New BNR Forex Regulations Now in Effect in Rwanda: What Every Business in Rwanda Needs to Know (2025)

The National Bank of Rwanda (BNR) has issued stricter foreign exchange (forex) regulations, and they’re already in effect. These new rules are designed to strengthen the Rwandan Franc (RWF) and curb the widespread use of foreign currency—particularly the US dollar—in local transactions (as seen here: [1] , [2] and [3])

At ALSM Ltd, we’ve analyzed the impact of these changes and prepared practical steps to help your business stay compliant. 


The Core Issue: Why These Changes?

Too many businesses in Rwanda—especially in sectors like hospitality, real estate, and professional services—were pricing and accepting payments in USD for local goods and services. This practice undermines the use and stability of the Rwandan Franc (RWF).

What's Now Forbidden Under the New Rules?

Under the revised regulations:

❌ You CANNOT price, advertise, quote, invoice, or accept payment in USD, EUR, or any other foreign currency for local goods or services in Rwanda.

This includes:
  • Hotel price lists, menus, or websites in USD
  • Rental agreements quoted in dollars
  • Email or WhatsApp quotes in foreign currency
  • Invoices for services like consulting, accounting, or legal work—even verbal quotes

➡️ Even giving a verbal USD price to a Rwandan resident is considered a violation.

    Penalties for Non-Compliance

    BNR has significantly raised the stakes for violators:

    • RWF 5 million fine for the first offence

    • RWF 10 million fine for repeat offences

    • 1% daily surcharge if the fine is unpaid after 15 days

    • Up to 100% confiscation of the transaction value for repeated illegal FX transactions

      What Is Still Allowed?

      There are legitimate situations where FX use is permitted:
      • Imports/Exports (e.g., paying international suppliers or receiving export earnings)
      • Tuition, Travel, or Medical abroad (with documents)
      • Foreign Currency Accounts (with valid documentation for every transaction)
      • Special Approval – Businesses primarily dealing with non-residents (e.g., tour operators) can apply to the BNR for FX pricing permission.

      How ALSM Ltd Can Help

      At ALSM Ltd, we provide expert assistance to ensure your company stays fully compliant with Rwanda’s evolving regulatory landscape.

      Our support includes:

    • Contract & document review
      • Invoice & pricing compliance audits
      • Staff training & internal policy development
      • FX account usage review & documentation
      • BNR permission application (where applicable)

      Sunny MATETI

      Managing Partner


      Chartered Accountant and Certified Public Accountant, I excel in managing intricate tasks, adhering to strict deadlines, and providing outstanding results. My expertise is grounded in a solid 17+ years of experience in auditing, accounting, tax, and advisory services.

      Need Assistance?


      We are here to help you comply, protect your business, and avoid costly penalties.

      Phone: +250 784 441 144
      Website: www.alsm.ltd