Countries that use the RWF
Currency Exchange Rates for Rwandan franc? Convert GBP to RWF at todays exchange rate. See money transfer for Rwanda and historical to restrictions.
What is the RWF?
The Rwandan Franc otherwise abbreviated in commercial circles as RWF is the authorized legal tender used for financial transactions in Rwanda and sometimes the environs such as the border between Rwanda and Burundi where either currency is used. The RWF has been the currency used in Rwanda since 1916 and is circulated by the Rwandan central bank; Banque Nationale de Rwanda.
What names, nicknames, or symbols are the RWF conferred?
Rwanda was a French colony and therefore much of their pronunciations are influenced partly by their cultural identities, and partly by the French dialect. The RWF currency does not have any known nicknames, but the local dialect has several words that translate to "money" but do not necessarily make reference to the RWF legal tender. There are three internationally recognized symbols for the RWF currency, these are FRw, RF, and Râ‚£.
What is the inflation rate of the RWF?
In the last two decades, the inflation rate of the RWF has averaged 6.8% but there are moments of negligible variations such as during the recession in 2008. That does not however mean that the currency has not had extreme records over the years; the lowest level of inflation that the RWF has recorded is -15.8% whereas the highest was at 28%.
What is the relationship between the GBP and the RWF?
Compared to the British Pound, the Rwandan Franc (RWF) is a much weaker currency, 1 British pound currently equals about 1088 RWF. This is obviously because Britain is far more advanced in terms of commerce compared to Rwanda. Rwanda is a small landlocked country that imports much more than it exports and hence the weakness of the currency.
What is the stability of the RWF?
The stability of the RWF has not been in question for over 25 years now since the end of the genocide. The Rwandan government has put in place mechanisms such as an open market that has served to stabilize the economy of Rwanda and therefore the RWF legal tender. The currency is undervalued because of the nation's nearly negligible participation in international trade. This has limited the scope of use of the currency to within the Rwandan territorial markets and hence the receding value attached to the currency.
Currency Information on Rwandan Franc - RWF – Rwandan franc – FRw
Coins are available in denominations of 1, 2, 5, 10, 20, 50 and 100 francs, and banknotes are available in denominations of 500, 1000, 2000 and 5000 francs.
The Rwandan franc was introduced in 1916, when the German colony was occupied by Belgium; the Belgian Congo franc was introduced, replacing the German East African rupie.
The Belgian Congo franc was the official currency of Rwanda until 1960, when it was replaced by the Rwanda and Burundi franc, and then Rwanda introduced their own franc in 1964.
Over a year ago we expanded our IT company and opened a new office in the UK. We have two offices in Europe now; we need to send money abroad very often, from Portugal to the UK and from the UK to Portugal. Knowing how to send money internationally in a safe way is therefore a crucial need for us on a weekly basis.
Comment written by Tiago Goncalves Director of an it Company.
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