Rwandan Franc to Remain Stable

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By Godfrey Ntagungira

The Rwanda’s central bank attributes the encouraging trend to reduction in the trade deficit

Stability in Rwanda’s foreign exchange reserves has kept the Rwandan Franc stable against the other foreign currencies, Central Bank Governor John Rwangombwa has said.

The Central Governor said that Rwandan Franc exchange rate has continued to stabilize against the USD, depreciating by 1.8 percent between December 2016 and August 2017 compared to 8.0 percent observed in the same period of 2016.

Rwangombwa  observed that the statement indicates that the ease in exchange rate pressures was mainly due to the improvement in export receipts, in line with rising commodity prices , and the decline in the import bill due to the phasing out of big construction projects and increased domestic production of some items, such as cement.

The Rwanda’s central bank attributes the encouraging trend to reduction in the trade deficit, saying it had partly facilitated the easing of exchange rate pressures.

Recent statistics Rwanda’s trade deficit reduced by 22.6 per cent in the first five months of the 2017 to $580.6 million compared to $749.7 million recorded in the same period last year. The positive trend was attributed to an increase in formal exports by 37.2 per cent and a decrease in imports by 9.2 per cent.

 

 

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