📢 New FX Compliance Rules in Rwanda: Key Points for Business Leaders

Effective 30 May 2025, the National Bank of Rwanda (NBR) has enacted Regulation No. 89/2025, reinforcing long-standing restrictions on the use of foreign currency (FX) in local transactions.
While Rwanda has always prohibited pricing or settling local obligations in FX, the amended regulation introduces strict definitions, heavier penalties, and a clear mandate to enforce.

Key Points to Note:
▪️ All resident-to-resident transactions must be priced, invoiced, and paid in Rwandan francs (RWF).
▪️ Merely quoting or advertising prices in FX to a Rwandan resident now qualifies as a violation  even verbally or digitally.
▪️ FX is only allowed for genuine cross-border activities (imports, exports, or NBR authorized cases).
▪️ Penalties start at RWF 5 million and can rise to 100% of the FX involved in unlawful transactions.
▪️ A new whistle-blower clause (Article 37 bis) makes it mandatory to report violations.

💼 Our Recommendations for Your Business:
– Review all pricing, marketing, invoicing, and contractual documents, remove FX references for domestic clients.
– Amend employment contracts and payroll systems to reflect RWF denomination.
– Restrict FX accounts to cross-border transactions with full documentation.
– Implement an internal reporting mechanism for FX violations and update your Code of Conduct to reflect the new legal duty under Article 37 bis.
– Liaise with Visions Africa to assess your situation and receive recommendations on where we can support you in applying for special treatments/approvals from the National Bank.

⏳ The cost of inaction is high, both in monetary terms and reputational risk.

We have compiled a detailed summary slide deck to help businesses understand the regulation and take immediate action. 👇

Regulation 892025