Rwanda’s central bank kept its policy rate unchanged at 6.5% in a decision announced on Thursday. The bank said it planned to start buying gold for its international reserves.
Governor Soraya Hakuziyaremye told a press conference that the level of the Central Bank Rate was adequate to keep inflation within the bank’s 2%-8% target range while continuing to support economic growth.
“Our inflation is projected to stay around 6.5% for the rest of the year and is expected to decline to 3.9% in 2026. Nevertheless, risks to this outlook remain, and these include risking trade uncertainty and geopolitical tensions,” she said.
It was the third monetary policy meeting in a row the National Bank of Rwanda has maintained its key rate.
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Annual inflation eased to 6.3% in April from 6.5% a month earlier.
Hakuziyaremye, Rwanda’s first female central bank governor appointed earlier this year, said the bank would start buying gold in the financial year that starts in July.
The Central Bank aims to keep inflation within its target band of 2 per cent to 8 per cent. The bank also addressed concerns about the trade deficit, noting that while it is not directly within their mandate, they monitor it due to its potential impact on the exchange rate and imported inflation.
Despite a 10 per cent increase in the trade deficit in the first three months of 2025, largely driven by a rise in imports, the bank emphasised that the imports were primarily for capital goods and raw materials for investment and future production.
