Rwanda raises key rate as inflation pressures seen remaining

Reuters

The National Bank of Rwanda said pressures from inflation, which hit 20.7% in January, were expected to remain in the short term

Philbert Girinema, Reuters News

February 16, 2023

RWANDA INFLATION

PHOTO

Rwanda's central bank on Thursday raised its key interest rate to 7.0%, up from 6.5%.

The National Bank of Rwanda said pressures from inflation, which hit 20.7% in January, were expected to remain in the short term before inflation falls to below 8% by the end of the year.

The war in Ukraine pushed up commodity prices last year, causing average headline inflation to leap to 13.9% in 2022, up from 0.8% the previous year, the bank said. (Reporting by Philbert Girinema; Writing by Hereward Holland; Editing by Alexander Winning)

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.