Regulatory Alerts2024-09-19
Law No 016/2021 Amending the National Bank of Rwanda Law
The Parliament of Rwanda, sanctioned by President Paul Kagame, enacted Law No 016/2021 to amend the governing legislation of the National Bank of Rwanda. The amendment redefines the central bank’s core mission as ensuring price stability and a sound financial system while expanding its regulatory responsibilities over monetary policy, foreign exchange markets, payment systems, and diverse financial institutions. It also restructures the Board of Directors to comprise nine members with a mandatory thirty percent female quota, establishes four-year renewable terms for appointed directors, and clarifies the operational duties of the chairperson and deputy chairperson.
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