Rwanda · National Bank of Rwanda
Rwanda Treasury Bonds
Treasury bonds are how the Government of Rwanda borrows for the long term — accessible from RWF 100,000, taxed at just 5%, and open to foreign investors. 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
- RWF 100,000 (non-competitive bid)
- Tenors
- 3, 5, 7, 10, 15 or 20 years
- Coupon
- Fixed, paid every six months
- Auctions
- Wednesdays, about monthly
- Settlement
- T+2 — usually the Friday after
- Tax
- 5% withholding — every bond qualifies
01What are Rwanda treasury bonds?
A treasury bond is a loan you make to the Government of Rwanda. In return you receive a fixed coupon every six months and your capital back at maturity. They are issued by the National Bank of Rwanda on the government's behalf, which makes them among the lowest-risk instruments available.
Tenors run from 3 up to 20 years, with a notably low entry point and a light 5% tax on the interest — a deliberately retail-friendly market.
02Treasury bond rates in Rwanda
Each bond's coupon is set at auction by what investors bid, so rates move with every issue. For current figures, read the latest prospectus and auction results from the National Bank of Rwanda or the Rwanda Stock Exchange, rather than trust a number on any page (including this one).
03Auction day & settlement
Bidding for each new bond opens on the Monday and closes on the Wednesday, at 4:00pm Kigali time — roughly once a month, with the tenor on offer rotating through 3, 5, 7, 10, 15 and 20 years. If your bid succeeds, settlement follows two business days later (T+2), typically that Friday, when your CSD account is debited and credited with the bond. Secondary trading on the Rwanda Stock Exchange usually opens the following week.
04How to buy treasury bonds 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
Watch for the monthly issuance
The National Bank of Rwanda issues treasury bonds roughly monthly. Application forms are available at bnr.rw and through banks and brokers.
- 3
Place your bid
Bid before the deadline: non-competitive (you accept the weighted average rate) from RWF 100,000, or competitive (you set the rate) from RWF 50 million.
- 4
Pay for accepted bids
If your bid succeeds, settle by the date given. The bond is recorded in your CSD account.
- 5
Collect coupons, then principal
Interest is paid into your bank account every six months, and the face value is repaid at maturity. You can also sell early on the Rwanda Stock Exchange.
05Returns & tax
Your return is the coupon, paid twice a year, plus the face value at maturity. Rwanda taxes that interest at a flat, low rate — and unusually, it doesn't matter who you are:
| Investor type | Rate | Is it final? |
|---|---|---|
| Resident individual | 5% | Yes, in practice |
| Resident company | 5% | No — credited against the 30% corporate income tax bill |
| Non-resident (individual or company) | 5% | Yes, final |
By comparison, treasury bills — being short-term — are taxed at the standard 15% rate.
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.
06Common questions
What is the minimum amount to buy a treasury bond in Rwanda?
RWF 100,000 for a non-competitive bid, which makes Rwandan bonds among the most accessible in the region. Competitive bids (where you set your own rate) start at RWF 50 million.
How are treasury bonds taxed in Rwanda?
Interest on treasury bonds with a maturity of three years or more is taxed at just 5% — and because Rwanda's shortest bond is three years, every treasury bond qualifies. The standard interest rate is 15%, which applies to treasury bills.
Can foreigners buy Rwandan treasury bonds?
Yes. Unlike Tanzania, Rwanda opens its government securities to residents and non-residents alike, with a CSD account. There are no exchange controls and full repatriation is guaranteed. See the foreign-investor section below.
What is the difference between a treasury bond and a treasury bill?
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.
What tenors does the National Bank of Rwanda offer?
Treasury bonds are issued at 3, 5, 7, 10, 15 and 20 years, all paying a fixed coupon every six months. Every tenor qualifies for the reduced 5% withholding tax, since Rwanda's shortest bond — three years — already clears the threshold.
Do foreigners or companies pay a different tax rate on Rwandan treasury bonds?
No — the 5% withholding tax applies equally to resident and non-resident investors, and to individuals and companies. The only difference is what happens after: a resident company credits the 5% against its 30% corporate income tax bill, while for an individual or a non-resident it's effectively the final tax on that interest.
Hold more than one bond? See them as one number.
Tamias totals every treasury bond, bill and share you own across Rwanda and East Africa, computes your true return after tax, and nudges you before each coupon and maturity — so matured money never sits idle.
Join the waitlist