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 made significant progress in rehabilitating and stabilizing its economy.
  • The Rwandan economic system relies on heavily on-farm production of small, semi-subsistence, and fragmented farms.
  • By 1994, farm size was typically less than 1 hectare, while the inhabitant’s density was more significant 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 Burundi and Rwanda Franc were 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 to 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 in 2012.