In a public notice dated Monday, June 16, 2025, the central bank confirmed that it is now implementing Regulation n° 89/2024, which amends existing rules governing foreign exchange operations.
The updated regulation, published in the Official Gazette on 30 May 2025, introduces strict pecuniary sanctions for unauthorised pricing, transacting, or auctioning in foreign currencies.
'Any individual or entity that prices goods or services, or transacts in foreign currency without prior authorisation from the National Bank of Rwanda commits an administrative fault,' the notice read.
Under the new regulations, individuals or businesses found pricing goods or services in foreign currency without prior authorisation will face a fine of Frw 5 million for a first offence, which doubles to Frw 10 million for any subsequent violations.
Those caught transacting in foreign currency illegally will be penalised 50 percent of the total amount involved in the first instance, and 100 percent of the amount for repeat offences.
Additionally, anyone who calls for or takes part in unauthorised foreign currency auctions will be fined 50 percent of the total auctioned amount.
BNR Governor Soraya Munyana Hakuziyaremye emphasised that only certain exceptions apply, including transactions involving non-residents carried out by hotels, casinos, tourism operators, duty-free shops, and international schools, as well as payments related to imports or exports.
The regulator also encouraged the public to report suspicious or unlawful foreign exchange activities through official channels, including the Rwanda Investigation Bureau (RIB), Rwanda National Police (RNP), or local authorities.
The enforcement marks the start of a more aggressive stance by the central bank to stamp out unofficial foreign currency activity in Rwanda's economy following concerns over growing informal use of foreign currencies, particularly in the real estate, where rent or services are sometimes quoted in US dollars.
Wycliffe Nyamasege
