The National Bank of Rwanda raised its key interest rate by 100 bps to 6% during its August 2022 meeting. It was the second interest rate hike so far this year, bringing borrowing costs to the highest since November of 2017. Policymakers noted that inflationary pressures remain high mainly due to global supply disruptions as well as lower domestic agriculture output. The headline inflation rate in Rwanda soared to a near 13-1/2-year high of 19.6% in July of 2022 and it is projected to average around 12.1% in 2022, before easing towards the 5% benchmark in the second half of 2023. Meanwhile, economic growth is projected to decelerate to 6% in 2022 from 10.9% a year ago, mainly due to weak performance in the agriculture sector on the back of unfavorable weather conditions and an increase in prices of imported agricultural inputs. source: National Bank of Rwanda

Interest Rate in Rwanda averaged 6.77 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 October of 2022.

Interest Rate in Rwanda is expected to be 6.00 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 5.00 percent in 2023 and 4.50 percent in 2024, according to our econometric models.

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Rwanda Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-02-17 09:40 AM 5% 4.5% 4.5%
2022-05-12 09:30 AM 5% 5% 5%
2022-08-11 01:30 PM 6% 5% 6%


Related Last Previous Unit Reference
Interest Rate 6.00 5.00 percent Aug 2022
Interbank Rate 5.55 5.55 percent Jul 2022
Money Supply M3 3699.80 3725.60 RWF Billion Jul 2022
Money Supply M2 2787.50 2810.00 RWF Billion Jul 2022
Money Supply M1 1608.00 1634.80 RWF Billion Jul 2022
Lending Rate 15.80 16.53 percent Jul 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
6.00 5.00 9.00 4.50 2005 - 2022 percent Daily

News Stream
Rwanda Lifts Key Interest Rate to 6%
The National Bank of Rwanda raised its key interest rate by 100 bps to 6% during its August 2022 meeting. It was the second interest rate hike so far this year, bringing borrowing costs to the highest since November of 2017. Policymakers noted that inflationary pressures remain high mainly due to global supply disruptions as well as lower domestic agriculture output. The headline inflation rate in Rwanda soared to a near 13-1/2-year high of 19.6% in July of 2022 and it is projected to average around 12.1% in 2022, before easing towards the 5% benchmark in the second half of 2023. Meanwhile, economic growth is projected to decelerate to 6% in 2022 from 10.9% a year ago, mainly due to weak performance in the agriculture sector on the back of unfavorable weather conditions and an increase in prices of imported agricultural inputs.
2022-08-11
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