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. source: National Bank of Rwanda

Interest Rate in Rwanda averaged 6.92 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 October 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
2021-02-22 03:00 PM 4.5% 4.5% 4.5%
2021-05-12 10:05 AM 4.5% 4.5%
2021-08-18 12:00 PM 4.5% 4.5% 4.5%


News Stream
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 Holds Key Interest Rate at 4.5%
The National Bank of Rwanda kept its key interest rate unchanged at 4.5% during its February 2021 meeting. Policymakers said the current stance was still appropriate considering that inflation is projected to evolve below the medium-term target of 5% in 2021, and acknowledging the need to support the economic recovery. The bank said that short-term indicators point to a gradual recovery in the second half of 2020, which is expected to continue in 2021, supported by policy interventions to revive business activities, despite the uncertainty around COVID-19. The headline inflation is projected to be around the lower bound of 2% in 2021 owing to subdued inflationary pressures.
2021-02-22

Rwanda Last Unit Reference Previous Highest Lowest
Interest Rate 4.50 percent Sep/21 4.50 9.00 4.50
Interbank Rate 5.18 percent Aug/21 5.20 12.85 2.28
Lending Rate 17.05 percent Aug/21 15.44 17.85 14.16
Money Supply M3 3097.20 RWF Billion Jul/21 3097.50 12749.90 148.20
Money Supply M2 2332.30 RWF Billion Jul/21 2346.30 2346.30 118.20
Money Supply M1 1327.40 RWF Billion Jul/21 1318.80 1327.40 79.50


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.