Best Bitcoin Exchange for Rwanda

Agriculture employs more than 90% of the population and contributes significantly to GDP. Rwanda uses the Rwandan franc as legal tender and experiences an inflation rate of about 6.7%. Rwanda is a member of the East African Community and part of the plan to introduce the East African Shilling. The Rwandan franc is not tied to any currency, and therefore its value changes with changing economic trends.

History

Before the introduction of the Rwandan franc, Rwanda used various currencies depending on the colonial power that functioned at that particular time. The German East African rupee was the first currency used and was later replaced by the Belgian Congo franc.

The German East African Rupee

The German East African rupee was introduced in the East African colonies of the Germans in 1890. The currency was circulated in Rwanda, Burundi and Tanganyika. The currency existed in the form of coins and banknotes of various denominations issued by the Deutsch-Ostafrikanischen Bank. After the loss of Germany in World War I, the countries that used the German East African rupee replaced the currency. Rwanda adopted the Belgian Congo franc as its legal tender in 1916.

The Belgian Congo franc

The Belgian Congo franc was introduced by the Belgians as the official legal tender in the Congo. The circulation of the franc in Burundi and Rwanda began in 1916 after WW1. The franc existed in the form of coins and banknotes with coins made of various materials such as copper, nickel, bronze, brass and aluminum or a combination of two metals. In Rwanda, the currency remained the legal tender until 1960, when the Rwandan franc was introduced.

The Rwandan franc

The Rwandan franc is the official legal tender of Rwanda. The currency is abbreviated as RWF and has the symbols FRw and RF. The Banque Nationale du Rwanda is the central bank of Rwanda responsible for issuing the Rwandan franc. The Rwandan franc was introduced in 1960 with the first issue in 1964. Each franc has 100 subunits called centimes. The franc is issued in various denominations and forms. Coins come in small denominations of 1, 2, 5, 10, 20 and 50 francs, with the 100 franc coin being the highest rated coin. Coins are made of various metals such as bronze, aluminum, nickel, steel and copper. Some of the coins have mixed metals such as the 100 franc coin, which consists of copper plated steel in the middle and nickel on the outer ring. Banknotes are issued in 500, 1000, 2000 and 5000 francs and have different designs and colors. The 20-, 50- and 100-franc notes were replaced by coins in 2007 and 100 for the 1977-franc note. Recent editions of the high-quality banknotes have no French descriptions with reinforced security features.

Exchange rates

From July 7, 2017, the exchange rates of the Rwandan franc with various currencies local and regional are as follows. The exchange of Rwandan francs for 1 US dollar will take place for every 830.632518 Rwandan francs, 941.8957 Rwandan francs for every euro, 640.0559RWF for every Canadian dollar and 7.338638 Rwandan francs for every Japanese yen. The Rwandan franc is cheap compared to local currencies such as the Kenya Shilling, which changes at a rate of 1KES for every 8,00439.

At a glance

• Currency code: FRW, RWF
• Banknotes are available in denominations of 10,000, 5,000, 1,000, 500 and 100 FRW, coins in denominations of 50, 20, 10, 5 and 1 FRW, but they are no longer used.
• Currency exchange: The exchange of cash in local currency is possible. It is recommended that you take euros or US dollars with you, as other currencies in Rwanda have lower exchange rates. Cash should only be exchanged in banks, hotels or foreign exchange offices.
• Credit cards: Payments with common cards are only accepted in the capital in a few hotels and restaurants.
• ATMs: there are ATMs in Kigali, but often no international cards are accepted.
• Travelers Cheques: The exchange of traveller’s cheques for cash is possible, but time-consuming and associated with high fees. They can only be exchanged in the capital at the Banque de Kigali. Traveler’s cheques should be made out in US dollars.
• Foreign exchange regulations: The import of the national currency and of foreign currencies is declarable starting from an amount in the equivalent of 100 US$. The export of the local currency and foreign currencies is subject to declaration.
• Bank opening hours: Mon – Fri 08.30 – 12.30 and 14.00 – 17.00, Sat 08.30 – 11.30.