Home Business & TechEconomy Central Bank to Announce First 2020 Economic Review

Central Bank to Announce First 2020 Economic Review

by Dan Ngabonziza
5:54 pm

John Rwangombwa. governor of National Bank of Rwanda

Rwanda’s Central Bank (BNR) will tomorrow release its first monetary policy and Financial Stability Statement for the first quarter of 2020 – following a projected stable economy at the closure of last year.

The regulator’s Monetary Policy Committee met today to deliberate on the policy stance for quarter one in 2020, and is expected to announce its decisions tomorrow during a press briefing in the capital Kigali.

At the 4th quarter of last year, the bank had predicted a stable economy throughout this year, with real GDP expected at 8.1%.

To push the economy forward, the committee, after reviewing last year’s performance of the banking sector, retained Central bank’s lending rate at 5% to give leeway to financial Institutions to continue financing the economy.

The committee had also announced a positive move by financial institutions in cutting down the burden of No-Performing Loans, which dropped to 5.3% as of September 2019 from 7.2% in September the previous year.

BNR had also vowed to maintain headline inflation at 5.0% in 2020.

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