Currency in Burundi
A practical currency and money guide to travel, living and doing business in Burundi and the Burundian franc (BIF).
What's in this Burundi currency guide:
What currency is used in Burundi?
The official currency of Burundi (country code: BI) is the Burundian franc, with symbol and currency code BIF.
Things to know about the Burundian franc
The currency code "BIF" refers to the Burundian franc, which is the official currency of Burundi. It is represented by the symbol "FBu" and is abbreviated as BIF. The physical currency consists of coins and banknotes. The coins come in denominations of 1, 5, 10, 20, and 50 centimes. The banknotes come in denominations of 100, 200, 500, 1,000, 2,000, and 5,000 francs. The banknotes feature images of famous Burundian historical figures, such as King Mwambutsa IV and Prince Louis Rwagasore. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.
Travel Ideas and Money Tips for Burundi
Burundi is a landlocked country located in East Africa, bordered by Rwanda to the north, Tanzania to the east and south, and the Democratic Republic of the Congo to the west. It has a population of around 11 million people and the official languages are Kirundi and French.
Burundi is a predominantly agricultural country, with farming, livestock, and fishing being the main economic activities. The country is also rich in natural resources, including gold, uranium, and other minerals. However, Burundi is one of the poorest countries in the world and faces a number of challenges, including poverty, food insecurity, and political instability.
Here are a few travel tips for visiting Burundi:
Pack light: Burundi has a warm, tropical climate, so it's best to pack light, breathable clothing. It's also a good idea to bring a lightweight raincoat or umbrella, as the country experiences heavy rainfall during the rainy season.
Bring cash: Credit cards are not widely accepted in Burundi, so it's important to have cash on hand for expenses such as transportation, accommodation, and meals. The local currency is the Burundian franc.
Respect local customs: Burundi is a predominantly Christian country, and it's important to be respectful of local customs and traditions. This includes dress codes, particularly for women, and observing appropriate behavior in places of worship.
Learn a few phrases in Kirundi: While French is widely spoken in Burundi, it's always appreciated when visitors make an effort to speak the local language. Learning a few phrases in Kirundi can go a long way in showing your respect for the culture of the country.
Stay hydrated: The heat and humidity in Burundi can be intense, so it's important to stay hydrated. Bring a water bottle and refill it regularly to avoid dehydration.
Protect yourself from mosquito bites: Mosquitoes are prevalent in Burundi and can carry diseases such as malaria and dengue fever. It's a good idea to bring insect repellent and take precautions to protect yourself from mosquito bites.
Use caution when traveling: Burundi has a history of conflict and political instability, and it's important to be aware of local conditions and to follow the advice of local authorities and your embassy or consulate. It's also a good idea to register with your embassy.
Expat Money & Business Guide to Burundi
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Burundi.
How is the economy in Burundi?
The economy of Burundi is primarily based on agriculture, with farming, livestock, and fishing being the main economic activities. The country is also rich in natural resources, including gold, uranium, and other minerals. However, Burundi is one of the poorest countries in the world, with a GDP per capita of around $200 in 2020.
Burundi has a history of conflict and political instability, which has had a negative impact on the country's economic development. The country has also been affected by external shocks, such as fluctuations in commodity prices, and has struggled to attract foreign investment.
Despite these challenges, Burundi has made progress in recent years in reducing poverty and promoting economic growth. The country's economy has grown at an average rate of around 5% per year in recent years, driven by growth in the agricultural sector.
The government of Burundi has made efforts to promote economic development and reduce poverty, including through the development of infrastructure and the promotion of foreign investment. However, the country faces a number of economic challenges, including a lack of infrastructure, a weak financial sector, and a low level of human capital. The country also ranks poorly in global indices of press freedom and human rights, which can be a barrier to foreign investment.
Managing your finances in Burundi
Here we list some key points for expats and businesses to consider when managing financial dealings in Burundi:
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Understand Burundian franc currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the BIF exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
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Use a local Burundian franc bank account: A local BIF bank account can make it easier for you to manage your finances and pay bills while you are in Burundi. It may also be more convenient to use a local BIF bank account to make purchases and withdraw cash.
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Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Burundi. This can help you avoid legal issues and ensure that you are complying with local requirements.
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Consider the tax implications: It is important to understand the tax implications of living or doing business in Burundi. This can help you plan your finances and ensure that you are paying the correct amount of tax.
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Seek financial advice: If you are unsure of how to manage your finances in Burundi, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
USD/BIF – Market Data
The exchange rate of Burundian franc (BIF), or the amount of BIF that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest USD/BIF rate plus recent trend, chart, and historic rates.
| Date | USD/BIF | Change | Period |
|---|---|---|---|
10 Mar 2023 | 2068.39 | 0.6% ▲ | 2 Week |
24 Dec 2022 | 2062.00 | 1% ▲ | 3 Month |
24 Mar 2022 | 2035.58 | 2.3% ▲ | 1 Year |
25 Mar 2018 | 1761.35 | 18.2% ▲ | 5 Year |
26 Mar 2013 | 1572.55 | 32.4% ▲ | 10 Year |
29 Mar 2003 | 1053.38 | 97.6% ▲ | 20 Year |
Compare Burundian franc Exchange Rates & Fees
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Burundi or planning a trip or maybe living there, so will need to exchange and spend Burundian franc.
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It is important to note that the exchange rate of the Burundian franc can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect BIF exchange rates before making any financial decisions.
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