Rwanda’s Monetary Policy Committee has maintained the central bank rate at 6.75 percent in efforts to keep inflation within the target band for the remainder of the year.

During the third quarter of 2025, headline inflation increased to 7.2 percent from 6.7 percent in the second quarter, driven by higher core and energy inflation, despite a decrease in fresh food inflation.

The central bank now predicts headline inflation of around 6.9 percent in 2025 and 5.8 percent in 2026. The target range is two to eight percent.“Keeping the inflation within our target range, we shall also continue to support economic activities and access to finance,” said Soraya Hakuziyaremye, Governor of the National Bank of Rwanda (NBR).

Rwanda's average commercial bank lending rate has averaged 15 percent for most of this year, down from 16 percent in the same period of 2024, according to the central bank, a decline attributed to a reduction in CBR.

Specific rates can vary between banks, with some commercial loan rates, such as those for SMEs, reaching 17 percent in late 2024 or early 2025 depending on the loan product and risk assessment.

The average lending rate has decreased partly because the CBR was lowered from 7.5 percent to 6.5 percent in May and August 2024.

Prof Ndahiriwe Kasai, director of monetary policy department at the central bank, said that the agriculture sector is performing well and that there is ample global supply.

The interbank rate fell by 140 basis points to 5.85 percent in Q3 of 2025, down from 7.25 percent in the same period in 2024.

Similarly, the deposit rate fell by 169 basis points to 8.67 percent, attributed to ample liquidity in the banking system. Lending rates also decreased by 28 basis points to13.78 percent, with this downward trend observed across all loan maturities.

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