{"id":48054,"date":"2023-05-11T13:20:51","date_gmt":"2023-05-11T13:20:51","guid":{"rendered":"https:\/\/new.igihe.com\/bnr-maintains-base-lending-rate-at-7\/"},"modified":"2023-05-15T07:40:04","modified_gmt":"2023-05-15T07:40:04","slug":"bnr-maintains-base-lending-rate-at-7","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/bnr-maintains-base-lending-rate-at-7\/","title":{"rendered":"BNR maintains base lending rate at 7%"},"content":{"rendered":"<p>The development was announced on Thursday 11th May 2023 during the presentation of the quarterly financial stability statement.  <\/p>\n<p>The decision was reached during the Monetary Policy Committee (MPC) Meeting held on 10th May to decide on the central bank rate for the next three months. <\/p>\n<p>According to BNR, inflationary pressures are on declining trend, although it is still high. <\/p>\n<p>As per statement presented today, inflation is expected to continue decelerating until it converges towards the target band (below 8 percent) before end of this year, owing to the effect of BNR monetary policy tightening, government policy measures, and the already decreasing international commodity prices. <\/p>\n<p>Based on the projected ease in inflation, the MPC decided to maintain the Central Bank Rate at 7.0%.  <\/p>\n<p>The repo rate had been increased from 6.5% to 7% in February this year to tame surging inflation and continue supporting the country\u2019s economic recovery.<\/p>\n<p>The global economy is expected to grow by 2.8% against 3.4 % growth registered last year.  <\/p>\n<p>The Central Bank Governor, John Rwangombwa attributed the slowdown to the war between Russia and Ukraine as well as COVID-19.  <\/p>\n<p>Among others, he disclosed that Rwanda\u2019s economy is projected to grow by 6.2% and expressed optimism that the country will achieve the target in consideration of the previous quarter\u2019s situation.  <\/p>\n<figure class=\"spip-document spip-document-47740 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/52692667613_81197292c4_b-2-72287.jpg\" alt=\"Central Bank Governor, John Rwangombwa has said that inflation will continue to decrease.  \" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>{The National Bank of Rwanda (BNR) has maintained its Central Bank Rate at 7% as inflationary pressures are projected to ease.}<\/p>\n","protected":false},"author":62,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[75],"byline":[160],"hashtag":[],"class_list":["post-48054","post","type-post","status-publish","format-standard","hentry","category-economy","tag-homenews","byline-theophile-niyitegeka"],"bylines":[{"id":160,"name":"Th\u00e9ophile Niyitegeka","slug":"theophile-niyitegeka","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":3}],"contributors":[{"id":160,"name":"Th\u00e9ophile Niyitegeka","slug":"theophile-niyitegeka","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":3}],"featured_image":null,"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/48054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=48054"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/48054\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=48054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=48054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=48054"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=48054"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=48054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}