Regulatory Alerts2025-11-18
Directive Establishing Rules Governing the Issuance and Trading of Multicurrency Denominated Securities
The Capital Market Authority of Rwanda issued Directive No. 01/2025 to establish a regulatory framework for the issuance and trading of securities denominated in currencies other than the Rwandan Franc. The directive permits eligible issuers, including the Rwandan government, foreign corporations, and multilateral organizations, to offer these instruments exclusively to foreign investors, diaspora residents, and domestic entities with foreign currency revenues. Trading and prudential oversight will be coordinated by the central bank alongside the Capital Market Authority and the Rwanda Stock Exchange, with the rules taking effect immediately upon signature.
# CAPITAL MARKET AUTHORITY
## DIRECTIVE N°01/2025 OF 30 /10/2025 ESTABLISHING RULES GOVERNING THE ISSUANCE AND TRADING OF MULTICURRENCY DENOMINATED SECURITIES
The Capital Market Authority hereinafter referred to as “CMA”;
Pursuant to Law n°01/2011 of 10/02/2011 regulating capital market in Rwanda as modified to date;
Pursuant to Law n° 016/2025 of 02/06/2025 governing the Central Securities Depository, qualified financial contracts and netting agreement, especially in Article 9;
Pursuant to Law n°062/2021 of 14/10/2021 governing collective Investment in Rwanda;
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## ISSUES THE FOLLOWING DIRECTIVE:
### Article One: Purpose of this Directive
This Directive aims at governing the issuance and trading of multi-currency denominated securities in Rwanda.
### Article 2: Denomination of securities in foreign currency
Eligible issuers are allowed to issue multi-currency denominated securities.
In this Directive the multi-currency denominated securities are financial instruments denominated in any currency other than the Rwandan Francs.
### Article 3: Eligible issuer
The following may issue instruments denominated in foreign currencies:
(a) Government of Rwanda,
(b) Corporates that generate foreign currency revenues from their operations,
(c) Foreign entities
(d) Multilateral organization.
### Article 4: Eligible investor
Investors permitted to participate in multi-currency securities are the following:
(a) Corporates that generate foreign currency revenues from their operations.
(b) foreign investors.
(c) Rwandans living abroad (Diasporas).
(d) International organizations with foreign currency sourced from abroad.
(e) Expatriates with justifiable income in foreign currencies.
### Article 5: Issuance and trading modalities
(1) The issuance and trading of multi-currency-denominated securities adhere to applicable laws, regulations, and market rules.
(2) The central bank oversees the stability and prudential management of multi-currency activities in collaboration with the Capital Market Authority and the Rwanda Stock Exchange.
### Article 6: Entry into force
This Directive enters into force on the date of its signature.
Done in Kigali, on 20th November 2025
Thapelo Tsheole
Chief Executive Officer
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