Despite recent reports indicating that cattle traders are the most prone to counterfeit currency in the country, the crime has actually reduced by 70.6 percent since 2008, police has said.

KIGALI - Despite recent reports indicating that cattle traders are the most prone to counterfeit currency in the country, the crime has actually reduced by 70.6 percent since 2008, police has said.

According to a police report, 52 counterfeited currency cases were recorded since the beginning of this year, down from 177 recorded in 2008. 

153 cases were registered last year, according to the report. Most cases in the recent past were filed by cattle traders, who are said to be the most targeted group by conmen who pay them fake notes in big quantities.

The crime is also reported in Gishwati livestock farmers and also among  famers in the Northern and Western provinces who fall prey to conmen.

“The conmen, after committing the crime, cross to Uganda and Congo,” a report partly states.

Most of the fake local currency notes include the Rwf 2,000 note whose features are not well known by people; especially in remote areas. This denomination is the latest to be introduced by the National Bank of Rwanda.

Police Spokesperson, Supt. Eric Kayiranga called upon the population to be more vigilant over any banknote given to them.

He said that combined efforts by the force, as well as financial institutions in partnership with the community to fight the crime led to the reduction of these cases.

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