The National Bank of Rwanda, which is known by its French acronym BNR, has announced that it will maintain the key repurchase (repo) rate, the rate at which commercial banks borrow from the central bank, at 7 percent. The decision was reached after the bank’s Monetary Policy Committee and Financial Stability Committee held meetings in Kigali to discuss monetary policy strategies for the first quarter of 2014 and evaluate financial sector performance. According to a statement attributed to John Rwangombwa, chair of the bank’s Board of Governors, this measure is expected to accelerate economic growth and increase private sector borrowing.
Founded in 1964, BNR operates as the central bank for the country. Its purpose is to define and implement monetary policy, emit currency, and supervise and regulate the foreign exchange market and financial institutions.
By Juan Blanco, Research Associate
About National Bank of Rwanda (BNR)
Founded in 1964, the National Bank of Rwanda (BNR, in French) operates as the central bank for the country. Its purpose is to define and implement monetary policy, mint currency and supervise and regulate the foreign exchange market and financial institutions. It also operates the Securities Exchange of Rwanda. In March 2011, BNR reported total assets of RWF 985 billion (USD 1.65 billion).
Sources and Additional Resources
 All Africa, “Rwanda: BNR Upholds Lending Rate At 7 Percent to Spur Devt” by Peterson Tumwebaze and Edward Ojulu, March 26, 2014, http://allafrica.com/stories/201403260083.html
 National Bank of Rwanda, “Press Release: Key Repo Rate Maintained at 7%,” March 25, 2014, http://www.bnr.rw/index.php?id=142&tx_ttnews%5Btt_news%5D=61&cHash=1ce99ee3298939727322af844b8e9105
MicroCapital Story, July 22, 2013, “FMO, International Finance Corporation (IFC), KfW Entwicklungsbank Invest $5.4m in AccessBank Rwanda,” https://www.microcapital.org/microcapital-brief-fmo-international-finance-corporation-ifc-kfw-entwicklungsbank-invest-5-4m-in-accessbank-rwanda/
MicroCapital Story, July 28, 2011, “National Bank of Rwanda (NBR) Incorporates Microfinance Programs as National Strategy to Achieve 80 Percent Access to Finance Target by 2017,” https://www.microcapital.org/microcapital-brief-national-bank-of-rwanda-nbr-incorporates-microfinance-programs-as-national-strategy-to-achieve-80-percent-access-to-finance-target-by-2017/
MicroCapital Story, July 13, 2010, “National Bank of Rwanda (NBR) Revokes Blue Financial Services’ Operating License,” https://www.microcapital.org/microcapital-brief-national-bank-of-rwanda-nbr-revokes-blue-financial-services’-operating-license/
MicroCapital Universe Profile: National Bank of Rwanda (BNR), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=The+National+Bank+of+Rwanda
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