The Rwandan Franc (RWF), is the authorized tender utilized in Rwanda. The Rwandan Franc is subdivided into a hundred centimes. Banknotes and coins are both used as legal tender for the country.
Economy
Rwanda is a very agricultural-based country with about seventy percent of the inhabitants engaged in farming. Major exports are tea and coffee.
Despite being land-locked with a high population and minimal resources and industry, Rwanda has been able to make significant progress in rehabilitating and stabilizing its economy.
The Rwandan economic system relies heavily on farm production of small, semi-subsistence, and fragmented farms.
By 1994, farm size was was typically less than 1 hectare, whilst inhabitant’s density was greater than 450 individuals per square kilometer.
History
The Franc became the foreign money of Rwanda in 1916, when Belgium captured the German territory and switched the German East African Rupee for the Belgian Congo Franc.
Rwanda utilized the Belgian Congo Franc until 1960, when the Burundi and Rwanda Franc was introduced.
Rwanda commenced issuing the Rwandan Franc in 1964.
In 1964, banknotes of the Rwanda and Burundi Bank of Emission were overstamped for Rwanda usage only.
In 1969, aluminum 1 franc coins were launched. In 1970, 2 and ½ francs were also added in aluminum.
Brass 50 and 20 francs were launched in 1977.
There is a plan to launch a standard currency, a modern East African Shilling, for 5 East African countries at the start of 2012.
