The National Bank of Rwanda left its key interest rate unchanged at 4.5% during its November 2021, saying that the current stance remains adequate to support the economic recovery, while bringing inflation up to the medium-term target of 5%. Policymakers noted that the Rwandan economy continues to recover from the 2020 induced recession, supported by sizeable fiscal and monetary measures, and continued vaccine rollout. The current deflation was mostly attributed to the food and transport indexes, reflecting the good performance of agriculture seasons and a base effect from the pandemic-related transport price hike in 2020. Headline inflation is projected at 0.7% in 2021 and 5.4% in 2022 mainly due to the increase in imported costs and international commodity prices in 2021Q4. source: National Bank of Rwanda

Interest Rate in Rwanda averaged 6.85 percent from 2005 until 2021, reaching an all time high of 9 percent in September of 2005 and a record low of 4.50 percent in March of 2020. This page provides the latest reported value for - Rwanda Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Rwanda Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2021.

Interest Rate in Rwanda is expected to be 4.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Rwanda Interest Rate is projected to trend around 3.75 percent in 2022 and 3.50 percent in 2023, according to our econometric models.

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Rwanda Interest Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-05-12 10:05 AM 4.5% 4.5%
2021-08-18 12:00 PM 4.5% 4.5% 4.5%
2021-11-11 09:30 AM 4.5% 4.5% 4.5%


Related Last Previous Unit Reference
Interest Rate 4.50 4.50 percent Nov/21
Interbank Rate 5.17 5.19 percent Oct/21
Lending Rate 16.41 16.55 percent Oct/21
Money Supply M3 3152.20 3166.50 RWF Billion Sep/21
Money Supply M2 2379.50 2418.10 RWF Billion Sep/21
Money Supply M1 1276.80 1368.90 RWF Billion Sep/21

News Stream
Rwanda Keeps Interest Rate Steady at 4.5%
The National Bank of Rwanda left its key interest rate unchanged at 4.5% during its November 2021, saying that the current stance remains adequate to support the economic recovery, while bringing inflation up to the medium-term target of 5%. Policymakers noted that the Rwandan economy continues to recover from the 2020 induced recession, supported by sizeable fiscal and monetary measures, and continued vaccine rollout. The current deflation was mostly attributed to the food and transport indexes, reflecting the good performance of agriculture seasons and a base effect from the pandemic-related transport price hike in 2020. Headline inflation is projected at 0.7% in 2021 and 5.4% in 2022 mainly due to the increase in imported costs and international commodity prices in 2021Q4.
2021-11-11
Rwanda Holds Key Interest Rate at 4.5%
The National Bank of Rwanda kept its key interest rate unchanged at 4.5% during its August 2021 meeting to continue supporting the economic recovery efforts in a context of low inflationary pressures. Policymakers noted that the domestic economy continues to recover from the 2020 recession caused by the Covid-19 pandemic as a result of sizeable fiscal and monetary measures. Rwanda's real GDP grew 3.5% in the first quarter of 2021, after three consecutive quarters of contraction; and the recovery is expected to gain pace. Meanwhile, inflation is projected to evolve below 2% in 2021, before rising to around 5% in 2022.
2021-08-18
Rwanda Leaves Key Interest Rate Steady at 4.5%
The National Bank of Rwanda kept its key interest rate unchanged at 4.5% during its May 2021 meeting. The decision is aimed at supporting the domestic recovery from the pandemic crisis against a backdrop of low inflationary pressures. In April, headline inflation quickened to a three-month high of 2.7% but well below 10.1% in the same month a year ago.
2021-05-12

Rwanda Interest Rate
In Rwanda interest rates decisions are taken by the National Bank of Rwanda. The official interest rate is the Key Repo Rate.