Parliament should speed up business related laws -BNR

The Central Bank wants Parliament to give special treatment to the pending bills related to business in order to ease business operations through improved legal regimes. The National Bank of Rwanda (BNR) says that currently there are many pending bills in Parliament that need to be approved, something that hinders investment and business growth. “These laws link Rwanda to the region and are critical in the process of easing business in the country,” Central Bank Vice Governor, Amb.Claver Gatete, said during a telephone interview with Business Times. Some of the laws mentioned by Gatete include the law regulating the operations of the Credit Reference Bureau (CRB), a law on electronic payment and a Central Securities Depository (CSD). According to Gatete, the law establishing a Central Securities Depository and Credit Reference Bureau should be approved and put in the national gazette in May 2010 while the one on electronic payment should be available before the end of this year. “These are cross-cutting laws which will have a quick impact, both in the process to ease doing business and also in our move towards financial sector development,” Gatete emphasized. BNR says that a robust legal framework is highly desirable because it raises public confidence in the country’s payment system. Gatete said that Cabinet is committed to passing the laws because easing doing business is a national program and it was discussed that every Rwandan in every capacity should strive to make the business environment better. Other bills currently in Parliament and expected to spur financial sector development includes; the one governing Collective Investment Schemes (CIS) and the law establishing Capital Market Authority (CMA). Ends

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Parliament should speed up business related laws -BNR