IMF welcomes Rwandan central bank’s Covid response
National Bank of Rwanda funnelled liquidity to banks and cut policy rates
Rwanda’s central bank has acted to contain the worst economic effects of the Covid-19 pandemic, says an International Monetary Fund staff report.
The staff report, issued on January 4, projects that Rwanda’s GDP will contract by 0.2% in 2020, compared with the IMF’s previous projection of 8% growth.
The National Bank of Rwanda’s monetary policy committee cut its policy rate by 50 basis points to 4.5% at its April meeting, but has left it unchanged since. The NBR governor is John Rwangombwa
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