Rwandan franc

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Rwandan franc
Franc Rwandais (French)
Ifaranga ry'u Rwanda (Kinyarwanda)
Rwanda francs.jpg
Current banknotes of the Rwandan franc
ISO 4217 code RWF
Central bank National Bank of Rwanda
 Website www.bnr.rw
User(s)  Rwanda
Inflation 15.4%
 Source The World Factbook, 2008 est.
Subunit
 1/100 centime
Symbol FRw, RF, R₣
Coins 1, 2, 5, 10, 20, 50 and 100 [1]francs
Banknotes 500, 1000, 2000, 5000 francs

The Rwandan franc[2] (sign: FRw,[3] and possibly RF[4] or R₣;[5] ISO 4217: RWF) is the currency of Rwanda. It is subdivided into 100 centimes.[2]

History[edit]

The franc became the currency of Rwanda in 1916, when Belgium occupied the previously German colony and the Belgian Congo franc replaced the German East African rupie. Rwanda used the currency of Belgian Congo until 1960, when the Rwanda and Burundi franc was introduced. Rwanda began issuing its own francs in 1964.

A proposal exists to introduce a common currency, a new East African shilling, for the five member states of the East African Community. While originally scheduled to occur by the end of 2012,[6] current proposals are for an introduction in 2015.

Coins[edit]

In 1964, coins were introduced for 1, 5 and 10 francs, with the 1 and 10 francs in cupronickel and the 5 francs in bronze. In 1969, aluminium 1 franc coins were introduced, followed in 1970 by ½ and 2 francs also in aluminium. A reduced sized copper-nickel 10 franc coin was issued in 1974.

Current Rwandan franc coins in circulation.

Brass 20 and 50 francs were introduced in 1977. New series of 1-50 Francs coins were issued in 2004 (dated 2003) and a new bimetallic coin of 100 Francs was introduced in 2008 (dated 2007)

  • 1 franc - 98% Aluminium, 2% Magnesium
  • 5 francs - Bronze
  • 10 francs - Bronze
  • 20 francs - Nickel-plated steel
  • 50 francs - Nickel-plated steel
  • 100 francs - Nickel-plated steel ring and Copper-plated steel centre

Banknotes[edit]

In 1964, provisional notes were created for use in Rwanda by handstamping (20 to 100 francs) or embossing (500 and 1,000 francs) Rwanda-Burundi notes bearing their original dates and signatures.[7] These were followed by regular issues for the same amounts dated 1964 to 1976.

20- and 50-franc notes were replaced by coins in 1977, with 5,000-franc notes introduced in 1978. The nation's first-ever 2,000-franc note was introduced in mid-December 2007. In 2008 the bank replaced the 100-franc note with a bimetallic coin, and revoked the notes’ legal tender status on 31 December 2009.

Banknotes of the Rwandan franc (Current issue)
Image Value Obverse Reverse
[1] 100 francs (Ijana Amafaranga) Farmer and buffaloes plowing a field Kiwu Lake at Kibuye
[2] 500 francs (Magana Atanu Amafaranga) Banque Nationale du Rwanda (National Bank of Rwanda) building, Kigali Tea harvest
[3] 1000 francs (Igihumbi Amafaranga) National Museum of Rwanda, Butare Golden monkey, Volcanoes national park
[4] 2000 francs (Ibihumbi Amafaranga) Satellite dish and a radio tower Coffee beans
[5] 5000 francs (Ibihumbi Bitanu Amafaranga) Gorillas in Volcanoes National Park Baskets

Historical exchange rates[edit]

Rwandan francs per US dollar:[6]

  • 262.20 (1995)
  • 393.44 (2000)
  • 610 (2005)
  • 570 (2010)
  • 689 (2014)
Current RWF exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD

See also[edit]

References[edit]

  1. ^ Worldcoinnews.blogspot.com. "Rwandan francs."
  2. ^ a b National Bank of Rwanda. "Legal tender." Accessed 2011-02-25.
  3. ^ National Bank of Rwanda. "Currency characteristics." Accessed 2011-02-25.
  4. ^ University of British Columbia: Saunders School of Business. "Currencies of the World." Accessed 2011-02-25.
  5. ^ Lonely Planet. "Rwanda." Accessed 2011-02-25.
  6. ^ Miriri, Duncan (2010-07-01). "East African common market begins". Nairobi, Kenya: Reuters. Retrieved 2011-07-12. The ultimate goal of the bloc is to have a common currency in 2012 
  7. ^ Linzmayer, Owen (2013). "Rwanda". The Banknote Book. San Francisco, CA: www.BanknoteNews.com. 

External links[edit]