Tour companies are also exempt, but they must also put prices in Rwandan Francs
The National Bank of Rwanda (BNR) has issued a new Directive on Foreign Exchange Operations (September 17, 2025), tightening restrictions on domestic use of foreign currencies while clarifying categories of businesses and individuals that remain exempt.
The directive follows earlier regulations that introduced fines of up to Rwf 10 million for unauthorized foreign currency pricing or transactions.
Who Is Exempt?
BNR makes it clear that while the Rwandan Franc must be used for all domestic transactions, certain categories remain allowed to transact in foreign currencies.
They include:
(a) Real estate companies that hold a valid Investment certificate and are approved by the Rwanda Development Board to transact in foreign currency.
(b) Tourism entities and travel agencies that hold a valid Tourism Operating License from the Rwanda Development Board;
(c) Entities registered or licensed by a competent authority and operating under the Kigali International Financial Centre regime, as recommended by Rwanda Finance Limited.
(d) Kigali International Arbitration Centre;
(e) Mining operators dealing in minerals trading;
(f) Aviation and related logistics service providers;
(g) Air ticketing agencies;
(h) Land-Water Cross-Border Transport and related Logistics;
(i) Duty-free shops;
(j) Casinos;
(k) International schools, universities and higher learning institutions;
(l) Suppliers or service providers to diplomatic missions, including embassies; consulates, UN missions, and international (similar) organisations accredited to Rwanda;
(m) An expatriate authorized to work in Rwanda, or any person employed or providing service to an entity that uses foreign currency sourced from outside Rwanda;
(n) Supplier or service providers of expatriates and persons who receive or get income in foreign currency sourced from outside Rwanda;
(o) Any other person that may be authorized by the Central Bank.
BNR says where prices are displayed in foreign currency, the authorised dealer concurrently displays the Rwandan Franc equivalent using the average exchange rate published by the Central Bank for that day and accepts payment in Rwandan Franc without surcharge.
HERE IS FULL REGULATORY CIRCULAR
Why It Matters
Hotels, landlords, tour operators, restaurants, and other local service providers are no longer permitted to quote or advertise in foreign currency when dealing with Rwandan residents, unless they fall under the exempt categories above. All prices and contracts must be denominated in Rwandan Francs.
BNR says the exemptions ensure Rwanda remains open to international trade, investment, and diplomatic obligations, while the stricter rules are designed to protect the value of the Rwandan Franc and prevent creeping dollarization of the economy.
