Bonds can be purchased by residents and non-residents. To buy fixed income securities, a prospective investor must open an account with a stockbroker.
Interest earned on fixed-income securities is subject to a 15% withholding tax, but interest earned on treasury bonds with a maturity of three years or more are subject to a reduced 5% tax rate.
Rwanda has no capital controls.
Foreign exchange controls and profit repatriation
Rwanda maintains a floating exchange rate regime in which the Rwandan franc is held within a narrow range against the US dollar. Foreign investors can repatriate profits, dividends, royalties, and interest payments freely, but transfers over $20,000 require documentation to comply with anti-money laundering regulations.
Rwanda’s legal, regulatory and accounting systems are transparent and consistent with international standards. According to the World Bank, Rwanda ranked third in 2013 – behind Mauritius and South Africa – for investor protection.
Rwanda’s Capital Markets Authority (CMA) has established an investor protection fund that protects invested amounts against default by any of the CMA’s intermediaries.
Current securities and prices
Current bond market information is available in the Rwanda Stock Exchange’s daily market reports available for download here.
Upcoming bond issues
|Tenor||Announcement Date||Open book date||Closing book date||Settlement date||Amount (RWF m)|
|5-Year Bond||08 February 2016||22 February 2016||24 February 2016||26 February 2016||15,000|
|15-Year Bond||09 May 2016||23 May 2016||25 May 2016||27 May 2016||N.A.|