The Rwandan franc

Franc

The franc is the name of several currency units, most notably the Swiss franc, still a major world currency today due to the prominence of Swiss financial institutions and the former currency of France, the French franc until the Euro was adopted in 1999...

(sign

Currency sign

A currency sign is a graphic symbol used as a shorthand for a currency's name, especially in reference to amounts of money. They typically employ the first letter or character of the currency, sometimes with minor changes such as ligatures or overlaid vertical or horizontal bars...

: FRw, and possibly RF or R₣; ISO 4217

ISO 4217

ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...

: RWF) is the currency

Currency

In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...

 of Rwanda

Rwanda

Rwanda or , officially the Republic of Rwanda , is a country in central and eastern Africa with a population of approximately 11.4 million . Rwanda is located a few degrees south of the Equator, and is bordered by Uganda, Tanzania, Burundi and the Democratic Republic of the Congo...

. It is subdivided into 100 centimes.

History

The franc became the currency of Rwanda in 1916, when Belgium occupied the previously German colony and the Belgian Congo franc

Congolese franc

The franc is the currency of the Democratic Republic of Congo. It is subdivided into 100 centimes.-First franc, 1887-1967:During Belgian colonial rule, currency denominated in centimes and francs was issued for use in Congo. These francs were equal in value to the Belgian franc. From 1916, the...

 replaced the German East African rupie

German East African rupie

The Rupie was the currency of German East Africa between 1890 and 1916, continuing to circulate in the Tanganyika Territory until 1920.-History:...

. Rwanda used the currency of Belgian Congo until 1960, when the Rwanda and Burundi franc

Rwanda and Burundi franc

The franc was a currency issued for the two Belgian Mandate Territories of Rwanda and Burundi between 1960 and 1964.- History :The franc became the currency of Rwanda and Burundi in 1916, when the two countries were occupied by Belgium and the Belgian Congo franc replaced the German East African...

 was introduced. Rwanda began issuing its own francs in 1964.

There are plans to introduce a common currency, a new East African shilling, for the five member states of the East African Community

East African Community

The East African Community is an intergovernmental organisation comprising the five east African countries Burundi, Kenya, Rwanda, Tanzania, and Uganda. Pierre Nkurunziza, the President of the Republic of Burundi, is the current Chairman of the East African Community. The EAC was originally...

 by the end of 2012.

Coins

In 1964, coins were introduced for 1, 5 and 10 francs, with the 1 and 10 francs in cupronickel

Cupronickel

Cupronickel or copper-nickel or "cupernickel" is an alloy of copper that contains nickel and strengthening elements, such as iron and manganese. Cupronickel is highly resistant to corrosion in seawater, because its electrode potential is adjusted to be neutral with regard to seawater...

 and the 5 francs in bronze. In 1969, aluminium 1 franc coins were introduced, followed in 1970 by ½ and 2 francs also in aluminium. A reduced sized copper -nickel 10 franc coin was issued in 1974. Brass 20 and 50 francs were introduced in 1977. New series of 1-50 Francs coins were issued in 2004 (dated 2003) and a new bimetallic coin of 100 Francs was introduced in 2008 (dated 2007)

• 1 franc - 98% Aluminium, 2% Magnesium
  Magnesium
  Magnesium is a chemical element with the symbol Mg, atomic number 12, and common oxidation number +2. It is an alkaline earth metal and the eighth most abundant element in the Earth's crust and ninth in the known universe as a whole...
  
  
• 5 francs - Bronze
• 10 francs - Bronze
• 20 francs - Nickel
  Nickel
  Nickel is a chemical element with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile...
  
  -plated steel
  Steel
  Steel is an alloy that consists mostly of iron and has a carbon content between 0.2% and 2.1% by weight, depending on the grade. Carbon is the most common alloying material for iron, but various other alloying elements are used, such as manganese, chromium, vanadium, and tungsten...
  
  
• 50 francs - Nickel-plated steel
• 100 francs - Nickel-plated steel ring and Copper-plated steel centre

Banknotes

In 1964, notes of the Rwanda and Burundi Bank of Emission were overstamped for use in Rwanda alone. Denominations were 20, 50, 100, 500 and 1,000 francs. These were followed by regular issues for the same amounts. 20- and 50-franc notes were replaced by coins in 1977, with 5,000-franc notes introduced in 1978. The nation's first-ever 2,000-franc note was introduced in mid-December 2007.
the National Bank of Rwanda (BNR) has announced that the 100-franc note will cease to be legal tender starting December 31, 2009.

Historical exchange rates

Rwandan francs per US dollar:https://www.cia.gov/library/publications/the-world-factbook/geos/rw.html

• 262.20 (1995)
• 393.44 (2000)
• 574.62 (2004)
• 610 (2005)
• 560 (2006)
• 553 (2007)
• 570 (2010)