Special Regulations No. 4230/2025-00042 [613] dated September 17, 2025 Concerning Business Operators Authorized to Receive Foreign Currency and the Requirements for Authorization

National Bank of Rwanda Banki Nkuru y’u Rwanda

KN 6 Av.4/P.O. Box 531 Kigali-Rwanda Tel: (+250) 788199000 / Website: www.bnr.rw / E-mail: info@bnr.rw / Swiftcode: BNRWRWRW / Twitter: @CentralBankRw

The Governor

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SPECIAL REGULATIONS NO. 4230/2025-00042 [613] DATED SEPTEMBER 17, 2025 CONCERNING BUSINESS OPERATORS AUTHORIZED TO RECEIVE FOREIGN CURRENCY AND THE REQUIREMENTS FOR AUTHORIZATION

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PREAMBLE

The National Bank of Rwanda, referred to as "the Bank" in the following articles;

Relying on Law No. 48/2017 of September 23, 2017 governing the National Bank of Rwanda as amended to date, particularly Articles 6bis, 8, 9, 10, 35, 37 and 42;

Relying on Law No. 12ter/2014 of May 19, 2014 establishing the organization of Tourism in Rwanda, particularly Article 2;

Relying on General Directives No. 42/2022 of April 13, 2022 governing the use of foreign currency as amended to date, particularly Articles 2, 4, 9, 11, 20, 20bis and 32;

Repealing Special Directives No. 0520/2023-00041 [613.1.4] of February 22, 2023 concerning business operators authorized to receive foreign currency;

HAS ADOPTED THE FOLLOWING SPECIAL REGULATIONS:

PART I: GENERAL PROVISIONS

Article 1: Purpose of these Special Regulations

These Special Regulations establish the categories of persons who may receive payment in foreign currency for goods or services in Rwanda without requiring authorization from the National Bank, and establish the procedure and requirements for others seeking authorization to receive payment in foreign currency.

Article 2: Definitions

In these Special Regulations:

(a) "authorized person to receive foreign currency" means a person authorized to conduct business in foreign currency due to the nature of their activities or operations requiring them to receive foreign currency;

(b) "foreign currency" includes –

(i) banknotes, coins or electronic payment methods in currencies other than Rwandan Francs approved for cross-border payments;

(ii) and value documents in foreign currency.

(c) "person" includes an individual, a legal entity or a partnership based on contracts;

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(d) "foreign currency business" means receiving payment in foreign currency.

Article 3: General Principles and Application

(1) Based on laws and regulations governing all contracts involving money executed within the territory of Rwanda, Rwandan Francs are the only legal tender.

(2) Except for authorized persons and reasons specified in these Special Regulations, all contracts involving money executed within the territory of the Republic of Rwanda are deemed to be made and settled in Rwandan Francs.

(3) In these Special Regulations, conversion by foreign currency authorized persons is carried out using the exchange rate published by the National Bank on the day of conversion, without imposing additional charges or rates that hinder the converter.

Article 4: Persons Authorized to Receive Foreign Currency

(1) The following are authorized to receive foreign currency for the purposes of these Special Regulations, and do not require authorization from the National Bank, provided they comply with other provisions of these Special Regulations:

(a) Investors operating in construction activities holding a valid investment certificate and granted authorization by the Rwanda Development Board to receive payment in foreign currency;

(b) Tourism or transport companies holding a valid authorization issued by the Rwanda Development Board;

(c) Companies registered or authorized by competent authorities and which are members of the Kigali International Finance Centre, as certified by Rwanda Finance Ltd;

(d) The Kigali International Arbitration Centre;

(e) Investors operating in precious stone trade;

(f) Air transport companies;

(g) Companies selling air tickets;

(h) Cross-border water and land transport and related services;

(i) Duty-free shops;

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(j) Casinos;

(k) International schools, universities and colleges;

(l) Agents or service providers to embassies, United Nations agencies, councils and other international organizations with joint responsibilities authorized to operate in Rwanda;

(m) Foreign employees authorized to work in Rwanda, or other employees working for a company that uses foreign currency received from abroad;

(n) Agents or service providers to foreign employees and persons receiving or importing foreign currency from abroad;

(o) any other person who may be authorized by the National Bank.

(2) Except when both parties have agreed otherwise, an authorized person to receive foreign currency is prohibited from refusing payment made in Rwandan Francs or forcing a person in Rwanda to pay in foreign currency.

(3) When prices are quoted in foreign currency, the authorized person to receive foreign currency must immediately indicate the equivalent value in Rwandan Francs using the exchange rate published by the National Bank on that day, and accept payment in Rwandan Francs without any additional charges.

PART II: PROCEDURE FOR APPLICATION AND REQUIREMENTS

Article 5: Procedure for Submission and Requirements

(1) Any person not on the list of authorized persons to receive foreign currency mentioned in Article 4 of these Special Regulations who wishes to operate as such must apply in writing to the National Bank through the Department of Other Financial Institutions, via https://e-correspondence.bnr.rw/. In cases where a business sector has an association, that association may apply on behalf of the members of the business sector.

(2) The applicant submits a letter of application and information indicating –

(a) the nature of the business requiring the use of foreign currency;

(b) benefits obtained or expenses incurred or to be incurred in foreign currency;

(c) that they hold a foreign currency account with an authorized/approved financial institution or intermediary.

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(3) The applicant also submits –

(a) a notarized copy of the articles of incorporation and registration, where applicable;

(b) a recent certificate confirming no outstanding tax debts;

(c) copies of contracts in foreign currency, where applicable;

(d) financial statements for two years showing foreign currency business operations, if available;

(e) a supporting certificate from the national development authority, where applicable;

(f) other information or documents requested by the National Bank.

Article 6: Review of Application

(1) Upon receipt of the application, the National Bank reviews the submitted documents to verify completeness, authenticity, and accuracy.

(2) The National Bank notifies receipt of the application within five (5) working days, indicating whether the application is complete or missing items.

Article 7: Authorization

(1) The National Bank makes a decision to grant or reject the application within twenty (20) working days counted from the day of receiving a complete file.

(2) If the application is rejected, the National Bank's response indicates the reasons.

(3) Without prejudice to the first paragraph of this article, if the National Bank fails to provide a response within the stipulated time, it notifies the applicant of the reasons for the delay. In such cases, the response period is extended by no more than ten (10) working days. If no decision or explanation is provided within that period, the application is deemed approved.

Article 8: Suspension or Revocation of Authorization

(1) An authorized person to receive foreign currency mentioned in Article 4 or granted authorization under Article 7 of these Special Regulations may have their authorization suspended or revoked by the National Bank if –

(a) it is established that they were authorized based on false, misleading, or fraudulent information;

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(b) they fail to comply with applicable laws or these Special Regulations;

(c) the activities for which authorization was sought no longer meet the conditions for approval, or other unfulfilled conditions set by the National Bank;

(d) for all reasons of public interest related to building a stable financial sector.

(2) Prior to suspension or revocation, the National Bank issues a document outlining the errors and grants the authorized person ten (10) working days to submit written explanations.

(3) The concerned authorized person may appeal to the Governor of the National Bank within ten (10) working days from receiving the suspension or revocation decision.

(4) The National Bank publishes the suspended or revoked person on its website within five (5) working days.

PART III: FINAL PROVISIONS

Article 9: Record Keeping

An authorized person to receive foreign currency must keep records of all business activities for at least ten (10) years in a clearly readable and easily accessible format.

Article 10: Penalties for Non-Compliance

All methods of non-compliance with these Special Regulations are penalized administratively in accordance with governing directives.

Article 11: Implementation Authorities

The National Authority for Quality Control, Business Competition and Consumer Protection (NAQC), the Rwanda Police, Local Authorities, jointly with the National Bank of Rwanda, are responsible for implementing these Special Regulations and other directives governing foreign currency use. This implementation is carried out according to the responsibilities of each authority as stipulated by law and in cooperation with other relevant authorities.

Article 12: Transitional Period

Any person currently holding contracts specifying prices in foreign currency on the date these Special Regulations are signed, and who is not on the list of authorized persons to receive foreign currency under Article 4, is granted a transitional period of no more than six (6) months counted from the date these Special Regulations are signed to comply with their provisions.

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Article 13: Repeal

General Directives No. 0520/2023-00041 [613.1.4] of February 22, 2023 governing the use of foreign currency in business activities and all other provisions distinct from these Special Regulations are hereby repealed.

Article 14: Commencement

These Special Regulations take effect from the date of signing.

Done at Kigali, on September 17, 2025

[Signature] Soraya M. HAKUZIYAREMYE Governor

Digitally signed by NBR(Governor)

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