Executive summary

The National Bank of Rwanda (NBR) issued a directive on 17 September 2025 that, effective immediately, repeals rules issued in May 2025 on foreign exchange operations. The directive has introduced significant changes to the foreign exchange regulatory framework in Rwanda.

Notably, the directive identifies persons who may transact in foreign currency, the process of obtaining authorization and compliance requirements for businesses and individuals.

This Alert highlights the key provisions under the directive.

General provisions

The directive reaffirms that the Rwandan Franc is the sole legal tender for monetary obligations within Rwanda. Transactions in foreign currency are permitted only by authorized persons and entities as specified in the directive. All other payments must be made in Rwandan Francs unless expressly authorized. Authorized dealers must apply the Central Bank's published exchange rate for conversions and are prohibited from levying additional fees or surcharges.

Authorized dealers

The following entities and persons are automatically authorized to transact in foreign currency:

• Real estate companies with an investment certificate from Rwanda Development Board
• Licensed tourism entities and travel agencies
• Entities under the Kigali International Financial Centre regime
• Kigali Arbitration Centre
• Mining operators dealing in minerals trading
• Aviation and related logistics service providers
• Air ticketing agencies
• Land-water cross-border transport and related logistics
• Duty-free shops
• Casinos
• International schools, universities and higher learning institutions
• Suppliers/service providers to diplomatic missions and international organizations
• Expatriates and those providing services to entities using foreign currency sourced from outside Rwanda
• Any other person authorized by the Central Bank

Application process for authorization

Entities or persons not designated as authorized dealers must seek approval from the Central Bank, substantiating their business need for foreign currency transactions with relevant documentation such as registration certificates, tax clearance, agreements, financial statements and recommendations where applicable. The Central Bank shall respond within 20 working days, with a possible extension of 10 days. Absence of a decision within this period constitutes deemed approval.

Suspension or revocation of authorization

The Central Bank may suspend or revoke the authorized dealer for reasons such as fraud, legal breaches, or failure to meet requirements. Before taking such action, the Central Bank must notify the authorized dealer and allow a 10-day period for response. Dealers may appeal to the Governor within 10 working days of receiving a suspension or revocation notice.

Record keeping and enforcement

Authorized dealers must keep transaction records for at least 10 years. Noncompliance may result in administrative sanctions. Enforcement is carried out by the authorized authority.

Transition period and repeal

Persons with existing contracts in foreign currency who are not authorized dealers have six months from the date of publication to comply with the new directive. All previous directives on foreign exchange operations are repealed, and the new rules are now in force.

Next steps

Affected businesses and individuals should review their contracts and operations to ensure compliance within the transition period. Entities not automatically authorized should submit applications to the Central Bank promptly and maintain proper records of all foreign currency transactions.