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Rwanda’s Central Bank Adopts New Regulation

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Kigali, Rwanda - The National Bank of Rwanda (BNR) has adopted a new regulation aimed at enhancing transparency and accountability in its operations. The regulation was published in the Official Gazette on March 5, 2021.

Key Provisions

The new regulation outlines several key provisions:

• Board Meetings: The BNR Board of Directors shall meet twice a year to discuss key issues affecting the country’s financial sector.
• Meeting Convening: The meetings shall be convened by the Chairperson or Vice-Chairperson of the Board in the absence of the Chairperson.
• Disclosure of Confidential Information: Confidential information may be disclosed to public sector agencies and institutions responsible for executing laws related to anti-money laundering and combating terrorism.
• Transition Period: The incumbent Board of Directors will continue to discharge its duties for a period of one year.

Background

The National Bank of Rwanda is the central bank of Rwanda, responsible for regulating and supervising the country’s financial sector. Its primary objectives are:

• Maintain price stability
• Promote economic growth
• Ensure financial stability

The new regulation is aimed at enhancing transparency and accountability in the BNR’s operations, ensuring that its decisions and actions are guided by sound principles and best practices.

Conclusion

The adoption of this new regulation marks an important milestone in Rwanda’s efforts to strengthen its financial sector. It demonstrates the country’s commitment to promoting transparency, accountability, and good governance in all aspects of its economy.