Rwanda's National Bank Enforces Foreign Currency Pricing Ban Under New Regulation 89/2025

The National Bank of Rwanda has brought into force Regulation No. 89/2025, which prohibits businesses and individuals from pricing, advertising, or invoicing goods and services in foreign currency without explicit authorisation from the central bank. The regulation was published in the Official Gazette on 30 May 2025 amending the 2022 regulation governing foreign exchange operations.

Under the new framework, a first offence involving the unauthorised use of foreign currency in pricing or invoicing carries a fine of RWF 5 million. Repeat violations by the same entity attract a doubled penalty of RWF 10 million. Entities found to have conducted foreign-exchange transactions without approval face a fine equivalent to 50% of the transaction value on a first offence, rising to 100% for repeat breaches.

AUCTIONS, LATE PAYMENT AND PERMITTED TRANSACTIONS

Businesses that organise or participate in foreign exchange auctions without prior BNR approval face a separate penalty set at 50% of the auctioned amount. Any fines not settled within 15 days will accrue a surcharge of 1% of the fine per day of delay, and non-payment will be reported to the Credit Bureau.

The regulation applies to pricing displayed in shops, invoices issued to customers, advertising materials, and any contractual instrument denominating a transaction in a foreign currency. Transactions such as imports, exports and other authorised cross-border dealings remain permitted.