Regulatory Alerts2024-04-12
Regulation No. 42/2022 Governing Foreign Exchange Operations
Issued by the National Bank of Rwanda on 13 April 2022, this regulation liberalizes the capital account and establishes comprehensive rules for foreign exchange transactions conducted by licensed banks, foreign exchange bureaus, and other authorized intermediaries. It defines resident status, mandates the appointment of foreign exchange dealers, standardizes spot rates and account management, and outlines authorized cross-border payments for imports, exports, services, and capital investments. The framework further regulates foreign currency auctions, prohibits unauthorized market practices and cash transportation by unlicensed entities, and imposes sanctions for non-compliance while repealing conflicting prior directives.
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