Regulatory Alerts2016-05-18
Regulation No 001/2016 on the Operations of the Deposit Guarantee Fund for Banks and Microfinance Institutions
The National Bank of Rwanda issued Regulation No 001/2016 to establish the operational framework for its Deposit Guarantee Fund covering banks and microfinance institutions. The regulation mandates a coverage limit of 500,000 Rwandan francs per insured depositor and requires contributing institutions to pay annual premiums calculated at 0.1% of eligible deposits in quarterly installments within twenty days of notification. Upon a bank's liquidation, the Fund must disburse insured amounts within sixty working days using prescribed exchange rates and specific guidelines for single, joint, trust, and electronic money accounts.
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