National Bank of Rwanda has issued a new banknote of Rwf500, according to a statement issued by the central bank on September 20. The note is said to be better and improved version of the older version, to make it usable in Automated Teller Machines (ATMs).
The 135 x 72mm note has a watermark of the coat of arms of the Republic of Rwanda and an electrotype element representing the logo ‘BNR’ below, a dark blue dominant colour. Some of the principal features of the new note include three exotic cows in the front face to reflect the government’s effort to eradicate malnutrition, while on the back face, there will be four young students working with computers to reflect the government’s efforts to promote education and technology.
It is not clear how the new note affect the market, but Dr. Monique Nsanzabaganwa, the central bank vice-governor and acting governor said that the move is aimed at strengthening the note’s security features and the new banknote will be used along with the old ones in circulation.
The Cabinet was presented with a draft Presidential Order requesting for approval to issue the new Rwf500 note.
Apparently Rwanda’s consumer price index (CPI), a main gauge of inflation, grew 4.04 percent year on year in August 2013 from 3.52% in the previous month due to increases in Food, non-alcoholic beverages and education.
It is noted that the increase of 2.79 in prices of Food and non-alcoholic beverages is primary attributable to the increase of 6.11 of vegetables.
The ‘local goods’ increased by 4.38 on annual change with a monthly change of 1.34, while prices of the imported products increased by 2.66 on annual change with a monthly change of 0.45.
The data also showed the prices of the fresh products had a positive annual change of 6.98 between August 2013 and August 2012
In the meantime, the National Bank of Rwanda has announced that the Monetary Policy and Financial Stability Committees will hold their quarterly meetings on 27 September 2013. A press conference will be organized the same day for local and international media.