(3 Minutes Read)
In a decisive move to protect the Rwandan Franc and strengthen monetary control, the National Bank of Rwanda (BNR) has introduced tough new regulations banning the unapproved use of foreign currencies in local transactions.
Under the rules, businesses and individuals caught quoting or transacting in foreign currencies like USD or EUR without BNR authorisation face fines of up to Rwf 10 million. Repeat violations or actual foreign currency payments attract even harsher penalties — up to 100% of the transaction amount.
Key highlights of the regulation:
- Only BNR-approved entities can charge or advertise in foreign currencies.
- All local prices must be listed and communicated in Rwandan Francs (FRW).
- Violations include displaying foreign currency prices in menus, contracts, social media, or even verbal communication.
- First-time offenders face fines of Rwf 5 million; repeat offenders pay Rwf 10 million.
- Illegal transactions in foreign currencies incur fines of 50% to 100% of the transaction value.
- Non-compliant businesses will be reported to the Credit Bureau and fined 1% daily for late payments.
- Whistleblowers are protected and must report violations to the Central Bank.
Read Also;
The regulation does not apply to international trade payments or cross-border transactions made through licensed financial institutions. If you operate in Rwanda and don’t have BNR’s permission, you must price and transact in Rwandan Francs — or risk serious penalties. Businesses unsure of their status are urged to consult BNR directly.
Arabic
Chinese (Simplified)
Danish
English
French
Hindi
Italian
Norwegian
Portuguese
Russian
Spanish
Swedish