Bond Market


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.

Capital controls

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.

Investor Protection

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.