The currency of Rwanda. Currency code (RWF).
The Rwandan Franc (RWF), is the authorized tender utilized in Rwanda. The Rwandan Franc is subdivided into a hundred centimes. Banknotes and coins are both used as legal tender for the country.
Economy
- Rwanda is a very agricultural-based country with about seventy percent of the inhabitants engaged in farming. Major exports are tea and coffee.
- Despite being land-locked with a high population and minimal resources and industry, Rwanda has been able to make significant progress in rehabilitating and stabilizing its economy.
- The Rwandan economic system relies heavily on farm production of small, semi-subsistence, and fragmented farms.
- By 1994, farm size was was typically less than 1 hectare, whilst inhabitant’s density was greater than 450 individuals per square kilometer.
History
- The Franc became the foreign money of Rwanda in 1916, when Belgium captured the German territory and switched the German East African Rupee for the Belgian Congo Franc.
- Rwanda utilized the Belgian Congo Franc until 1960, when the Burundi and Rwanda Franc was introduced.
- Rwanda commenced issuing the Rwandan Franc in 1964.
- In 1964, banknotes of the Rwanda and Burundi Bank of Emission were overstamped for Rwanda usage only.
- In 1969, aluminum 1 franc coins were launched. In 1970, 2 and ½ francs were also added in aluminum.
- Brass 50 and 20 francs were launched in 1977.
- There is a plan to launch a standard currency, a modern East African Shilling, for 5 East African countries at the start of 2012.
