Timeline

• 1916-1927
• Introduction of the Belgian Congolese currency during World War I occupation:
  - 01.12.1916: Demonetization of the German East African silver coins at a rate of 1 German East African Rupee = 1.25 Belgian Francs
  - The so-called "interim notes" of the German East African Bank, issued 1915-1916, were declared invalid without compensation. The regular notes of 1905-1912 were no longer in circulation.
• 1927-1952
• Common currency area of Belgian Congo and Rwanda-Burundi:
  - 10.10.1927: Agreement between the Belgian colonial government and the Bank of Belgian Congo on a 25-years exclusive issuing privilege for paper money in the Congo colony, including the Rwanda-Burundi mandate territories; effective 01.07.1927 (retroactive).
• 1952-1960
• Monetary union of Belgian Congo and Rwanda-Burundi:
  - 30.07.1951: Royal Belgian decree on the creation of the Central Bank of Belgian Congo and Rwanda-Urundi as successor to the Bank of Belgian Congo; effective 01.07.1952 (retroactive)
  - 01.07.1952: First issue of the new currency for the monetary union, the currency of Belgian Congo remained valid.

Timeline

• 15.09.1960
• Royal Belgian decree (legislating an emergency decree of 02.09.1960) on the creation of the "Currency Bank of Rwanda and Burundi" and the creation of the common currency after the independence of Congo (Kinshasa) on 30.06.1960; effective upon constitution of the bank (in Bujumbura) on 22.09.1960
• 22.09.1960
• Start of currency exchange:
  - 22.09.1960: Start of issuance of the new banknotes:
  - Per household, a maximum of 800 Congo-Rwanda-Urundi Francs was exchanged on par into new banknotes, exceeding amounts were registered and paid out when sufficient banknotes were available
  - 30.09.1960: Demonetization of the currencies of the Congo-Rwanda-Urundi monetary union.
• 31.12.1963
• Expiration of the monetary Rwanda-Burundi union (after termination by Rwanda in December 1963)

Valuation Regimes

• 1960-1964
• Fixed rate against Belgian Franc

Timeline

• ??.02.1964
• Overprinting of banknotes of the Rwanda-Burundi monetary union
• 24.04.1964
• Currency and Banking Act; effective 19.05.1964
• 02.01.1995
• Government decree on the exchange of banknotes of 5'000, 1'000, 500 Francs, to confiscate cash holdings of people who have fled outside the country after the takeover of the Revolutionary Popular Front (RPF):
  - 48-hours exchange period 03.01.1995 to 05.01.1995, midnight, during which the country's borders were closed
  - Exchange into new banknotes was unlimited and on par, notes of 100 Francs and coins were not affected.
  - Persons entering the country after the exchange were allowed a maximum of 5'000 Francs in cash (new notes).

Valuation Regimes

• 1964-1966
• Fixed rate against Belgian Franc
• 1966-1973
• Fixed rate against US Dollar
• 1973-1974
• Fixed rate against Belgian Franc (after the US Dollar devaluation)
• 1974-1983
• Fixed rate against US Dollar
• 1983-1995
• Fixed rate against IMF Special Drawing Rights (SDR) unit
• 1995-
• Variable rate