Regional Central Banks Governors to Discuss Monetary Framework

The Rwanda central bank (BNR) in the partnership with IMF and IGC is preparing a Regional Central Bank Governors conference to discuss monetary frame work.

The conference is scheduled for July 19, 2012 at Kigali Serena Hotel. On the top of discussion will be price stability within the region.

In the previous consecutive press conference, The Governor of Rwanda Central Bank Ambassador Claver Gatete announced that Rwanda’s Economy is still much stable in the region.

Rwanda was presented as the country of lowest inflation on average of 8.3% rate while other countries in the region have a superior average.
The press asked whether these countries economy will not end up affecting Rwanda’s economy.

For this question Amb. Claver Gatete said that, they accepted to collaborate because of the effort these countries put in decreasing their inflation rate.

He gave examples from Uganda which brought its inflation rate from 30% to 17%, Burundi which dropped it to 22% from 26% and Kenya which dropped it to 10% from 18% and so on.

About worries from Euro zone troubles, the Rwanda Central Bank Governor said that the Euro Zone is not the only one market.

He added that Rwanda is expanding its market in the African Region and even in the Asia and ensured that the monetary policy committee in its survey showed evidence of enough capital in Rwandan Banks.

But he accepted that as Rwanda has an open economy, what affect other countries may end up affecting Rwanda’s economy. For that the conference will take measures to overcome challenges and threats from outside countries.

During the meeting, Regional Central Bank Governors will have an opportunity to share experiences from Latin America to make regional monetary policy stable.

Economic crisis started in 2008 in Western Countries. With Arab Revolution, economic situation becomes worse with the increase of Fuel prices. Nowadays Euro zone which is the donor for the most of African countries is in economic crisis, for that, Regional countries have to get united to overcome threats from Western countries.