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Author: Thomas Kigabo Rusuhuzwa
Publisher: Springer Nature
ISBN: 9813367466
Category : Business & Economics
Languages : en
Pages : 168
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Book Description
This book analyzes evolution of monetary policy in Rwanda since it was first implemented by the National Bank of Rwanda in 1964 when the bank was established. It contributes to the understanding of monetary policy which is formulation and implementation in different stages of development of a financial system that comprises the financial market (money market and capital market), financial intermediaries such as commercial banks, and the financial sector infrastructures such as payment systems and the credit reference bureau. The book breaks down applied empirical research on the assessment of key assumptions of a monetary targeting framework, namely the stability of money multiplier and money demand using econometrics of time series, through a number of case studies. Presenting a detailed empirical analysis of the monetary transmission mechanism, one of the most analyzed topics in central banks in advanced economies, this book is a valuable read for central bankers and other researchers of monetary policy, particularly in developing economies.
Author: Thomas Kigabo Rusuhuzwa
Publisher: Springer Nature
ISBN: 9813367466
Category : Business & Economics
Languages : en
Pages : 168
Get Book
Book Description
This book analyzes evolution of monetary policy in Rwanda since it was first implemented by the National Bank of Rwanda in 1964 when the bank was established. It contributes to the understanding of monetary policy which is formulation and implementation in different stages of development of a financial system that comprises the financial market (money market and capital market), financial intermediaries such as commercial banks, and the financial sector infrastructures such as payment systems and the credit reference bureau. The book breaks down applied empirical research on the assessment of key assumptions of a monetary targeting framework, namely the stability of money multiplier and money demand using econometrics of time series, through a number of case studies. Presenting a detailed empirical analysis of the monetary transmission mechanism, one of the most analyzed topics in central banks in advanced economies, this book is a valuable read for central bankers and other researchers of monetary policy, particularly in developing economies.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 73
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Book Description
The economy has emerged from the COVID-19 pandemic with scars that would likely take time to reverse. Supported by the authorities’ policy support, growth rebounded strongly to 10.9 percent in 2021. Spillovers from the war in Ukraine are compounding pandemic challenges by weighing on growth, increasing inflationary pressures and social needs, and straining fiscal balances amid high uncertainty and rising food insecurity concerns. Lower external demand and higher global commodity prices are projected to lower growth to 6 percent in 2022. Headline inflation is projected to rise from 0.8 percent in 2021 to 9.5 percent in 2022, exceeding the central bank’s benchmark level (5 percent). The National Bank of Rwanda (NBR) raised the policy rate by 50 basis points in February 2022. While the near-term outlook is marred by uncertainty from the geopolitical risks that could prolong the spillovers from the war in Ukraine, the medium-term outlook remains favorable, supported by the authorities’ commitment to structural reforms. The change in World Bank financing terms under IDA20 will increase the volume of loans, hence the debt-to-GDP ratio for Rwanda, but given the higher concessionality of the loans, the expected impact on the present value of debt path is marginal.
Author: Ms.Luisa Charry
Publisher: International Monetary Fund
ISBN: 1498398340
Category : Business & Economics
Languages : en
Pages : 37
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Book Description
We develop a simple semistructural model for the Rwandan economy to better understand the monetary policy transmission mechanism. A key feature of the model is the introduction of a modified uncovered interest parity condition to capture key structural features of Rwanda’s economy and policy framework, such as the limited degree of capital mobility. A filtration of the observed data through the model allows us to illustrate the contribution of various factors to inflation dynamics and its deviations from the inflation target. Our results, consistent with evidence for other countries in the region, suggest that food and oil prices as well as the exchange rate have accounted for the bulk of inflation dynamics in Rwanda.
Author: Thomas Kigabo Rusuhuzwa
Publisher:
ISBN: 9789813367470
Category :
Languages : en
Pages : 0
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Book Description
This book analyzes evolution of monetary policy in Rwanda since it was first implemented by the National Bank of Rwanda in 1964 when the bank was established. It contributes to the understanding of monetary policy which is formulation and implementation in different stages of development of a financial system that comprises the financial market (money market and capital market), financial intermediaries such as commercial banks, and the financial sector infrastructures such as payment systems and the credit reference bureau. The book breaks down applied empirical research on the assessment of key assumptions of a monetary targeting framework, namely the stability of money multiplier and money demand using econometrics of time series, through a number of case studies. Presenting a detailed empirical analysis of the monetary transmission mechanism, one of the most analyzed topics in central banks in advanced economies, this book is a valuable read for central bankers and other researchers of monetary policy, particularly in developing economies.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1475556799
Category : Business & Economics
Languages : en
Pages : 62
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Book Description
Rwanda has responded to lower aid by tightening policies and drawing on its foreign reserves to cushion the impact on the economy. Economic activity has been resilient despite lower aid inflows. The agreed framework for the FY2013/14 budget is in line with Policy Support Instrument (PSI) objectives. The government’s intention to develop a comprehensive plan for enhancing domestic revenue mobilization over the medium term is timely. Rwanda’s new poverty reduction strategy (EDPRS2) and the commitment to tighten the monetary stance while allowing greater exchange rate flexibility is encouraging.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1475504675
Category : Business & Economics
Languages : en
Pages : 87
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Book Description
The Rwandan economy continued to grow strongly in 2011, and significant progress in poverty reduction has been achieved. The Fourth Review Under the Policy Support Instrument (PSI) highlights that the fiscal framework for 2012/13 is in line with the main objectives of the PSI, and the authorities are committed to delay non-priority spending rather than resort to additional domestic financing if revenue collections fall short of target. Efforts are ongoing to further strengthen public financial management and enhance revenue administration.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1484323963
Category : Business & Economics
Languages : en
Pages : 100
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Book Description
This paper discusses Rwanda’s Seventh Review Under the Policy Support Instrument (PSI), Request for a Three-Year PSI and Cancellation of Current PSI. Progress under the PSI has continued to be satisfactory. Except for the ceiling on nonconcessional borrowing (NCB), all quantitative assessment criteria were met. All indicative targets and structural benchmarks were also met. The nonobservance of the NCB ceiling came about when the authorities allowed Rwandair to contract a new US$50.7 million external loan in July. Presently, the IMF staff recommends a waiver on the basis of the authorities’ commitment to prevent any reoccurrence.
Author:
Publisher: GRIN Verlag
ISBN: 3389016465
Category : Business & Economics
Languages : en
Pages : 29
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Book Description
Seminar paper from the year 2024 in the subject Economics - Monetary theory and policy, grade: 7.9, University of Rwanda (Business & Economics), course: Monetary Policy, language: English, abstract: The purpose of this study was to assess the effect of monetary policy on exchange rate in Rwanda. In conducting this research, four objectives were to assess the effect of monetary stock on exchange rate in Rwanda, to assess the effect of interest rate on exchange rate in Rwanda, to analyze the effect of oil prices on exchange rate in Rwanda and finally to examine the effect of government expenditure on exchange rate in Rwanda. To achieve these objectives, literature was reviewed on the subject matter including definitions of key concepts, conceptual review, theoretical framework, conceptual framework and research gap analysis; additionally this study used quantitative research design through the interpretation of findings about the effect of monetary policy on exchange rate in Rwanda during the period of 2000 up to 2022. Also, thus study considered only using secondary data. Monetary policy has a strong influence over interest rates in the economy, including the lending and deposit rates faced by households and businesses.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1484361180
Category : Business & Economics
Languages : en
Pages : 69
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Book Description
This paper discusses Rwanda’s Ninth Review Under the Policy Support Instrument (PSI). Growth in 2017 was better than expected, supported in all areas except construction. Particularly notable was export performance, with goods exports rising by 58 percent, based on strong performance of both traditional and nontraditional exports. Inflation has remained below the central bank’s 5 percent medium term target. External balances and reserve buffers have continued to improve faster than expected. Program performance is on track, with all continuous and end-December 2017 quantitative targets met as were all structural benchmarks, except the indicative target on contracting of new external debt by public enterprises. The IMF staff supports the completion of the Ninth Review under the PSI-supported program.
Author: International Monetary Fund. Monetary and Capital Markets Department
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 29
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Book Description
In response to a request from the National Bank of Rwanda and in accordance with the AFE workplan, a virtual technical assistance (TA) mission on Forecasting and Policy Analysis System (FPAS) took place during December 12–21, 2022. The objectives of the mission were twofold: (i) to further strengthen the nowcasting framework for GDP and CPI inflation, and (ii) to initiate the work on developing a simple, efficient, and robust process for forecasting the external variables for the Quarterly Projection Model (QPM). The new CPI nowcasting system now includes the monthly forecasts of ten subgroups of the core CPI inflation, as well as two subgroups of food inflation, enabling the assessment of the key drivers of inflation and the nature of inflation shocks. Similarly, the new GDP nowcasting system covers production in different sectors and significantly improves the forecasting results.
