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Rwanda: Country Joins EA Regional Capital Markets
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New Vision (Kampala)
23 March 2008
Posted to the web 24 March 2008
Peter Kaujju
Kampala
RWANDA has been admitted to the East African Capital Markets Authority, Fratern Mboya, the outgoing chairman of the East Africa Securities Regulatory Authorities, has said.
Mboya said they were harmonising systems towards a regional capital market by 2009.
"The memorandum of understanding we are signing with Rwanda will allow us to share information as work on several major projects including infrastructure development and integration takes place."
He said they had hired a consultant to help with the mode of integration to follow because they had come up with several.
Mboya said Burundi would join the regional body when it is ready.
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The Capital Market Advisory Council of Rwanda started operations in January and the stock exchange was launched this month. The bourse has four listed bonds. The first equity is expected in two months, officials said.
Mboya said there were still concerns about integration like Uganda's failure to automate its trading system.
But Japheth Katto, the chief executive of Uganda's Capital Markets Authority, said the Central Depository System law, which allows automation, was approved by Cabinet and is awaiting Parliamentary approval. Rwanda and Burundi were admitted joined the East African Community last year.
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