Author: IGIHE

This follows the BNR Board of Directors’ ordinary quarterly meeting held in Kigali on 20th December 2018.

Since 1997, BNR has been implementing its monetary framework under a monetary targeting framework which is used in countries with economies that have not yet reached levels where the population can get different ways to save and get banks credits.

Under this framework, BNR has managed to keep inflation low and stable averaging 6.1 percent for the period of 1997 to 2017 and 1.4 percent during the first eleven months of 2018.

Speaking to journalists, the Governor of the National Bank of Rwanda, John Rwangombwa said that BNR will change from the monetary targeting framework and adopt Price Based Monetary policy Framework starting from January next year

“When we realized the money in hands of the population is getting much that it can cause inflation, we drew it from them and when we see it is getting low, we add it to the market. When it is getting much, we sell bonds and get it and when it becomes low, we let the money flow to market,” Rwangombwa said.

Prof. Thomas Kigabo Rusuhuzwa, Chief Economist at National Bank of Rwanda, said that BNR has chosen to adopt the price based monetary framework because they found it is modern and it accords to Rwanda’s current national financial status.

“Rwanda’s financial status is improving so that residents can now access different platforms to save and get loans. Choosing the monetary policy framework depends on the benefits you get from that,” Prof. Kigabo said.

“The Central Bank adopts the price based monetary framework in order to set a direction on interest rates which helps residents take good decisions in saving and investing their money in interest generating activities based on accurate information,” Prof. Kigabo added.
Kigabo explained that nowadays, Rwandans invest their money in activities that they think they will get more interests from different from past times when some only saved their money in commercial banks.

He gave as an example where people now invest their money by buying treasury bonds among other investments.

Since the National Bank of Rwanda started issuing treasury bonds on the market, the participation of non-financial institutional investors in bonds has increased from 48.3 percent in December 2014 to 54.9 percent in July 2018. For retail investors in bonds, the participation has increased from 1.6 percent in December 2014 to 9.0 percent at the end of July this year.

{{How Rwanda benefits from adopting the price based monetary framework
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When the financial sector of a country is growing, the price based monetary framework becomes very important in the financial and economic system.

For instance, when the National Bank of Rwanda, BNR, reduces its Key Repo Rate, it shows that commercial banks can get more profits in giving loans to loan seekers than doing trade with the Central Bank. This makes commercial banks invest in the population as they get profits which increases investment activities.

The Key Repo Rate is the rate at which the central bank lends to commercial banks.
When there is a lot of money circulating among the population that it can cause inflation, the Central Bank increases the key Repo rate and then commercial banks put their money to the Central Banks as they gain more profits there than in the population.

The price based monetary framework also helps commercial banks give loans to each other which helps them manage well their funds.

The sales of the treasury bonds also change due to the initial interest rate the Central Bank sets.

Prof Kigabo said that the price based monetary framework will help the citizens make the right investment choices basing on the profits they think they would get in.

“This will help enhance the saving culture and increase investments in Rwanda, which will benefit Rwanda in terms of economic growth,” Prof. Kigabo noted.

Since December 2017, Rwanda National Bank’s key repo rate was reduced to 5.5 per cent up from 6 per cent.

Speaking on the occasion, Peeush Pillai, Country Head of Unimoni Rwanda, said, “We believe in connecting with people outside business parameters through community initiatives. With Christmas around the corner, we wanted to do something special and are glad that our humble efforts were instrumental in creating awareness on the value of education among the children at the center. It was also a delight to watch the enthusiasm of kids participate in the activities and interact with our staff.”

Expressing his happiness, Damas Mutezintare Gisimba, Head of Gisimba Foundation said, “We thank Unimoni Rwanda for this kind gesture and celebrating Christmas with our children. It shows their commitment to the community and the true spirit of Christmas. Everyone could feel the joy in the air and we look forward to a long association with them.”

As part of its corporate social responsibility, Unimoni Rwanda will be supporting and contributing towards the education of ten GMC children for the next academic year.

Unimoni is a renowned global provider of Money Transfer, Foreign Currency Exchange, Payment and Credit solutions. It facilitates the seamless movement of money across geographies, currencies and channels to enable our customers to achieve their financial ambitions. We offer multiple customer touch-points including retail stores, digital and mobile solutions and self-service kiosks.

In Rwanda, Unimoni provides a range of in-store money transfer, payment and foreign exchange solutions for retail and corporate customers.

Rwandan Medard Ngabo known in musical circles by the stage name ‘Meddy’ will hold two concerts in Bujumbura, with the first one slated to take place at Boulevard De l’Uprona on December 27th to be followed by another at Le Costa Beach the following day.

Last week, a message went viral on Facebook was written by one Gatoto Egide Mathias who wrote that the day Meddy steps in Burundi ‘they will kill him’.

The message that was intended to youth members of CNDD FDD, the Political Party on power in Burundi, known as Imbonerakure, went far accusing Rwanda’s President [Paul] Kagame of causing poverty to Burundi adding that the artist would go to Burundi to add to poverty that is already a threat to the lives of Burundians.

The message posted in a public Facebook group, Humura Burundi loosely translates as ” Greetings to you Imbonerakure [youth members of CNDD FDD], Kagame keeps provoking us. Now let us show him how we have gone mad and catch his dog and kill him. He (Meddy) is coming to cause us more poverty, making it worse for us.”

In the days and chaos that followed the Burundi’s incumbent President Pierre Nkurunziza’s taking over the third term as President of the Republic of Burundi, members of the opposition opposed to it saying it did not in accordance with the then constitution, the Imbonerakure used ‘Kumesa’ as slang meaning ‘to kill’ all those who opposed the third presidential term of Nkurunziza.

The word ‘Kumesa’ which usually means ‘to wash clothes’ in both Kirundi and Kinyarwanda is what Gatoto Egide Mathias used in his Facebook post.

The post raised fears among lovers of Meddy’s music and other music lovers who wished to celebrate festive times in neighboring Burundi.

Meddy also feared for his life as it was stated by Paulin Bizimana, the CEO of Crystal Events that invited the singer to Burundi.

“Meddy was frightened because so many people called him,” said Bizimana in exclusive with IGIHE.

Bizimana said that they have spoken to Meddy and assured him of his security and that officials of Bujumbura City agreed to provide special policemen to protect his security while in Burundi.

“We had a meeting with security officials, leaders of the City of Bujumbura and they told us they will provide us with special policemen to protect him,” Bizimana said.

Unconfirmed reports suggested that the Pop star had already decided not to perform in Bujumbura’s two shows but Bizimana said that Meddy had agreed to go to Burundi.

“Let us wait because we will meet in Rwanda but he had promised me to come to Burundi. Let us wait and see what happens,” Bizimana added.

If Meddy goes to Burundi, he will arrive there on 27th December and return to Rwanda where he will perform in the 2019 East African Party on January 1, 2019.

Kidum Kibido, a Burundian renowned singer told journalists on Thursday that someone who said he would kill Meddy wants to prevent his concerts from happening but they will do nothing to his life.

DND Developers Ltd is a construction company in Rwanda, established in 2015 with the goal of promoting the country, through the transformation of the settlements.

This company has built many apartments and is relatively affordable compared to other buildings in Nyarutarama, in Gasabo District.

In an interview with IGIHE, Director General of DND Developers Ltd, Eng. Daniel Mehari, said 12 apartments having two and three bedrooms have been completed & 80% have been sold, and this is why next year, they will start building another phase.

“We are now at the end of a design works, construction works will begin in February 2019. Unlike the first & second phases, people will be able to pay for in 12 months installments,” he said.

The houses DND Developers want to build include three bedrooms townhouses and four bedrooms Villas, all are G+1 buildings, and will be sold from Rwf90 million.

“Nyarutarama is so expensive that you cannot get a family house for less than Rwf150 million. We are working to minimize the cost as much as possible, and our houses are unique and decent. We are doing our best to be the change in this neighborhood,” he said.
These facilities will be completed by February 2020 and interested buyers will be able to start paying at the start of the construction, and they will be the ones to fix the amount of money they will be able to pay monthly until it becomes theirs.

For more information or desire to purchase DND house, visit at Nyarutarama on KG314 st, call at +250789664020 or email at Daniel_mehari@yahoo.com or dndrwanda@gmail.com. You can also visit [www.dnddevelopers.com.->www.dnddevelopers.com]

MTN launched the promotion in August 2018 as it kicked off celebrations for the 20th anniversary of its operations in Rwanda, to thank its clients who continue using the services it provides.

For someone to be eligible for winning a prize, they simply had to stay on MTN network and to register by writing 20 in SMS and send to 2018, or by pressing * 140 * 6 # and dial.
In concluding the promotion, MTN Rwanda treated its customers to a free of charge concert graced by Bruce Melody, Charly and Nina, Yvan Buravan and Riderman.

MTN also surprised passengers at the Nyabugogo Station where its staff gave away gifts to those aboard and refunded transport fares to others.

MTN Rwanda’s communications officer, Alain Numa, said that in Izihirwe, they awarded more than 600,000 people, as a way of thanking them for working with MTN.

“This is a very happy day. The theme was to thank our customers and the prizes are also a way of thanking them for Izihirwe did not require money,” He said.

He urged MTN Rwanda’s clients to continue using its services because although the promotion has ended, its operations will continue.

Edouard Murutampunzi, who won a motorcycle in Izihirwe told IGIHE that he was very happy because at first, he thought it was rumored and that no one ever wins.

“I received and enjoyed it well because at first, I heard people say they had won and thought that something else happened, but I was happy to experience it,” he said.
He added that he is going to start using this vehicle for human transport and earn some money.

MTN Rwanda started in 1998 and today has more than 4,500,000 subscribers.

IGIHE had the opportunity to speak with Wolly Agnes Megasari, who just joined the team at Saray Spa by Kigali Marriott Hotel, who shared the history of the Balinese massage and the experience that she brings to Kigali.

Born in Indonesia, Wolly Megasari started therapy services from his home country in 2012 before traveling to pursue her career in countries such as Mauritius, Iraq and now Rwanda. Sharing her journey she continued by saying that this technique “Balinese Massage” is one of the many unique body-relaxing treatments that she plans to introduce at Saray Spa for more rejuvenating and exciting customer experience.

“I love therapy very much because I consider it as a way of boosting someone else’s energy into a healthier life,” she explained.

Megasari is excited to share her broad experience with her team at Saray Spa and provide them with the necessary training to delight their customers.

Megasari encourages everyone to come and experience the numerous Saray Spa remarkable services.

Saray Spa by Kigali Marriott Hotel has a professional team with state of the art equipment offering a range of services from Massage therapy, sauna, steam, and gym. This festive season Saray Spa is treating its customers to a 20% discount on all spa treatments.

Photos: Muhizi Serge