By George Kalisa
Rwanda’s Central Bank (BNR) has today announced a lift in the daily limit for cash out for both personal and third party cheques from Rwf2 to 5 million. Third party cheques that had been put on a hold exactly two months ago are now allowed one million.
The Central Bank has added that the development takes effect today.
“Effective May21st, 2020, the limit for cash out of personal cheques will be five million Rwandan francs (FRW5, 000,000), while third party cheques will be allowed an amount not exceeding two million Rwandan francs (FRW2, 000,000),” said a statement issued by the Bank.
The development follows widespread appeals by the business community to the Rwandan authorities.
Also, BNR say that the step has been taken to promote cashless transactions in the country.
On March21, the Bank had capped cash withdrawal on personal cheques at one million Rwandan francs (FRW1,000,000) and disallowed cash out of third party cheques.