The National Bank of Rwanda held its key repo rate steady at 5 percent during its February 2020 meeting, with the main purpose of continuing to support domestic demand amid low inflation. Urban inflation rate, the one at which the central bank looks in its policy decisions, dropped to 6.7 percent, after hitting an over 2-year high of 6.9 percent in November, and it is projected to remain within the benchmark band throughout 2020, despite going slightly above the 5 percent target. Policymakers also said that short-term indicators point to a sustained economic growth in the fourth quarter of 2019 and in 2020 at an average of 8.1 percent, boosted by manufacturing and tourism.

Interest Rate in Rwanda averaged 7.14 percent from 2005 until 2020, reaching an all time high of 9 percent in September of 2005 and a record low of 5 percent in May of 2019. 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 March of 2020. source: National Bank of Rwanda

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. Looking forward, we estimate Interest Rate in Rwanda to stand at 4.50 in 12 months time. In the long-term, the Rwanda Interest Rate is projected to trend around 4.00 percent in 2021, according to our econometric models.

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Rwanda Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
5.00 5.00 9.00 5.00 2005 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2019-05-06 09:30 AM 5% 5.5% 5.5%
2019-08-14 09:40 AM 5% 5% 5%
2019-11-15 09:30 AM 5% 5% 5%
2020-02-07 09:30 AM 5% 5% 4.5%
2020-04-29 09:00 AM 5% 5%
2020-08-13 09:00 AM 4.5%


News Stream
Rwanda Leaves Key Rate Steady at 5%
The National Bank of Rwanda held its key repo rate steady at 5 percent during its February 2020 meeting, with the main purpose of continuing to support domestic demand amid low inflation. Urban inflation rate, the one at which the central bank looks in its policy decisions, dropped to 6.7 percent, after hitting an over 2-year high of 6.9 percent in November, and it is projected to remain within the benchmark band throughout 2020, despite going slightly above the 5 percent target. Policymakers also said that short-term indicators point to a sustained economic growth in the fourth quarter of 2019 and in 2020 at an average of 8.1 percent, boosted by manufacturing and tourism.
2020-02-07
Rwanda Holds Key Interest Rate at 5%
The National Bank of Rwanda left its key repo rate steady at 5% during its November 2019 meeting, to continue supporting the financing of the economy and growing domestic demand. Policymakers noted that inflation remained low; but is expected to pick up to 2.3% in 2019 from 1.4% in 2018, before reaching 5% in 2020, though remaining within the target band of 2-8%. The economy grew 12.2% in Q2 2019, the most since Q1 2009, from 8.4% in the previous period, and is projected to expand 8.5% in 2019 and 8.1% in 2020. The Committee also disclosed that bank lending picked up in the first three quarters of 2019 amid increased demand for credit. The exchange rate depreciation was sharper in the first ten months of the year over a year ago, and it is estimated at 4.8% by the end of 2019, slightly below an initial projection of 5.1%.
2019-11-15
Rwanda Holds Interest Rate at 5%
The National Bank of Rwanda kept its benchmark interest rate steady at 5.0 percent on August 14th 2019, to support domestic demand. Policymakers said that short-term indicators point to a sustained economic growth in the second quarter of the year, consistent with the projection of 7.8 percent growth in 2019. Meantime, inflation rose to an over one-year high of 1.6 percent in July, mainly due to lower food supply caused by drought conditions, and it is expected to average 2.0 percent in 2019.
2019-08-14
Rwanda Cuts Key Interest Rate to Record Low of 5%
The National Bank of Rwanda lowered its benchmark interest rate by 50 bps to a record low of 5% at its May 6th 2019 meeting, to sustain growing domestic demand. Regarding inflation, policymakers noted that it has been low since 2018 and continues to remain low at 1% in 2019Q1. Projections put inflation rising to around 3% in 2019 from 1.4% in 2018 but still below the bank target range of 2-8% and even its preferred target of 5%. The real GDP grew 8.6% in 2018, driven by agriculture (6%), services (9%) and industry (10%); The good economic performance is expected to continue in 2019, as economy should expand 7.8%. The bank added that exchange depreciation was moderate in 2019Q1, consistent with an initial projection of 5% for the whole year 2019, higher than 4.0% recorded in 2018. Also, the level of foreign exchange reserves remain adequate.
2019-05-06

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.