Directive 02/2009 of the National Bank of Rwanda on Cash Withdrawals from Commercial Bank Counters

DIRECTIVE N° 02/2009 OF THE NATIONAL BANK OF RWANDA RELATED TO CASH WITHDRAWALS FROM COMMERCIAL BANKS COUNTERS

Pursuant to the Law N° 55/2007 of 30/11/2007 governing Central Bank of Rwanda, especially in articles 6, 56 and 58;

The National Bank of Rwanda hereinafter referred to as “the Central Bank” adopts:

Article one
Any withdrawal using any kind of payment instrument beyond Five Million Rwandan francs (5 000 000 RWF) per day will not be paid in cash on commercial banks counters when a beneficiary of payment is either an account holder or not (a third party).

Payments of amounts higher than the amounts mentioned under this article would be imperatively made by Crossed cheques and Credit transfers.

Article 2
This instruction does not affect the Central Bank transactions with Commercial Banks and forex bureau operations with banks.

Article 3
With valid reasons, a Commercial Bank may authorize any withdrawal beyond 5 000 000 Frw per day but report such transactions to the Central Bank on a weekly basis.

Article 4
This Directive shall come into force on the date it is signed.

Done at Kigali, the 2nd July 2009

François KANIMBA
Governor