Yanditswe na Jean Marie Rugambwa
Iyo winjiye mu ishoramari ry’impapuro mpeshamwenda za Leta, ntuba uri kwigwizaho inyungu gusa, uba uri no gufasha u Rwanda kugera ku iterambere rirambye, ryubakiye ku bushobozi bw’abaturage barwo ubwabo.
Buri munyarwanda wese ukunda u Rwanda yifuza igihugu gifite iterambere rirambye, gifite imihanda myiza, amashanyarazi ahagije, amazi meza kuri bose, serivisi z’ubuzima zinoze n’ibindi byinshi.
Kugera kuri ibyo byose ntibishingira ku nzozi gusa. Bisaba ishoramari rirambye. Kimwe mu bifasha Leta kugera kuri iryo terambere ni impapuro mpeshamwenda, zizwi nka ‘Treasury Bonds’ cyangwa ‘T-bonds’ mu magambo ahinnye.
Izi ni impapuro zishyirwa ku isoko na Leta y’igihugu runaka ishaka kugurizwa amafaranga yunganira ingengo y’imari ya cyo. Mu Rwanda, impapuro mpeshamwenda za leta zishyirwa ku isoko binyuze muri Banki Nkuru y’u Rwanda (BNR).
Uko bikorwa
Abashoramari bifuza gushora mu mpapuro mpeshamwenda za Leta, bagura izo mpapuro bifashije banki bakorana nazo cyangwa abahuza bo ku isoko ry’imari n’imigabane ry’u Rwanda- Rwanda Stock Exchange (RSE), bityo bakaba bagurije leta, nayo ikajya ibishyura inyungu kugeza igihe izo mpapuro zizavira ku isoko.
Usibye inyungu kandi, iyo igihe cyagenewe izo mpapuro kirangiye, abashoramari baziguze bahabwa amafaranga yabo yose.
Amafranga y’u Rwanda (FRW) ni yo akoreshwa mu kugura impapuro mpeshamwenda za leta kandi zishobora gushyirwa ku isoko bwa mbere (new issuance) cyangwa zigasubizwa ku isoko (reopening) bitewe na gahunda ziba zarateganyijwe.
Kugeza ubu, impapuro mpeshamwenda za Leta zishyirwa ku isoko buri kwezi.
Ubusanzwe, izo mpapuro mpeshamwenda zigenda zimara igihe gitandukanye bitewe n’igihugu. Mu Rwanda hari izimara imyaka 3, 5, 7, 10, 15 na 20.
Nk’urugero, muri Kamena BNR irashyira ku isoko miliyari 10 (FRW 10 billion) z’imyaka itanu. Muri gicurasi BNR yasubije ku isoko impapuro mpeshamwenda za miliyari 15 z’amafaranga y’u Rwanda zizamara imyaka makumyabiri (20).
Muri rusange, kuva muri Werurwe kugeza muri Kamena, BNR imaze gushyira ku isoko impapuro mpeshamwenda za leta zifite agaciro ka miliyari 60 z’amafaranga y’u Rwanda.
Ni amafaranga aba yarateganyijwe mu ngengo y’imari y’igihugu, muri gahunda y’inguzanyo zituruka imbere mu gihugu (domestic borrowing).
Ni izihe nyungu wabona uguze impapuro mpeshamwenda?
Iyo ushoye imari mu mpapuro mpeshamwenda za leta ni uburyo bwiza bwo kwiyubakira igihugu, ufasha kuziba icyuho ku ngengo y’imari yacyo, bityo ukagira uruhare mu iterambere ryacyo kandi bitubakiye ku nguzanyo zivuye mu mahanga.
Uretse kugira uruhare mu iterambere ry’igihugu cyawe, gushora imari mu mpapuro mpeshamwenda za leta ni inyungu Kuri wowe kuko abona inyungu ishimishije yinjira mu mufuka we.
Gushora imari mu mpapuro mpeshamwenda uba wizigamiye kandi ukiteganyiriza ejo hazaza nk’ amashuri y’abana, izabukuru, kuko uba washora mu mishinga minini, n’ibindi.
Ikindi kandi, iyo ushoye imari mu mpapuro mpeshamwenda uba ukoze ishoramari ryizewe (risk free investment) kuko uba wizeye guhabwa inyungu ku gihe, ndetse ukazasubizwa amafaranga washoye iyo igihe cyagenewe izo mpapuro mpeshamwenda kirangiye.
Twavuga kandi ko gushora imari mu mpapuro mpeshamwenda ushobora kuzigurisha unyuze ku isoko ry’Imari n’Imigabane ry’ u Rwanda(RSE) igihe ushatse amafaranga mbere y’igihe zateganyirijwe kuvira ku isoko.
Bivuze ko uba ufite amafaranga yawe azakungukira kandi ushobora no kuyabona igihe uyashakiye.
Icyo gihe, wegera abahuza bo ku isoko ry’imari n’imigabane (brokers) ukababwira umubare w’izo ashaka kugurisha, bakagufasha gushaka umukiriya wifuza kuzigura.
Aha ni bwo wumvikana n’umukiriya ku giciro cy’impapuro zawe (market price), ugahabwa ikiguzi cyazo noneho izo mpapuro nazo zikandikwa ku waziguze mu buryo bw’ikoranabuhanga.
Igihe ugurisha impapuro mpeshamwenda atabonye umuguzi ku isoko ry’imari n’imigabane (RSE) mu gihe kigera ku minsi 15, BNR igura izo mpapuro nyuma yo kubisabwa mu nyandiko n’ikigo gishinzwe isoko ry’ imari n’imigabane (RSE) yemeza ko izo mpapuro mpeshamwenda zabuze umuguzi.
Gushora imari mu mpapuro mpeshamwenda za leta ni ishoramari ribyara inyungu ishimishije kandi itangirwa ku gihe kuko buri mezi atandatu uhabwa inyungu yawe. Iyo nyungu ibarwa ku mwaka ariko igatangwa buri mezi atandatu. Inyungu ku mpapuro mpeshamwenda iterwa ahanini n’igihe izo mpapuro mpeshamwenda zimara n’uko isoko rihagaze. Iyo nyungu kandi isora 5% gusa.
Uwashoye muri izi mpapuro mpeshamwenda kandi ashobora kuzitanga nk’ingwate akabona inguzanyo mu bigo by’imari akorana na byo mu buryo bwihuse.
Bisaba iki ngo ushore imari mu mpapuro mpeshamwenda?
Ntibisaba ibintu byinshi ngo ushore imari mu mpapuro mpeshamwenda. Icya mbere, umushoramari wifuza gushora imari mu mpapuro mpeshamwenda agomba kuba afite konti y’ishoramari yitwa Central Securities Depository Account (CSD), ifungurwa anyuze ku bahuza b’isoko ry’imari n’imigabane (brokers) cyangwa muri banki akorana nayo.
Iyi konti ni yo ibikwaho impapuro mpeshamwenda mu buryo bw’ikoranabuhanga.
Umushoramari wifuza gushora imari mu mpapuro mpeshamwenda agomba kuba afite nibura amafaranga y’u Rwanda ibihumbi ijana (100.000 Frw) kuri konti nk’igiciro fatizo cy’urupapuro mpeshamwenda rumwe. Umushoramari ashobora kugura imigabane ashatse bitewe n’ubushobozi bwe.
Ni gute wamenya ko izi impapuro mpeshamwenda ziri ku isoko?
Mbere na mbere, abashoramari babyifuza, bagomba kureba inyandiko yitwa “Treasury Bond issuance calendar” ishyirwa ku rubuga rwa murandasi rwa BNR ku ntangiriro z’umwaka w’ingengo y’imari. Iyo nyandiko igaragaza amatariki BNR iba iteganya gushyira impapuro mpeshamwenda ku isoko.
Mbere yo gushyira ku isoko impapuro mpeshamwenda, BNR ikora imenyeshakanisha rya zo ishyira hanze inyandiko yitwa “T-Bond Prospectus” ikubiyemo amakuru yose arebana n’izo mpapuro.
Umushoramari wese ubyifuza, yuzuza ifishi yabugenewe, akayicisha kuri banki ye cyangwa abahuza bemewe bo ku isoko ry’imari n’imiganane, na bo bakayigeza kuri BNR.
Iyo isoko rirangiye, BNR itangaza uko ryagenze muri rusange (global results) biciye ku rubuga rwayo rwa interineti (www.bnr.rw ).
Ikindi kandi, buri wese watsindiye kugura izo mpapuro, amenyeshwa kuri aderesi yatanze, agaciro k’impapuro mpeshamwenda za leta yatsindiye, urwunguko rwazo (ku ijanisha), amatariki azajya aboneraho inyungu n’igihe azasubirizwa amafaranga ye yashoye n’ibindi.
Gushora mu mpapuro mpeshamwenda za leta ni ukwiyubakira igihugu ugira uruhare mu iterambere ryacyo ndetse ukabona urwunguko rushimishije, ukanateganyiza ejo heza hawe n’abawe.
Rugambwa, Jean-Marie, Umuyobozi ushinzwe iterambere ry’isoko ry’imari muri Banki Nkuru y’u Rwanda. Ibitekerezo biri muri iyi nyandiko ni ibye ku gite cye.
