NATIONAL BANK OF RWANDA

Treasury bonds are issued with a minimum denomination of RFW 100,000. The bonds are initially sold through auction in which the competitive bidder sets up the price.

A competitive bid states the rate that the bidder is willing to accept; it will be accepted depending on how it compares to the set rate of the bond. A non-competitive bid ensures that the bidder will get the bond but he or she will have to accept the set rate. After the auction, the bonds can be sold in the secondary market.