It’s been 4 years since the central bank of Rwanda BNR announced that people and companies are allowed to trade in dollars, saying that others who do so will be punished by law. let’s look at some of the contents of the law establishing the central bank of the country BNR, which may help you to know more about money and payments.
Who allowed to pay in dollars?
According to the BNR, those who can be paid in foreign currency are hoteliers, airline ticket sellers, airport sellers and casino players. The reason BNR gives to these people is that they work closely with foreigners. For example, a person can spend one night in Rwanda and spend the night in a hotel and buy a plane ticket at that time, which would require him to exchange his dollars, even though hotels are allowed to be paid in dollars without the right to exchange them.
When paying someone you should not exceed 100 coins of the same type
Article 38 of Law No. 48/2017 of 23/09/2017 governing the Central Bank of Rwanda provides for the authority of notes and coins in mutual payments.
This article states that if you are paying someone all the notes you give them, they will receive them, this rule also says that there is a special for coins because you should not exceed 100 coins of the same type (for example; 100 coins of 100 or 100 coins of 50). to pay someone but as long as the payee agrees there is no problem. Only the BNR, state coffers, banks or other financial institutions that receive public money should accept all coins regardless of their value.
BNR can lend to the government and earn interest
Article 49 of Law No. 48/2017 of 23/09/2017 regulates the central bank of Rwanda, which gives itself the ability to lend to the government when necessary and repay it at an interest rate calculated according to the average interest rates calculated daily on the banking market. .
The article says: “BNR cannot give loans to the State, except for the aid loan when there is a gap between the income and the expenditure of the State treasury so that it can continue to work properly. The aid loan cannot exceed eleven percent (11%) of the State’s revenue in the previous fiscal year. BNR takes on the debt referred to in the first paragraph of this article the interest calculated according to the average interest rate calculated daily in the banking market.
The BNR does not issue a judgment
Article 62: Exemption from charges and bail in BNR cases, in any case, no bail is charged or provided in advance by both parties in the circumstances stipulated by the law. No gram or other money goes to the treasury of the government.
“FRW” is the currency of Rwanda
FRW is the currency of Rwanda in all the languages used in Rwanda which are Rwandan, English and French as stipulated by article 34 of the law establishing BNR.
Both the Governor and the Deputy Governor must sign the note
The note is valid when there are both signatures of the governor and the deputy governor of BNR, the bins for signing the note are under the responsibility of these two leaders.
