Rwanda Forex Bureau, Money Exchange Rates

Online guide to Rwanda money and foreign exchange rates. We list credible forex bereaux offering the best rates in Kigali and other towns in Rwanda.

RWANDAN CURRENCY AND MONEY

The Rwandan Franc is the currency of Rwanda. Our currency rankings show that the most popular Rwanda Franc exchange rate is the RWF to USD rate. But this has come a long way and we are going to discover the journey Rwanda has moved to where they are in terms of their currency and money.

HISTORY

Back in 1916, the Belgium congo franc became the currency of Rwanda replacing the German East African rupie. This was after Belgium took over Rwanda as a colony from German. This lasted until 1960 when the Rwanda and Burundi franc came into play. Thereafter in 1964 Rwanda began issuing its own francs.

COINS

Coins saw their way into Rwanda in the same year that Rwanda began issuing their own francs. This was in 1964. The coins were introduced for 1, 5 and 10 francs, where the 1 and 10 francs were made of cupronickel and the 5 francs made of bronze but aluminium 1 franc coins were introduced in 1969, then ½ and 2 francs also made of aluminium were brought in 1970. In 1974 a reduced sized copper-nickel 10 franc coin was issued. In 1977 brass 20 and 50 francs were introduced and there after new series of 1-50 Francs coins issued in 2004. 2008 saw a new bimetallic coin of 100 francs make its way into the Rwandan currency.

 

BANK NOTES

Rwanda created provisional notes bearing original dates and signatures by handstamping (20 to 100 francs) or by embossing (500 and 100 francs) in 1964. Regular issues of the same amounts dated 1964 to 1976 followed. In 1977 the 20 and 50 franc notes were replaced by coins and 5000 franc notes in 1978. Mid December 2007 saw the ever first nation’s 2000 franc note and the 100 franc note replaced with a bimetallic coin.

The National Bank of Rwanda on the 24^th September 2013, issued a redesigned 500 franc note that depicts cows on the front and at the back are students with XO computers. Then December 2014, they revised the security features on the 200 and 5000 franc notes as well as removed French descriptions on the notes.

EXCHANGE RATE

Also known as forex rate or foreign-exchange rate, exchange rate is the rate at which one currency is exchanged for another. It is also a way the value of one country’s currency is regarded in terms of another currency. Many money dealers in the retail currency exchange market quote a different buying rate and selling rate. The buying rate refers to the rate at which money dealers buy the foreign currency, while the selling rate refers to the rate at which they sell the currency. These rates incorporate an allowance for the dealer’s profit in trading.

So if you are taking a trip to Rwanda or planning on one, beware of the Rwandan money and be keen to check the exchange rates before you are taken by surprise.

Bureaux de Change Rwanda