NATIONAL BANK OF RWANDA

Treasury Bills (T-bills): Are short term debt securities (one year or less) issued as a primary instrument for regulating money supply or raising funds via open market operations to finance the budget gap. T-bills are always issued through the country’s central bank, and commonly pay no explicit interest but are sold at a discount, their yield being the difference between price and the par-value also called redemption value

T-Bills are issued by auction on weekly basis with maturity dates of 28 days, 91 days, 182 days and 364 days. T-Bills market is announced via NBR website, each Monday for auction on Thursday (T), and settlements take place on Friday (T+1). The minimum purchase is Frw 100.000. T-bills market is open for all investors ( Banks, non Banks, Insurance companies, Pension Fund, individuals, etc