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 to 20 years
Coupon: Fixed, paid every six months
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).

03How 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.

04Returns & tax

Your return is the coupon, paid twice a year, plus the face value at maturity. Rwanda taxes that interest unusually lightly:

A 5% withholding tax on the interest — the reduced rate for bonds of three years or more, which covers every Rwandan treasury bond.
By comparison, the standard interest rate is 15%, and that is what applies to short-term treasury bills.

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 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.

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.

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