BANK OF THE REPUBLIC OF BURUNDI

REGULATION NO. 01/2026 ON THE INTERBANK MARKET IN LOCAL CURRENCY

The Governor of the Bank of the Republic of Burundi

In view of Law No. 1/34 of December 2, 2008 establishing the Statutes of the Bank of the Republic of Burundi;

In view of Law No. 1/17 of August 22, 2017 governing banking activities;

In view of Law No. 1/08 of March 27, 2025 amending Law No. 1/02 of February 4, 2008 on combating money laundering and terrorist financing;

Having reviewed the Interbank Money Market Regulation of January 2, 2003;

The Bank of the Republic of Burundi (BRB), considering the need to develop and modernize the money market in Burundi to improve monetary policy transmission,

Enacts:

Article 1: Definition

The local currency interbank market covered by this regulation is a segment of the money market where short-term loans and borrowings in Burundi Francs (BIF) are conducted between the participants specified in Article 3.

Article 2: Market Frequency

The BIF interbank market operates on all business days from 9:00 AM to 4:00 PM.

Article 3: Participants

The BIF interbank market is open to all commercial banks and other entities approved by the BRB that are connected to the Refinitiv platform.

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The BRB participates in said market, inter alia, by defining operating rules, ensuring regulatory compliance, and intervening in accordance with Article 12 of this regulation.

Article 4: Resources of the BIF Interbank Market

The BIF interbank market is funded by resources provided by commercial banks and, where applicable, by the BRB.

Article 5: Market Location

Transactions in the BIF interbank market are negotiated electronically via the Refinitiv platform. Settlements and deliveries are processed through the RTGS-CSD systems based on tickets generated by the Refinitiv platform.

Article 6: Communication of Loan or Borrowing Intentions on the BIF Interbank Market

Participants in the BIF interbank market must electronically communicate to all other participants their projected liquidity loan or borrowing amounts likely to be presented on the interbank market, as well as the minimum rates for lenders and maximum rates for borrowers that may be applied, every morning before 9:00 AM and every afternoon before 2:30 PM.

Article 7: Market Operations

Transactions in the BIF interbank market are executed at rates freely negotiated between participants via the Refinitiv platform, within the rate limits specified in Article 6 of this regulation.

The loan/borrowing offer is sent to all market participants through said platform, and they have a minimum period of one hour from the publication of the offer to submit their proposals and proceed with negotiations via the same platform.

In case of agreement between participants, the transaction is concluded after the expiration of the minimum offer submission period indicated in the preceding paragraph.

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Article 8: Term of Interbank Loan

The term of the interbank loan varies as follows: one (1) day, seven (07) days, fourteen (14) days, twenty-eight (28) days, ninety-one (91) days, one hundred eighty-two (182) days, two hundred seventy-three (273) days, and three hundred sixty-four (364) days.

Article 9: Eligible Collateral for Interbank Operations

The value of eligible assets provided as collateral must fully cover the loan granted, plus a haircut, interest payable, and other related payments.

Eligible collateral includes Treasury securities, BRB securities, and any other collateral deemed eligible by the BRB.

Eligible collateral assets must cumulatively meet the following conditions:

1. Be owned by the eligible participant;
2. Not be pledged or free of any encumbrances;
3. Have a maturity date subsequent to that of the transaction executed.

Collateral is released on the loan maturity date and as soon as funds are credited to the lender's account held at the BRB.

During the term of the interbank loan, accrued interest on the relevant securities is credited to the ordinary account or settlement account of the Transferee in the books of the BRB. The latter must transfer these interest payments to the Transferor's account no later than two (2) days after receiving the statement.

Article 10: Settlement of Transactions

Settlement of transactions on the BIF interbank market takes place on the same day.

Any participant must ensure the availability of the amount and securities serving as collateral for settlement. In case of non-compliance, the parties refer to the current Global Framework Agreement regarding Delivery vs. Payment (DvP) operations.

Article 11: Repayment of Transactions

Repayment of transactions on the BIF interbank market is made according to the conditions and timeframes agreed upon by the parties. In case of non-compliance, the parties refer to the current Global Framework Agreement regarding Delivery vs. Payment (DvP) operations.

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Article 12: BRB Intervention on the BIF Interbank Market

The Bank of the Republic of Burundi may, at its discretion, intervene in the BIF interbank market, both as a buyer and seller, to balance transaction volumes. The minimum rate applicable on sales operations is the policy rate, while that for purchase operations is the offered rate without exceeding the policy rate.

Article 13: Unavailability of the Refinitiv Platform

In the event of Refinitiv platform unavailability for all participants, negotiations are conducted in accordance with BRB instructions.

Article 14: Repeal Clause

All prior provisions contrary to this regulation are hereby repealed.

Article 15: Entry into Force

This regulation enters into force on the day of its publication in the Official Bulletin of Burundi and on the BRB website.

Done in Bujumbura, on January 16, 2026

Edouard Normand BIGENDAKO
Governor-