The National Bank of Rwanda has issued Regulation No. 89/2025 amending the framework for foreign exchange operations and setting pecuniary sanctions for unauthorised pricing, transacting, or auctioning in foreign currency. Except for export- or import-related payments, and transactions by hotels, casinos, travel and tourism agencies, duty-free shops, and international schools when dealing with non-residents, pricing goods or services or conducting transactions in foreign currency without prior National Bank of Rwanda authorisation constitutes an administrative fault. For pricing in foreign currency, the sanction is FRW 5,000,000 for the first instance and FRW 10,000,000 for the second instance and above. For transacting in foreign currency, the sanction is 50% of the transacted amount for the first instance and 100% of the transacted amount for the second instance and above. Calling for or participating in foreign currency auctions is sanctioned at 50% of the total auctioned amount. The National Bank of Rwanda indicated it will continue to address unlawful foreign-currency operations in collaboration with law enforcement agencies and encouraged reporting of suspected illegal pricing, transacting, or auctioning in foreign currency.
National Bank of Rwanda 2025-06-16
National Bank of Rwanda sets FRW 5 million to 10 million fines and up to 100% penalties for unauthorized foreign-currency use
The National Bank of Rwanda issued Regulation No. 89/2025, amending the foreign exchange operations framework and imposing sanctions for unauthorized foreign currency activities. Unauthorized pricing or transactions in foreign currency incur fines of FRW 5,000,000 to FRW 10,000,000, or 50% to 100% of the transacted amount. The bank will collaborate with law enforcement to address violations and encourages reporting of illegal activities.