National Bank of Rwanda

Banki Nkuru y'u Rwanda

 

KN 6 Av.4/PO. Box 531 Kigali-Rwanda Tel: (250) 788199000/ Website: www.bar.rw/

E-mail: info@bar.rw/ Swiftcode: BNRWRWRW/ Twitter: @CentralBankRw

 

  

PUBLIC NOTICE ON FOREX TRANSACTIONS

 

Reference is made to the article 6bis of the Law n°48/2017 of 23/09/2017 governing the Central Bank as amended to date, the National Bank of Rwanda (NBR) has the responsibility to organize, supervise and coordinate the foreign exchange market.

Also considering the article 37 of the same law stating that all monetary obligations or transactions entered into or made in the Republic of Rwanda are considered to be expressed and settled in Rwandan franc unless otherwise provided for by laws or it is lawfully agreed upon between the parties.

Based on the above, the NBR reminds the public the following:

  

 

Prohibition of pricing and transacting in foreign currency

 

1. Pricing goods and services in foreign currencies is prohibited and punishable by the Law:

 

2. The non-licensed persons (such as hotels, duty free shops, casinos, travel or tourism companies, international schools, etc) that, in their businesses regularly deal with non- residents are authorized to receive foreign currency under the conditions mentioned in the Directive on transaction in foreign currency by non- licensed intermediaries.

 

3. Other non-licensed persons shall apply to the Central Bank for authorization to transact in foreign currency as per the requirements set in the above Directive.

 

 

II.

 

Prohibition to conduct foreign exchange business without license

 

1. The business of buying or selling of foreign currency is only done by intermediaries licensed by NBR to do so including banks, deposit taking microfinance institutions and Forex Bureaus:

 

2. In a bid to streamline the forex bureau exchange market, the NBR reminds the public the following:

 

a) To always ensure that the Forex Bureau you are about to do business with, has a valid license granted by the National Bank of Rwanda:

 

b) To always buy or sell currencies using the exchange rates displayed on the noticeboard;

 

c) Whoever is going to buy or sell any foreign currency must present his/her identification card or valid passport:

 

d) Whoever buys or sells any foreign currency must request for a receipt clearly showing the transaction details:

 

 

III.

 

Sanctions

 

The following sanctions will be applied to any person involved in illegal practices on foreign exchange market:

 

1. Any person who, by any means, illegally sells or exchanges, national or foreign currency. commits an offence. Upon conviction, he/she is liable to imprisonment for a term of not less than six (6) months and not more than two (2) years or a fine of not less than two hundred thousand (FRW 200,000) Rwandan francs and not more than three million (FRW 3.000.000) Rwandan francs or only one of these penalties as provided in Article 223 of the Law no 68/2018 of 30/08/2018 determining offences and penalties in general as amended to date.

 

2. Any person selling or pricing goods or services in foreign currency without authorization shall be punishable by the seizure and confiscation of the amount involved in that transaction as per article 34 of the Regulation n° 42/2022 of 13/04/2022 governing foreign exchange operations.

When illegal foreign exchange activity is noted, please report promptly to the National Bank of Rwanda (NBR) or Law Enforcement Authorities (Rwanda National Police, Rwanda Investigation Bureau or Local Authorities).

 

For more information or any clarification regarding this notice please contact the National Bank of Rwanda at Tel. (+250) 788 199 000, visit the BNR Website: www.bnr.rw, or email on: info@bnr.rw

 

 

 

 

 

Done at Kigali, on 29th December 2023

Digitally signed by

BNR (GOVERNOR)

 

RWANGOMBWA John

Governor