Rwanda · National Bank of Rwanda

Rwanda Treasury Bills

Treasury bills are the Government of Rwanda's short-term borrowing — a place to park money for a year or less at a known, government-backed return. Here is what they pay, how to buy them, and how they're taxed.

Issuer: National Bank of Rwanda, for the government
Where to buy: A CSD account via a bank or broker
Minimum: Retail-friendly, via non-competitive bid
Tenors: 91, 182 and 364 days
Return: Bought at a discount — no coupon
Tax: 15% withholding on the interest

01What are Rwanda treasury bills?

A treasury bill is a short-term loan to the Government of Rwanda, issued by the National Bank of Rwanda for 91, 182 or 364 days. You buy it below its face value and are repaid the full face value at maturity — that difference is your interest. There is no separate coupon.

Because the term is short and the borrower is the government, bills are about the lowest-risk way to earn a defined return on money you don't need for a few months.

02Treasury bill rates in Rwanda

Rates are set at auction by what investors bid, so each tenor carries its own yield and it moves auction to auction. For current figures, read the latest notice from the National Bank of Rwanda or ask your bank or broker.

03How to buy treasury bills in Rwanda

1
Open a CSD account
Open a Central Securities Depository account through a licensed commercial bank or Capital Market Intermediary. You'll need a national ID or passport, an RRA Tax Identification Number and your bank details.
Foreign or diaspora investor? See below ↓
2
Check the auction notice
The National Bank of Rwanda publishes a public notice for each bill auction, naming the tenors on offer — 91, 182 and 364 days — and the deadline.
3
Place your bid
Bid through your bank or broker — non-competitive (you accept the weighted average rate) or competitive (you set the rate, from RWF 50 million).
4
Pay the discounted price
If your bid succeeds, settle by the date given. You pay less than the face value — that discount is your return.
5
Collect the face value at maturity
On the maturity date the full face value is paid into your bank account. You can roll it into the next auction.

04Returns & tax

Your return is the discount: buy below face value, collect the full face value at maturity. One deduction applies:

A 15% withholding tax on the interest (the discount), deducted at source — the standard rate, since the reduced 5% rate is reserved for bonds of three years or more.
No coupon and no price swings if you hold to maturity: the return you lock in at the auction is the return you get.

Often unclear — here's the answer

For foreign & diaspora investors

Yes — open to non-residents. Rwanda's government securities are open to residents and non-residents alike. You open a Central Securities Depository (CSD) account through a licensed bank or Capital Market Intermediary and bid through it.
The minimum is low. Non-competitive bids — where you accept the average rate — start at RWF 100,000 for bonds, so you needn't be an institution; competitive bidding opens at RWF 50 million.
Every bond gets the 5% tax rate. Interest on treasury bonds of three years or more is taxed at just 5%, against the 15% standard — and since Rwanda's shortest bond is three years, every treasury bond qualifies. Treasury bills, being short-term, are taxed at 15%.
Fund in shillings or hard currency. You can fund in Rwandan francs or wire USD or EUR to your broker — convenient for diaspora and foreign investors.
An open capital account. Rwanda has no exchange controls and guarantees full repatriation of capital and profits through authorised banks, after tax — one reason it actively courts foreign investment.

Rules and rates change — verify against the BNR, RSE, CMA and RRA before you commit. This is information, not tax or investment advice.

05Common questions

What is the minimum amount to buy a treasury bill in Rwanda?

Rwanda runs non-competitive bidding for retail investors — treasury bonds start at RWF 100,000, and treasury bills are similarly accessible, but confirm the current bill minimum with the National Bank of Rwanda or your bank. Competitive bids start at RWF 50 million.

How are treasury bills taxed in Rwanda?

The discount — the gap between what you pay and the face value you receive — is treated as interest and taxed at the standard 15% withholding rate. The reduced 5% rate only applies to bonds of three years or more, so it never applies to bills.

Can foreigners buy Rwandan treasury bills?

Yes. Rwanda opens its government securities to residents and non-residents alike, with a CSD account, and there are no exchange controls. See the foreign-investor section below.

What is the difference between a treasury bill and a treasury bond?

Treasury bills are short-term (91, 182 or 364 days), sold at a discount with no coupon. Treasury bonds run 3 to 20 years and pay a fixed coupon every six months until maturity.

Rolling bills over? Never miss a maturity.

Tamias tracks every treasury bill, bond and share you own across Rwanda and East Africa, computes your true return after tax, and nudges you before each maturity — so matured money never sits idle.

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