Governance of the National Bank of Rwanda
The National Bank of Rwanda has the following administrative organs:
- The Board of Directors
- The Management
The Board of Directors: The Board of Directors devises the Bank’s general policy and supervises its implementation. It has the following power and responsibilities:
- to formulate policies regarding the effective execution of the Bank’s functions;
- to adopt the general regulations and directives that the Bank may enact in accordance with the existing laws;
- under the existing laws, to take any decision pertaining to the supervision of financial institutions, particularly any decisions relating to the granting, suspension and withdrawal of accreditation of the banks and other financial institutions;
- to deliberate and decide on the minting, issuing, withdrawal or exchange of bank notes and coins and their features and submitting them to Government for approval;
- to approve any conventions before they are signed by the Bank;
- to approve the Bank’s Rules of procedures as well as the staff rules and staff salary payment conditions;
- to approve the Bank’s annual budget and to decide, where necessary on modifications thereof during the course of financial year;
- to decide on receiving, giving away and selling of real estates and on the use of the Bank’s own funds;
- to approve the Bank’s financial statements and decide on the distribution of the Bank’s profits;
- to approve the annual activity report that the Governor of the Bank submits to the President of the Republic;
- to decide on any other issue that this Law or any other Law has not explicitly entrusted to any other organ of the Bank.
The Board of Directors delegates some of the powers reserved for it to the Governor, in particular the powers of issuing directives and taking decisions.
The Board of Directors are:
- the Governor;
- the Vice Governor;
- Other four (4) administrators appointed by the Prime Minister’s Order and chosen among personalities with competence and wide experience in the monetary, financial and economic fields.
At least thirty percent (30%) of the members of the Board of Directors shall be women. With exception of the Governor and the Vice Governor, Administrators shall be appointed for a renewable four-year term of office.
The Bank Management
The Governor of the Bank The Bank is headed by the Governor who is appointed and dismissed by a Presidential Order. The Governor’s term of office shall be six (6) years, renewable. Governor’s responsibilities The Governor ensures the daily management and supervision of the Bank in accordance with Laws and regulations related to the Bank as well as the resolutions of the Board of Directors. The Governor has the following main responsibilities:
- To represent the Bank before courts and all other organs;
- To sign conventions and other documents the Bank is involved in including annual reports and balance sheets;
- To sign on banknotes jointly with the Vice Governor;
- To develop and define the Bank’s organizational chart by specifying job description for each post and indicating its holder;
- To establish the Bank’s general regulations;
- To perform any other duty as may be assigned to him or her by the Board of Directors.
The Vice Governor
The Vice Governor is appointed and dismissed by a Prime Minister’s Order. The Vice Governor’s term of office is six (6) years, renewable.
The Vice Governor shall assists the Governor in the accomplishment of the latter’s mission and is answerable to him or her.
Particularly, the Vice Governor replaces the Governor where the latter is absent or has not yet been appointed.