BNR increases lending rate to 7%

The decision was reached during the quarterly meeting of the Monetary Police Committee and Financial Stability Committee held this week.

Also known as the key repo rate, the lending rate is the fee at which the Central Bank lends to commercial banks.

The meeting determines the lending rate at which commercial banks will borrow money over the next three months.

The Central Bank Governor, John Rwangombwa has said that global inflation is decreasing where it is likely to result in reduced prices in Rwanda.

He also expressed optimism that global inflation will fall below 8%.