Charging Goods or Services in Foreign Currency to Be Fined up to Rwf 10 Million

Such online advertising is common in Rwanda. The central bank has given warnings previously, but it seems has opted to amend the change the regulations to show it’s serious

In a major move to tighten control over the use of foreign currency in Rwanda, the National Bank of Rwanda (BNR) has introduced new regulations that will see individuals and businesses fined up to Rwf 10 million if they charge for goods or services in foreign currencies without proper authorization.

The new regulation is a firm statement from the National Bank of Rwanda that the country will no longer tolerate unregulated use of foreign currency in local transactions.

While Rwanda continues to welcome international trade and investment, it also wants to ensure that the Rwandan Franc remains strong, respected, and widely used.

The regulation, which was published in the Official Gazette on May 30, 2025, clearly states that pricing or transacting in foreign currencies like the US Dollar (USD), Euro (EUR), or others is no longer allowed for domestic transactions unless the business or individual has been granted permission by BNR.

The change is part of a wider effort by the Central Bank to protect the value of the Rwandan Franc (FRW) and prevent informal or illegal use of foreign currencies within the country’s economy.

What’s Changing?

Previously, it was common to find hotels, tour operators, high-end restaurants, and even some landlords quoting their prices in USD or Euros, especially when dealing with foreign clients.

Some businesses even printed menus, invoices, or advertisements with prices listed in foreign currency. Under the new regulation, such practices are now explicitly prohibited unless the business has special authorization from BNR.

The new rules make it illegal to display, advertise, communicate, or invoice prices in foreign currencies when offering services or goods within Rwanda.

Even verbally telling a customer the price in USD without a license to do so is now considered a violation.

According to the regulation, this ban covers all forms of communication about prices in foreign currency — including contracts, marketing materials, receipts, and even social media posts.

This means businesses must now ensure that their pricing and promotional materials strictly use Rwandan Francs when dealing with residents or doing business within the country.

What Are the Penalties?

The penalties for violating this rule are significant. Any person or business found pricing goods or services in foreign currency without approval will be fined Rwf 5 million for the first offense.

If the same person or business repeats the offense, the fine doubles to Rwf 10 million.

Even harsher fines are in place for those who actually carry out transactions in foreign currency. If someone receives or pays money in foreign currency for a local transaction without approval, they can be fined 50 percent of the amount involved in the first instance.

If they do it again, the fine rises to 100 percent of the amount transacted.

For example, if a business illegally receives a payment of $1,000 from a local client, they could be fined over Rwf 600,000 the first time.

If they repeat the offense, they could lose the full amount as a penalty. These fines are calculated using the official exchange rate on the day the violation is identified.

The regulation also makes it clear that auctioning in foreign currency, or helping others to do so, is strictly forbidden unless approved by the Central Bank.

Any individual or company participating in such activities may be fined 50 percent of the total amount involved in the auction.

Furthermore, any licensed intermediary or dealer — including banks and forex bureaus — that knowingly transacts in foreign currency with a Rwandan resident in violation of the law will also face the same level of fines.

What Is Still Allowed?

Despite these strict controls, the regulation does not ban all use of foreign currencies. Businesses are still allowed to make and receive payments in foreign currencies when the transactions involve imports or exports.

This means a Rwandan business paying a supplier in China or receiving payment from a client in Europe is not affected by the new rules, as long as the payment relates to cross-border trade.

Licensed banks and foreign exchange bureaus can also continue operating as usual, provided they follow the rules and do not deal in foreign currency with residents in unauthorized ways.

This clarification is particularly important for companies involved in international business. They are encouraged to keep proper documentation and ensure their foreign currency transactions are only for cross-border dealings and are reported appropriately to the Central Bank.

Who Will Enforce This?

The National Bank of Rwanda will lead the enforcement of these regulations, in collaboration with other relevant institutions.

Offenders who do not pay the fines within 15 days of notification will be reported to the Credit Bureau. Once reported, they will also be charged a daily penalty of 1 percent of the fine until full payment is made.

For instance, if someone is fined Rwf 10 million and does not pay on time, they will incur an additional Rwf 100,000 for every day of delay.

This approach is designed to prevent individuals or businesses from ignoring the law and to ensure compliance is swift.

The Central Bank also stated it would work closely with financial institutions and regulatory bodies to monitor and investigate suspected violations.

Everyone Must Report Illegal Use

In an effort to further strengthen the enforcement of the regulation, BNR has introduced a new rule that makes it mandatory for anyone who becomes aware of illegal foreign currency activity to report it.

Whether it’s a customer, employee, or competitor — anyone who knows about unauthorized foreign currency pricing or transactions must inform the Central Bank.

Importantly, whistleblowers are protected by law. Anyone who reports in good faith cannot be punished or retaliated against for exposing a violation.

This protection is aimed at encouraging more people to come forward with useful information that can help the authorities stop illegal practices.

For businesses, the message is clear: unless you are authorized, you must price and transact in Rwandan Francs.

For the public, the regulation brings clarity and consistency in how goods and services are paid for. And for the country’s economy, it strengthens national control over monetary policy.

Those in doubt about whether their business can continue using foreign currency should contact the National Bank of Rwanda directly for guidance — before they risk hefty fines or legal trouble.