In a media conference Tuesday, the Governor of Central Bank, John Rwangombwa said that the quarterly Monetary Policy Committee found that the Rwandan economy continues to register strong performance.
“The projection by the Ministry of Finance and Economic Planning of 7.2% is quiet possible because the total turnovers grew by 16.5 percent during the first five months of 2018 from 16.2 percent in the same period of 2017,” he said.
The National Institute of Statistic of Rwanda (NISR) recently revealed that in quarter one of this year, GDP grew by 10.6%, a growth which was attributed to the increase in agricultural production by 8%, industries by 7% and services by 12%.
Rwangombwa said that Rwanda’s formal trade deficit reduced by 1.4 percent during the first five months of 2018 compared to the same period of 2017, following an increase in formal exports receipts by 29.0 percent which overweighed the increase in formal imports of 9.0%.
“The value of our exportation like minerals, agricultural products like coffee and tea were remarkably raised,” he said.
He said that consistent with the performance of the external sector, exchange rate pressures remained subdue. Compared to December 2017, the Rwandan Currency depreciated by 1.5% against the USD as at the end May 2018 from 1.0% and 4.0% observed during the same period of 2017 and 2016 respectively.
Leave a Reply