Rwanda - Foreign Exchange ControlsRwanda - Foreign Exchange Controls
Foreign exchange is liberalized, and commercial banks are allowed to buy foreign currency following an administered floating exchange rate. Controls are limited to cash withdrawals for travelers. Exporters are required to repatriate all export earnings within three months of their export. Repatriated foreign exchange should match the value stated in the export declaration. The central bank aspires to maintain foreign currency reserves equivalent to regionally agreed upon 4.2 months of imports, but has fallen short in recent years.
There are no legal restrictions on capital transfers in and out of Rwanda. Investors can obtain foreign exchange and make transfers at any authorized bank in order to repatriate profits and dividends, and make payments for imports and services. However, some investors have reported problems with their ability to perform currency transactions. The National Bank of Rwanda holds daily foreign exchange sales freely accessed by commercial banks. Bureaucratic hurdles continue to cause delays in processing and effecting transfers. Although there is generally no difficulty obtaining foreign exchange in Rwanda, some investors reported temporary severe foreign exchange shortages and delays in hard currency payments by the government for goods and services that can be delayed by months. Foreign exchange shortages are partly driven by the country's trade deficit, which created instability in the domestic currency market.
Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.
There are no legal restrictions on capital transfers in and out of Rwanda. Investors can obtain foreign exchange and make transfers at any authorized bank in order to repatriate profits and dividends, and make payments for imports and services. However, some investors have reported problems with their ability to perform currency transactions. The National Bank of Rwanda holds daily foreign exchange sales freely accessed by commercial banks. Bureaucratic hurdles continue to cause delays in processing and effecting transfers. Although there is generally no difficulty obtaining foreign exchange in Rwanda, some investors reported temporary severe foreign exchange shortages and delays in hard currency payments by the government for goods and services that can be delayed by months. Foreign exchange shortages are partly driven by the country's trade deficit, which created instability in the domestic currency market.
Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.