The Rwf500 note will be replaced with a better and improved version to make it usable in Automated Teller Machines (ATMs).

The Cabinet was presented with a draft Presidential Order requesting for approval to issue the new Rwf500 note, which is "consistent with the vision of our country,” finance ministry officials said.

"The approval of the Presidential Order will help to circulate a new Rwf500 note, which will have new features that are consistent with the vision of our country,” Pichette Kampeta Sayinzoga, the Permanent Secretary in the Ministry of Finance said during a press conference last week.

"In this particular case, some of the principal features of the new note will be three exotic cows in the front face to reflect the government’s effort to eradicate malnutrition, while on the back face, there will be four young students working with computers to reflect the government’s efforts to promote education and technology.”

The National Bank of Rwanda vice-governor, Monique Nsanzabaganwa, told Business Times that the new note is expected to be issued by the end of this year after its features have been published in the official Gazette.

The central bank is by law mandated to mint and manage money, as well as issue banknotes and coins on behalf of the state.