Rwandan Franc

Overview

Economy

• Rwanda is a member of AU, EAC, COMESA, Commonwealth.
• Main industries include: Cement, Agricultural products, Small-scale beverages, Soap, Furniture, Shoes, Plastic goods, Textiles, Cigarettes.
• Rwanda is part of the World Trade Organization.
• Imports are foodstuffs, machinery, equipment, steel, petroleum products, cement, construction material.
• Major exports include coffee, tea, hides, tin ore.
• GDP: $13.3 billion (2023 est.).
• GDP per capita: $966 (2023 est.).
• Unemployment rate: 13.2% (2014 est.).
• Inflation rate: 13.9% (2023 est.).
• Main trading partners: China, Kenya, India, Belgium, Germany, United States.
• Trade agreements: EAC Common Market, COMESA FTA, African Continental Free Trade Area.

History

• Previous currencies used: Rwanda and Burundi franc, Belgian Congo franc.
• The Rwandan franc was introduced in 1964, replacing the Rwanda and Burundi franc after the two countries separated their monetary systems following independence.
• 1964: RWF introduced, replacing Rwanda and Burundi franc
• 1978: National Bank of Rwanda established
• 1994: Genocide and economic collapse
• 1995-2000: Post-genocide reconstruction and currency stabilization
• 2000s: Economic growth and financial sector development
• 2019: African Continental Free Trade Area participation
• Exchange rate peg: Managed float.

General Information

• ISO 4217 Code: RWF
• Symbols: RWF/Fr
• Currency Subunits: 100 centimes
• Central Bank: National Bank of Rwanda
• Monetary Policy: Inflation targeting with managed floating exchange rate. Focus on price stability and supporting rapid economic development.
• Bills: 500 RWF, 1000 RWF, 2000 RWF, 5000 RWF
• Coins: 1 franc, 2 francs, 5 francs, 10 francs, 20 francs, 50 francs, 100 francs
• USD Exchange Rate: Variable (approximately 1280-1300 RWF per USD)
• Pegged To: None (Floating)
• Capital: Kigali
• Population: 13,776,698 (2023 est.)
• Area: 26,338 km²
• Languages: Kinyarwanda (official), French (official), English (official), Swahili
• Time Zones: UTC+2 (Central Africa Time)
• Government Type: Presidential republic
• Head of Government: President (head of state and government)
• Independence: July 1, 1962 (from Belgium-administered UN trusteeship)
• Ethnic Groups: Hutu 84%, Tutsi 15%, Twa 1%
• Religions: Protestant 57.7%, Roman Catholic 38.2%, Muslim 2.1%, Other 1.6%, None 0.2%, Unspecified 0.2%
• Literacy Rate: 73.2% (2018 est.)
• Transport: Kigali International Airport, improving road network, landlocked requiring transit through neighboring ports
• Communications: Good telecommunications, 70% internet penetration, extensive mobile coverage
• Energy: Hydroelectric 56%, Thermal 31%, Solar 8%, Biogas 5%
• Countries Using This Currency: Rwanda
• Data Sources: Central Bank: National Bank of Rwanda (bnr.rw), Economic Data: National Institute of Statistics of Rwanda, World Bank, IMF, Trade Data: Rwanda Revenue Authority, Demographic Data: National Institute of Statistics of Rwanda, Geographic Data: Rwanda Meteorology Agency, Historical Data: National Bank of Rwanda archives
• Last Updated: 2025