DEFINITION of 'Rwanda Franc'
The currency of Rwanda, abbreviated as RWF. The Rwandan franc is the legal tender of Rwanda and uses both coins and banknotes. Each franc is broken into santimes with denominations of 5000, 1000, 500, and 100 in banknotes and 50, 20, 10, 5, 2, and 1 in coins. The currency is regulated by the Banque Nationale du Rwanda, which is the Rwandan central bank.
BREAKING DOWN 'Rwanda Franc'
The Rwanda franc became the official currency in 1964. Previously, Rwanda and Burundi shared a currency name the Rwanda and Burundi Franc from 1960 to 1963. The Belgian Congo franc and the German East African rupie were both used previous to 1960, as both Belgium and Germany at one time had held Rwanda as a colony.