Rwandan Government bond sales raise Rwf 20bn

May 24, 2011

Rwanda's central bank has raised nearly Rwf 20 billion (€24 million) from the sale of government bonds over the last two years, it has emerged.

The sale of six Treasury bonds has generated a total of Rwf 19.75 billion over the period, according to figures obtained by Business Times.

In an interview with the news source, Minister of Finance John Rwangombwa explained the sale of more bonds is likely to take place to provide financial backing for the Rwanda Stock Exchange.

"We intend to issue more bonds as the others reach their maturity rate," he stated.

The Capital Market Advisory Council noted Treasury bonds being traded in the secondary market are valued at approximately Rwf 504 million.

Operations Manager at the Council Celestin Rwabukumba explained they act as a "benchmark" for other securities.

Earlier this month, Bloomberg reported Rwanda is planning to sell off its first Eurobond, having contacted Standard & Poor's in order to secure a sovereign rating to add to the B grade awarded by Fitch.