National Bank of Rwanda
Encyclopedia
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of Rwanda
Rwanda
Rwanda or , officially the Republic of Rwanda , is a country in central and eastern Africa with a population of approximately 11.4 million . Rwanda is located a few degrees south of the Equator, and is bordered by Uganda, Tanzania, Burundi and the Democratic Republic of the Congo...
. The bank was founded in 1964 and is quartered in Kigali
Kigali
Kigali, population 965,398 , is the capital and largest city of Rwanda. It is situated near the geographic centre of the nation, and has been the economic, cultural, and transport hub of Rwanda since it became capital at independence in 1962. The main residence and offices of the President of...
; it operates Rwanda's principal securities exchange, the Rwanda Over The Counter Exchange
Rwanda Over The Counter Exchange
The Rwanda Over The Counter Market , was a stock market in Rwanda. It was founded on January 31, 2008 and operated out of the Rwandan capital of Kigali. The market was run by the Rwandan government, with ambitions to become independent...
.http://news.bbc.co.uk/1/hi/business/7220603.stm
History
The central bank, whose name is abbreviated to "BNR", evolved step by step:- Royal Decree of 27th July 1887 establishes the francFrancThe franc is the name of several currency units, most notably the Swiss franc, still a major world currency today due to the prominence of Swiss financial institutions and the former currency of France, the French franc until the Euro was adopted in 1999...
as the money of account for the Independent State of Congo, and Rwanda is included as well. - Heligoland Agreement of 1890 puts Rwanda and Burundi within the German sphere of influence in Africa; the German East African rupieGerman East African rupieThe Rupie was the currency of German East Africa between 1890 and 1916, continuing to circulate in the Tanganyika Territory until 1920.-History:...
is the official currencyCurrencyIn economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
; circulation of the French francFrench francThe franc was a currency of France. Along with the Spanish peseta, it was also a de facto currency used in Andorra . Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amount of money...
continues nonetheless. - As a result of BelgiumBelgiumBelgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
's actions, the Belgian CongoBelgian CongoThe Belgian Congo was the formal title of present-day Democratic Republic of the Congo between King Leopold II's formal relinquishment of his personal control over the state to Belgium on 15 November 1908, and Congolese independence on 30 June 1960.-Congo Free State, 1884–1908:Until the latter...
becomes a member of the Latin Monetary UnionLatin Monetary UnionThe Latin Monetary Union was a 19th century attempt to unify several European currencies, at a time when most circulating coins were still made of gold and silver...
in 1908. - Bank of Belgian Congo established in 1909.
- Bank of Belgian Congo issues its first banknotes in 1912.
- Rwanda and Burundi attached to the Congo Franc Zone following GermanyGermanyGermany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
's defeat in World War IWorld War IWorld War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
; 1927 - Colony of Belgian Congo and the Bank of Belgian Congo create a new relationship; 1927 - 1952
- World War IIWorld War IIWorld War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
era: temporary involvement of the Bank of EnglandBank of EnglandThe Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
; Congo franc is listed in London.
- World War II
- Belgian Congo and Ruanda-Urundi Central Bank (BCCBRU) 1952 - 1960
- Banque d' Emission du Rwanda et du Burundi (BERB) / (Issuing Bank of Rwanda and Burundi) - 1960 - 1964
- Royal Bank of Burundi (BRB) and the Banque Nationale du Rwanda (BNR) open in 1964.
- (Banque de la République du Burundi (BRB) opens in 1966.)
See also
- Central banks and currencies of AfricaCentral banks and currencies of AfricaThere are two African currency unions associated with multinational central banks; the West African Banque Centrale des Etats de l'Afrique de l'Ouest and the Central African Banque des Etats de l'Afrique Centrale...
- Economy of RwandaEconomy of RwandaRwanda is a rural country with about 70% of the population engaged in agriculture. It is the most densely populated country in Africa; is landlocked; and has few natural resources and minimal industry. Primary exports are coffee and tea...
- List of central banks
- Rwandan francRwandan francThe Rwandan franc is the currency of Rwanda. It is subdivided into 100 centimes.-History:...