National Bank of Rwanda

Banki Nkuru y’u Rwanda

KN 6 Av.4/P.O. Box 531 Kigali-Rwanda Tel: (+250) 788199000 / Website: www.bnr.rw / E-mail: info@bnr.rw / Swiftcode: BNRWRWRW / Twitter: @CentralBankRw

The Governor

---

DIRECTIVE NO. 4230/2025-00042 [613] OF 17/09/2025 GOVERNING PERSONS AUTHORIZED TO TRANSACT IN FOREIGN CURRENCIES AND THE REQUIREMENTS FOR OBTAINING AUTHORIZATION

Page 1 of 6

---

Preamble

The National Bank of Rwanda, hereinafter referred to as “the Central Bank”;

Pursuant to the Law N° 48/2017 of 23/09/2017 governing the National Bank of Rwanda as amended to date, especially in Articles 6bis, 8, 9, 10, 35, 37, and 42;

Pursuant to Law N° 12ter/2014 of 19/05/2014 regulating the tourism industry in Rwanda, especially in Article 2;

Pursuant to the Regulation N° 42/2022 of 13/04/2022 governing foreign exchange operations, as amended to date, especially in Articles 2, 4, 9, 11, 20, 20bis, and 32;

Having reviewed the Directive n° 0520/2023-00041 [613.4] of 22/02/2023 on transactions in foreign currencies by non-licensed persons;

ISSUE THE FOLLOWING DIRECTIVE:

CHAPTER ONE: GENERAL PROVISIONS

Article One: Purpose of this Directive

This Directive identifies the categories of persons who may receive payment in foreign currency for goods or services in Rwanda without prior Central Bank approval and prescribes the procedure and requirements for all other persons to obtain such authorization.

Article 2: Interpretation

In this Directive:

(a) “authorised dealer” means a person permitted to conduct transactions in foreign currency due to the nature of the business or activity;

(b) “foreign currency” includes –

(i) banknote, coin, or electronic unit of payment in any currency other than the currency of Rwanda, which is legal tender outside of Rwanda; and

(ii) financial instruments denominated in foreign currency.

(c) “person” includes a natural person, a legal entity and a legal arrangement;

(d) “transaction in foreign currency” means receiving payment in foreign currency.

Page 2 of 6

---

Article 3: General Rules and Applicability

(1) In accordance with relevant laws and regulations governing monetary obligations in Rwanda, the Rwandan Franc is the only legal tender.

(2) Except for the specific persons permitted under this Directive and for circumstances expressly outlined herein, all monetary obligations or transactions entered or made in the Republic of Rwanda must be transacted in Rwandan Franc.

(3) Under this Directive, the conversion in any foreign currency by authorised dealers shall be performed using the average exchange rate published by the Central Bank for that day without imposing an additional fee, surcharge or unfavourable rate.

Article 4: Authorised dealers

(1) The following persons are deemed authorised dealers for the purposes of this Directive and don't need to apply for further authorisation from the Central Bank, provided they comply with all other provisions herein:

(a) Real estate companies that hold a valid Investment certificate and are approved by the Rwanda Development Board to transact in foreign currency.

(b) Tourism entities and travel agencies that hold a valid Tourism Operating License from the Rwanda Development Board;

(c) Entities registered or licensed by a competent authority and operating under the Kigali International Financial Centre regime, as recommended by Rwanda Finance Limited.

(d) Kigali International Arbitration Centre;

(e) Mining operators dealing in minerals trading;

(f) Aviation and related logistics service providers;

(g) Air ticketing agencies;

(h) Land-Water Cross-Border Transport and related Logistics;

(i) Duty-free shops;

(j) Casinos;

(k) International schools, universities and higher learning institutions;

(l) Suppliers or service providers to diplomatic missions, including embassies; consulates, UN missions, and international (similar) organisations accredited to Rwanda;

Page 3 of 6

---

(m) An expatriate authorized to work in Rwanda, or any person employed or providing service to an entity that uses foreign currency sourced from outside Rwanda;

(n) Supplier or service providers of expatriates and persons who receive or get income in foreign currency sourced from outside Rwanda;

(o) Any other person that may be authorized by the Central Bank.

(2) Unless agreed upon by the parties, an authorized dealer is prohibited from refusing payment made in Rwandan Franc nor from compelling any person to pay in foreign currency in Rwanda.

(3) Where prices are displayed in foreign currency, the authorised dealer concurrently displays the Rwandan Franc equivalent using the average exchange rate published by the Central Bank for that day and accepts payment in Rwandan Franc without surcharge.

CHAPTER II: REQUIREMENTS AND AUTHORIZATION PROCESS

Article 5: Application Process and Requirements for Authorization

(1) Any person not listed in Article 4 of this Directive seeking to act as an authorised dealer must submit his or her application to the Central Bank for authorization through the Non-Bank Financial Institutions Department to “https://e correspondence.bnr.rw/. Where an association exists, it may apply on behalf of the sector.

(2) The applicant submits an application letter with information demonstrating that:

(a) the nature of their business requires transacting in foreign currencies;

(b) the actual or expected cash inflows and outflows in foreign currency;

(c) they hold foreign currency accounts in licensed intermediaries.

(3) The applicant also submits:

(a) a certified copy of registration and incorporation documents (if applicable);

(b) a current tax-clearance certificate;

(c) copies of any agreements denominated in foreign currency (if applicable);

(d) the financial statements of the two previous years reflecting foreign currency transactions (if applicable);

(e) recommendation letter from the Rwanda Development Board (where applicable);

Page 4 of 6

---

(f) any additional information or documents as may be requested by the Central Bank.

Article 6: Assessment of the application

(1) Upon receipt of the application file, the Central Bank assesses the application for completeness, authenticity and substantive compliance with the authorization requirements.

(2) Within five (5) working days, the Central Bank issues an acknowledgment notice indicating whether the application is complete or specifying any identified deficiencies.

Article 7: Grant of Authorization

(1) The Central Bank decides whether to grant or deny authorization within twenty (20) working days from the date of receipt of a complete application and shall notify the applicant in writing.

(2) If authorization is denied, the notification specifies the grounds for denial.

(3) Without prejudice to paragraph (1) of this Directive, if the Central Bank fails to issue a decision within the prescribed period, it shall communicate to the applicant the reasons for the delay. In such a case, the decision period shall be extended once, for a maximum of ten (10) additional working days. If no decision is issued within the extended period and no further written justification has been provided, the application shall be deemed approved.

Article 8: Suspension or revocation of the Authorization

(1) An authorised dealer under Article 4 or who was authorised under Article 7 of this Directive may be suspended or revoked by the Central Bank where:

(a) the authorization was obtained through fraudulent means;

(b) there is a breach of laws or regulatory frameworks;

(c) the business no longer meets the authorization requirements, or any other breach as determined by the Central Bank;

(d) for any other reason of public interest relating to the safety, soundness or integrity of the financial system.

(2) Before suspending or revocation of an authorization, the Central Bank shall issue a written notice outlining the violations and allow the authorized dealer ten (10) working days to submit written representations.

Page 5 of 6

---

(3) The affected authorized dealer may submit a written appeal to the Governor of the Central Bank, requesting a review of the decision within 10 working days upon receipt of the suspension or revocation decision.

(4) The Central Bank publishes the suspension or revocation on its website within five (5) working days.

CHAPTER III: MISCELLANEOUS AND FINAL PROVISIONS

Article 9: Record keeping

An authorized dealer maintains all transaction records for a minimum of ten (10) years in a form that is readily retrievable and capable of being reproduced.

Article 10: Sanctions for non-compliance

Any violation of the provisions of this Directive attracts administrative sanctions as provided under the applicable Regulations.

Article 11: Enforcement Authorities

The Rwanda Inspectorate, Competition and Consumer Protection Authority, the Rwanda National Police, and Local Government Authorities, in collaboration with the Central Bank, shall be responsible for the enforcement of this Directive and all applicable foreign exchange regulations. Enforcement is carried out within their respective legal mandates and in coordination with relevant institutions as necessary.

Article 12: Transition Period

Any person with an existing contract denominated in foreign currency at the time of publication of this Directive, and who is not included in the list of authorized dealers provided under Article 4, has a period not exceeding six (6) months from the date of publication to comply with the provisions of this Directive.

Article 13: Repealing Provision

The Directive n° 0520/2023-00041 [613.1.4] of 22/02/2023 on transactions in foreign currencies and any prior provisions contrary to this Directive are repealed.

Article 14: Entry into force

This Directive enters into force on the date of its signature.

Done in Kigali on September 17, 2025

[Signature] Digitally signed by NBR(Governor)

Soraya M. HAKUZIYAREMYE Governor

Page 6 of 6