The National Bank of Rwanda left its key interest rate unchanged at 5% during a meeting held in May of 2022, citing heightened risks from the ongoing conflict in Ukraine. Policymakers noted that the Rwandan economy continues to recover from the recession caused by the Covid-19 pandemic, helped by massive vaccination, government policies and an accommodative monetary policy. The economic growth should remain strong in the second quarter of 2022 but lower than 7.2% initially projected, amid reduced private consumption and unfavorable weather conditions. Meanwhile, headline inflation is projected at 9.2% in 2022, above the upper band of 8%, before decelerating towards the medium-term target of 5% in the second half of 2023. source: National Bank of Rwanda

Interest Rate in Rwanda averaged 6.80 percent from 2005 until 2022, 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 June of 2022.

Interest Rate in Rwanda is expected to be 5.00 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 4.50 percent in 2023, according to our econometric models.

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Rwanda Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2021-11-11 09:30 AM 4.5% 4.5% 4.5%
2022-02-17 09:40 AM 5% 4.5% 4.5%
2022-05-12 09:30 AM 5% 5% 5%


Related Last Previous Unit Reference
Interest Rate 5.00 5.00 percent Jun 2022
Interbank Rate 5.46 5.22 percent Mar 2022
Money Supply M3 3615.50 3553.10 RWF Billion Apr 2022
Money Supply M2 2663.30 2503.40 RWF Billion Apr 2022
Money Supply M1 1510.90 1315.30 RWF Billion Apr 2022
Lending Rate 16.74 16.25 percent Mar 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
5.00 5.00 9.00 4.50 2005 - 2022 percent Daily

News Stream
Rwanda Hikes Key Interest Rate to 5%
The National Bank of Rwanda raised its key interest rate by 50 bps to 5% during its February 2022 meeting. It was the first interest rate hike since May of 2012. Policymakers said the decision is aimed to ensure that inflation is contained at an adequate level while continuing to support economic recovery. Consumer prices in Rwanda increased 1.3 percent year-on-year in January of 2022, rebounding after six consecutive months of declines. The central bank expects inflation to average 7.5% this year from about 0.8% in 2021, partly due to an anticipated surge in the cost of food. Meanwhile, high-frequency indicators suggest the economy continued to recover in 2021 towards achieving the projected annual growth of 10.2%. In 2022, the real GDP is seen expanding by 7.2%.
2022-02-17
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