CAPITAL MARKET AUTHORITY

DIRECTIVE N°01/2025 OF 30 /10/2025 ESTABLISHING RULES GOVERNING THE ISSUANCE AND TRADING OF MULTICURRENCY DENOMINATED SECURITIES

The Capital Market Authority hereinafter referred to as “CMA”;

Pursuant to Law n°01/2011 of 10/02/2011 regulating capital market in Rwanda as modified to date;

Pursuant to Law n° 016/2025 of 02/06/2025 governing the Central Securities Depository, qualified financial contracts and netting agreement, especially in Article 9;

Pursuant to Law n°062/2021 of 14/10/2021 governing collective Investment in Rwanda;

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ISSUES THE FOLLOWING DIRECTIVE:

Article One: Purpose of this Directive

This Directive aims at governing the issuance and trading of multi-currency denominated securities in Rwanda.

Article 2: Denomination of securities in foreign currency

Eligible issuers are allowed to issue multi-currency denominated securities.

In this Directive the multi-currency denominated securities are financial instruments denominated in any currency other than the Rwandan Francs.

Article 3: Eligible issuer

The following may issue instruments denominated in foreign currencies:

(a) Government of Rwanda,

(b) Corporates that generate foreign currency revenues from their operations,

(c) Foreign entities

(d) Multilateral organization.

Article 4: Eligible investor

Investors permitted to participate in multi-currency securities are the following:

(a) Corporates that generate foreign currency revenues from their operations.

(b) foreign investors.

(c) Rwandans living abroad (Diasporas).

(d) International organizations with foreign currency sourced from abroad.

(e) Expatriates with justifiable income in foreign currencies.

Article 5: Issuance and trading modalities

(1) The issuance and trading of multi-currency-denominated securities adhere to applicable laws, regulations, and market rules.

(2) The central bank oversees the stability and prudential management of multi-currency activities in collaboration with the Capital Market Authority and the Rwanda Stock Exchange.

Article 6: Entry into force

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

Done in Kigali, on 20th November 2025

Thapelo Tsheole
Chief Executive Officer