 The economy is managed by the central National Bank of Rwanda and the currency is the Rwandan franc; in June 2010, the exchange rate was 588 francs to the United States dollar.Rwanda joined the East African Community in 2007 and there were plans for a common East African shilling, which it had been hoped woulkd be in place by 2015, but have not yet reached fruition (2020).Rwanda is a country of few natural resources, and the economy is based mostly on subsistence agriculture by local farmers using simple tools.