Rwanda Leaves Key Policy Rate at 6.75%

The National Bank of Rwanda kept its benchmark interest rate unchanged at 6.75% during its November 2025 meeting, the highest level since July 2024. Policymakers stated the current stance was appropriate to keep inflation within the bank's 2%-8% target range, with a medium-term target of 5%. The central bank noted that headline inflation rose to 7.2% in Q3 2025, up from 6.7% in the previous quarter, due to increases in the core measure and energy prices, despite easing pressure from fresh food. Inflation is projected to remain within the target range, averaging 6.9% in 2025 and 5.8% in 2026. Core inflation is expected to remain high until early 2026 but should gradually decline later in the year. Meanwhile, the domestic economy is projected to sustain robust growth in Q3 2025, after expanding 7.8% in Q2.