What is the Rwandan franc (RWF)?
Credit Ratings & Outlook
In the latest credit ratings from December 1970, Fitch has a stable outlook with a B rating. Finally, S&P last issued a B rating, with a positive outlook.
Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.
Central Bank Rate
The current central bank interest rate is 7.50%. This is the same as 2011, which was 7.00%.
In 2010 the total GDP was $5,627,667,377 in US Dollars, while the per capita GDP was $529. It grew by 7.50% over the previous year.
The latest unemployment rate for 1996 is 0.60%.
Consumer Price Index
The latest consumer price index for 2010 is 154.82.
The current head of the government is Prime Minister Pierre Habumuremyi, and the head of state is President Paul Kagame (in an executive role).
The Rwandan franc, denoted by the ISO code RWF, is the legal tender used in Rwanda. The Rwandan franc can be divided into 100 centimes. Notes are in denominations of FRw5000, 1000, 500 and 100. Coins are in denominations of FRw50, 20, 10, 5, 2 and 1.
Sovereign Ratings for Rwanda
Rwanda is not rated.
What does it look like?
The political system in Rwanda is a republic; presidential, multiparty system. The government is divided into three branches: the executive, the legislative, and the judicial branches. In the executive branch the chief of state is the President who is elected by popular vote for a five-year term. The head of government is the Prime Minister who is appointed by the president. The cabinet is made up of the Council of Ministers, each of which is, likewise, appointed by the president. The legislative branch is a unicameral Transitional National Assembly or Assemblee Nationale de Transition. This Assembly is a power sharing body with 70 members. The members of the Transitional National Assembly were predetermined by the Arusha peace accord. The judicial branch consists of the Constitutional Court. The Constitutional Court consists of the Court of Cassation and the Council of State in joint session.
Chief of State President Paul KAGAME (since 22 April 2000) Head of Government Prime Minister Bernard MAKUZA (since 8 March 2000) Cabinet Council of Ministers appointed by the president Elections President elected by popular vote for a seven-year term (eligible for a second term); elections last held on 25 August 2003 (next to be held on 9 August 2010) Election Results Paul KAGAME elected president in first direct popular vote; Paul KAGAME 95.05%, Faustin TWAGIRAMUNGU 3.62%, Jean-Nepomuscene NAYINZIRA 1.33%
Key Economic Factors
Rwanda’s economy is primarily agricultural with 90% of the population engaged in mainly subsistence agriculture. Rwanda is the most densely populated country in Africa, landlocked with few natural resources and an underdeveloped industry. The majority of foreign exchange is earned by coffee and tea. In 1994, the genocide severely affected Rwanda’s economic base impoverishing the population, particularly women, and ruined all chances of attracting private and external investment. Since then, Rwanda has been able to make progress in returning to the pre-genocide levels with GDP rebounding and inflation being curbed. However, despite a fertile ecosystem, the production of food cannot keep up with the growth in population, making it necessary to import foods. Rwanda also continues to receive substantial foreign aid from foreign nations.
Cement, agricultural products, small-scale beverages, soap, furniture, shoes, plastic goods, textiles, and cigarettes.
Coffee, tea, hides, and tin ore.
Foodstuffs, machinery and equipment, steel, petroleum products, cement and construction material.
Major Trading Partners:
Kenya, Germany, Belgium, Indonesia, and China.
1 Rwandan Franc to:
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- Other Currencies Accepted: None
- Currency Peg:No
- Black Market for Currency:Probable
- Currency Volatility:unknown
- Estimated GDP Per Capita:.13 billion (2009 est.) .601 billion (2008 est.) .634 billion (2007 est.) note: data are in 2009 US dollars
- Languages Spoken:Kinyarwanda (official) universal Bantu vernacular, French (official), English (official), Kiswahili (Swahili) used in commercial centers