Category: Banks. Country: Rwanda.
Creation of the National Bank of Rwanda. Rwanda and Burundi common monetary system did not last for long. Political, economic and psychological factors led to the dissolution of this Union. Rwanda, which was kept apart from the Leopoldville centre of influence, noticed once again that the installation of various common institutions in Bujumbura would harm its economic development. The four years of economic and monetary union were just a failure, each party feeling cheated and blaming each deficiency on the other party. The divorce between Rwanda and Burundi became a reality when the economic union was liquidated from 1st January 1964. A liquidation committee was put in place. Its outcomes were the convention of 18th May 1964 that put an end to the common monetary rule and to the issuing authority imparted to the B.E.R.B. The National Bank of Rwanda, established by the Law of 24th April 1964, came into force from 19th May 1964 with the aim of fulfilling one of its main missions, namely the issuing of currency on the Rwandan territory. The B.E.R.B. rights and obligations were ex officio transmitted to the Royal Bank of Burundi (B.R.B.) and to the National Bank of Rwanda (B.N.R.).
Address: Avenue Paul VI, KIYOVU BP 531 KIGALI, Phone: 250 574282 Fax: 250 572551
