national bank of rwanda quarterly bulletin fourth quarter 2010

8/3/2019 National Bank of Rwanda Quarterly Bulletin Fourth Quarter 2010

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NATIONAL BANK OF RWANDA

QUARTERLY BULLETIN


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NATI ONAL BANK OF RWANDA

QUARTERLY BULLETIN


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Table of Contents

I. I NT ERNAT IONAL ECONOMIC OUT LOOK .................................. 4 I.1 Economic Growth ............................................................................................................ 4i.2 Inflation and Commodity prices ...................................................................................... 5I.3 Financial Markets ............................................................................................................ 7

II . NATI ONAL ECONOMI C ACTIV IT IES ........................................ 9 II.1 Real Sector Performance ................................................................................................ 9II.2 Inflation Developments ................................................................................................ 16II.3 External Trade Developments ...................................................................................... 18II.4 Public Finance and Domestic Debt .............................................................................. 21

II I. MONETARY SECTOR DEVELOPMENT S ................................ 28 III.1Money Supply ............................................................................................................. 28III.2 Money Demand ........................................................................................................... 29III.3 Monetary Policy Implementation ............................................................................... 30III.4 Domestic Markets and Interest Rates Developments ................................................. 32

IV. EXCHANGE RATE A ND FOREX MARK ET DEVELOPMENTS .. 34


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I. INTERNATIONAL ECONOMIC OUTLOOK

I.1 ECONOMIC GROWTH

According to the IMF January 2011 report, global activity continued recovering in the

second half of the year 2010. Real GDP growth was around 5.25% for the first half of the

year drawn by the increase of 15% in industrial production and by the take off of 40% in

global trade. With the third quarter, global economic activity growth rate stood at around

3.5%, a level slightly better than what was expected after 5% recorded in the previousquarter. In fact, the economic activity remained subdued in developed countries where

policy stimulus are waning and consumer confidence weak while it remained robust in

emerging countries where economic fundamentals coupled with prudent policy measures

are supportive for economic growth. On average in 2010, real GDP growth attained 5%

from -0.6% in 2009.

In the United States, recent indicators show gradual improvement in the economic activity

led stronger than expected consumption and by business investment and public spending

despite negative contribution from net exports. Quarter-on-quarter real GDP rose by 2.8%

in fourth quarter from 2.6% and 1.7% respectively in the third and second quarter. For the

whole year, US economy increased by 2.8% in 2010 up from -2.6% in 2010.


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Table 1: Real GDP growth in %

2009 2010

.I .II .III .IV Avera eUnited States (QoQ) -2.6 3.7 1.7 2.6 2.8 2.8Euro Zone (YoY) -4.1 0.8 2.0 1.9 2.0 1.8

Japan (QoQ) -6.3 6.0 2.1 3.3 -1.0 4.3*Year on Year (YoY) and (QOQ) refers to quarter on quarterSource

I.2 INFLATION AND COMMODITY PRICES

: IMF, World Economic Outlook, January 2011 and Bloomberg data base

The IMF January 2011 estimates set at 7.1% the economic growth in emerging and

developing economies while it was at 2.6% in 2009. In emerging economies, the economic

activity strongly recovered as fixed investment and private consumption grew significantly

but also due to accommodative policy measures and following resurgent capital inflows.

Economic growth was 8% for the first semester while it reached 9.5% in sole emerging

Asian economies boosted by Chinese, Indian and Indonesian domestic demand. In China,

year-on-year growth stood at 9.8% in the fourth quarter from 9.6% and 10.3% respectively

in the third and second quarter 2010 while it shifted to 10.3% on average in 2010 after

9.2% in 2009.

Developing economies show signs of strong recovery drawn by the increase in commodity

prices, stimulus policy measures and improving global trade and financial conditions. In

Sub-Saharan Africa, the economic growth was at 5% in 2010 after 2.8% in 2009.

I d l d t i i fl ti i d bd d d t i ti


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Table 2: Inflation developments in %

2010

Q.I Q.II Q.III Q.IV Average

United States (YoY) 2.33 1.77 1.13 1.27 1.60

Euro Zone (YoY) 1.10 1.50 1.70 2.00 1.50Japan (YoY) -1.17 -0.93 -0.80 0.10 -1.00

Source: Bloomberg data base and IMF World Economic Outlook, January 2011

With regard to commodity markets, prices increased for both oil and non-oil commodities

due to strong demand from emerging markets and partly to shocks in supply for some

commodities. Thus, oil prices (Brent crude) increased by 13.6% for the fourth quarter

after declining by 2.9% in the previous quarter. In medium term, oil prices are expected

to slightly increase reflecting expectations of higher global economic expectations. For

non energy commodities, world prices have recovered from their decline in the second

quarter essentially for food commodities, beverages and agricultural commodities. In fact,

due to poor climatic conditions harvest was lesser than expected especially for wheat

whose prices rose by respectively 12.42% and 35.58% in the fourth and third quarter after

-3.42% in the second quarter. Metal prices continued to soar after recovering from the

June low level drawn by the rise in prices of tin (26.57%), silver (39.22%), aluminium

(12.15%) and copper (19.24%) in the fourth quarter 2010. Compared with the previous

year, in 2010 oil prices rose by 28.73% while non energy prices hiked by 23% after -36.3%

and -18.7% in 2009.

Table 3: Commodity price developments (in % change)

2009 2010 2009/2010


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Table 4: World Bank commodity price indices for low and middle income countries (2000 =100)

(% change)

2009 2010 2009/ 2010

Q.IV Q.I Q.II Q.III Q.IV

Energy 11.19 3.91 0.62 -3.07 12.21 26.54Non Energy 7.04 6.81 1.32 2.53 16.12 27.64

Food 3.50 -0.25 -5.69 10.43 17.30 9.27

Grains 4.20 -2.70 -9.02 13.87 21.94 0.42

Fertilizers -3.69 6.67 -2.18 9.94 18.22 -4.43

Base Metals 12.09 8.47 -2.11 2.00 17.54 42.56

Source

I.3 FINANCIAL MARKETS

: Our estimations based on World Bank data, March 2011

In the financial markets, central bank rates remained unchanged in developed countries

and low enough to encourage investment financing. Furthermore, due to recent concerns

on financial markets related to the sovereign debt risk in some European countries,

central banks introduced further accommodative policy measures. In November, US

announced other quantitative monetary easing.

Short and long term interest rates declined in leading economies on concerns about the

sustainability of the recovery in global economic activity but also because of worries

regarding the sustainability of public finances in European peripheral countries. Central

B k t i US t d t 0 25% d th th t t 0 30% i th l t t 2010


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Committee on further monetary quantitative easing. Due to new recent financial concerns

in Europe, the euro has lost some of its earlier gains. For the sole first half of 2010, the

euro depreciated by about 15% in real effective terms. However, since July to September

2010, it depreciated following weaker than expected economic data in USA.

Table 6: Exchange rates development

2009 2010

Q.IV Q.I Q.II Q.III Q.IV

USD/EURO 1.43 1.35 1.22 1.36 1.34

USD/POUND STERLING 1.62 1.52 1.49 1.57 1.56YEN/USD 93.02 93.47 88.43 83.53 81.12

Source: Bloomberg data base

The Japanese yen has depreciated in the first quarter 2010 but appreciated during the

following quarters. The Bank of Japan (BOJ) is intervening on exchange market to avoid

disruptive movements.


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II. NATIONAL ECONOMIC ACTIVITIES

II.1 REAL SECTOR PERFORMANCE

1.Agriculture Production

1.1 Food Crop ProductionThe total food crop production in both 2010 season A and B recorded an increase of 8.2%

compared to 2009 harvests, driven by roots and tubers and cereals production which

increased by 18.8% and 18.7% respectively. This sustained good performance of food

production was attributed to the favourable climatic conditions and Government Crop

Intensification Programs notably; increased supply and use of fertilizers, improved seed

supply to farmers and land consolidation program.

Table 6: Food crop production for 2010 season A and B (in thousands of tons)

2005 2006 2007 2008 2009 2010% change

2010/2009

Total Food Crop 7 293 7 137 6 906 8 234 9 269 10 028 8.2

Annual % change 19.6 -2.1 -3.2 19.2 12.6 8.2

Cereals 409 362 356 461 629 747 18.7

Sorghum 228 187 167 144 175 148 -15.3

Maize 97 92 103 167 287 441 53.7

Wheat 22 20 25 68 73 86 19.1

Paddy rice 62 63 62 82 95 72 -24.7

Legumes 252 334 405 392 431 449 4.2

Beans 200 283 331 309 328 342 4.5

P 19 14 17 17 34 37 9 6


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The total production for roots and tubers also performed better with 18.8% mainly

attributed to Irish potatoes and cassava whose production increased by 39.1% and 12.8%

respectively. The production of cassava continues with the upward trend compared to the

2009 agriculture seasons and this increase was due to the adoption of new cassava trees

(cultivars) that are resistant to diseases. Also, the increase in production of roots and

tubers during the 2010 agriculture seasons A and B was attributed to the continuous

expansion in the land area under cultivation.

Fig.1: Food crop production structure (by category and in thousand tons)

Source:NISR and MINECOFIN

The production of bananas decreased by 7.1% compared to the same agriculture season of

th 2009 lt f b l t ti th t h il i f t d b


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Table 7: Export crop production (in tons)

2006 2007 2008 2009 2010 Annual %

change

Tradable Coffee 26 598 14 850 18 596 15 055 19 319 28.3

Ordinary 24 752 12 572 15 942 11 892 15 063 26.7

Full washed 1 846 2 278 2 654 3 163 4 255 34.5

Dry Tea 16 973 20 473 19 965 20 507 22 249 8.5

Pyrethrum extract 30 15 4.6 7.3 8.7 19.2

Source:Rwanda Coffee and Tea Authorities and SOPYRWA

The production of extracted pyrethrum increased by 19.2% in 2010, following a high

increase of 58.7% in 2009, as a result of fundamental changes in production process from

June 2007. Gross pyrethrum extracts are no longer considered as final products by

SOPYRWA Company rather it is again passing through improved production process to

obtain a high value refined product, whose price is higher at the international market

than the former grade.

Fig. 2: Production of Coffee and Tea (in tons)


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With exception of sheep and cattle which slightly rose, all other animal species have

significantly increased compared to the previous year. The number of cattle, goats,

sheep, pigs and rabbits has increased significantly due to progressive modernizing of

traditional livestock and the expansion of land area that was reserved for pasture.

Due to the improvement in the breeds of cattle distributed to farmers under One Cow per

Household Government project, milk production increased by 11.3%, rising from 334.7 to

372.6 millions of litres in 2010. During the same period, meat production increased by

9.9% while had increased by 22.2% in 2009. The production of eggs highly increased by

59.2% from an increase of 18.3% in 2009 while the production of fish rose by 6.4%

compared to an increase of 8.4% in 2009. Honey production also increased by 27.5%

compared to a slight increase of 0.6% in 2009.

Table 9: Animal products developments

2006 2007 2008 2009 2010 Annual % change

Meat 52 226 54 780 53 900 65 863 72 395 9.9

Fish 9 267 9 655 8 746 14 104 15 007 6.4Eggs 2 236 1 620 1 983 3 268 5 203 59.2

Honey 1 671 1 676 1 686 2 684 3 422 27.5

Milk (in 146 .840 158. 764 257. 197 334.727 372.619 11.3

Source

2.1 Composite index of economic activities

: MINAGRI

2. Non Agricultural Activities


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Table 10: Composite Indicator of Economic Activities (Base 2006: 100)

Composite Index (CIEA)% Change

Monthly Annual

2008

March 139.9 3.4 23.4

June 158.6 2.1 31.3

September 176.2 3.2 35.7

December 182.2 4.0 30.7

2009

March 169.8 3.1 21.4June 169.9 3.3 7.1

September 169.8 0.7 -3.6December 180.1 5.5 -1.2

2010

January 168.7 -6.3 2.0February 172.1 2.0 4.4March 175.9 2.2 3.5April 176.5 0.3 8.7May 178.4 1.1 8.4

June 184.3 3.3 8.5July 182.9 -0.8 9.3August 187.3 2.5 11.1September 182.4 -2.6 7.4October 185.3 1.6 12.9November 185.9 0.3 8.9December 200.5 7.9 11.4

Source: BNR, Research and Policy Analysis Department

Fig. 3: Composite Indicator of Economic Activities (Base 2006: 100)


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Table 11: Monthly % changes for the Industry and Services sectors total turnovers

Monthly change 2010 Annual change

Jan. Feb. Mar. April May June July Aug. Sept

Oct. Nov. Dec 2009 2010

INDUSTRIES -36.5 12.1 7.4 11.8 10.3 18.7 -1.6 27.9 -19.7 -12.0 8.3 64.57 0.8 39.3

Manufacturing -27.0 15.8 5.4 0.4 23.5 12.5 -1.0 14.0 -11.7 -8.3 -3.8 31.78 -3.9 24.6

Energy 1.0 5.4 -13.1 37.7 9.1 -12.7 31.9 -0.5 -9.3 -2.7 -13.8 13.63 26.0 13.9

Mining 11.0 -27.8 13.1 21.6 3.9 9.3 2.3 31.3 12.9 -55.5 83.9 28.46 -13.6 77.0

Construction -68.1 38.5 21.0 21.7 -9.3 54.3 -13.9 66.8 -43.0 2.1 20.3 143.34 5.9 72.2

SERVICES -22.9 7.3 9.6 -5.8 2.8 7.1 -1.2 3.8 3.2 -4.5 4.7 21.98 5.4 21.1

Trade Services -25.0 2.6 15.9 -12.0 9.7 2.2 -2.9 6.6 9.4 -5.6 -1.2 28.76 3.6 15.0

Banks & Insurance 21.2 -10.7 33.8 -14.1 2.0 15.4 -8.5 7.1 -13.4 2.3 14.3 40.17 15.3 31.5

Transport and -42.7 51.7 -20.9 -2.3 0.1 7.9 2.0 1.9 -17.7 2.8 9.8 -6.66 33.9 24.8

Garage Services -39.7 46.1 -10.6 0.6 16.4 5.8 -16.4 -13.1 17.9 38.1 -12.1 9.33 -31.4 -34.8

Petroleum -18.7 3.4 11.3 7.3 -6.1 14.4 11.4 -1.5 5.8 0.0 0.9 5.68 -13.6 37.6

Posts & Telcom. -6.7 64.3 -14.8 -1.8 2.8 0.8 1.5 -2.0 0.3 -20.0 30.4 5.12 23.1 15.3

Other Services -19.9 -12.9 0.5 16.3 -12.4 16.0 -11.4 5.9 10.1 -4.8 4.4 31.89 20.0 16.6

TOTAL SALES -26.9 8.5 6.4 -1.3 5.0 10.7 -1.3 11.7 -5.4 -6.9 5 .8 35.13 4.0 26.3

Source: RRA, Department of Large Tax Payers

Comparing December to November 2010, the total turnovers registered by large

companies in the industry and services sectors highly increased by 35.1%, as total sales

rose to RWF 179.7 billion from 133.0 billion. The industry sector highly rose by 64.6%

emanating mainly from a respective increase of 143.3%, 31.8% and 28.5% in construction,

manufacturing and mining industry.

Industry sector


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Fig.4: Monthly turnovers development in the industry sector (in millions of RWF)

Source: RRA, Department of Large Tax Payers

Services sector

The overall services activities in 2010 registered a nominal increase of 21.1% of their

turnovers compared the previous year. This better performance of the sector is mainly

explained by a high increase in petroleum companies (+37.6%), banks & insurance

companies (+31.5%) and transport and storage services (+24.8%). Other services, post and

telecommunication and trade services also performed better, but garage services

performed poorly falling by 34.8%.

Fig. 5: Developments in turnovers of large enterprises providing services (in million of RWF)


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II.2 INFLATION DEVELOPMENTS

1. Overall InflationDue to the better performance in food production, a decline in import prices and stable

Rwandan Francs (RWF), Rwanda has continued to experience significantly low inflation, a

sustained trend observed since the third quarter 2009. Annual headline inflation slightly

rose by 0.2% in December from 5.7% in December 2009.

Fig 6: Annual average inflation developments in % change

Source: NBR, Statistics Department

The main contributions to the stable inflation have been food and non alcoholic beverages


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2. Annual and Underlying average inflationThe annual average inflation dropped to 2.3% in December 2010 after 10.3% in December

2009, and the underlying inflation which excludes fresh foods and energy from the overall

CPI, on annual average has come down to 1.5% from 8.5% in December 2009.

The underlying inflation, which does not account for fresh foods and energy, on annual

average dropped to 1.5% from 3.3% in June, 6.5% in March 2010 and 8.5% in December

2009.

The underlying inflation on annual change dropped to 1.2% from 8.5% in December 2009.

On monthly basis, the underlying inflation was almost stable rising by 0.08% in December

2010 from 3.46% in December 2009.

Table 13: Annual average inflation developments (base Feb.2009=100)

2009 2010

Mar. Jun. Jul. Aug. Sept. Oct. Nov. Dec.Mar.

Jun. Jul. Aug. Sept. Oct. Nov. Dec.

Annual average in flation 18.5 17.9 16.9 15.6 14.4 13.0 11.6 10.3 6.5 4.8 4.4 4.1 3.7 3.3 2.8 2.3

Underlying average in flation 18.1 17.2 16.0 14.6 13.1 11.5 10.0 8.5 5.0 3.3 2.8 2.5 2.2 2.0 1.8 1.5

Source

: BNR, Statistics Department

3. Local and Imported InflationThe price index for locally produced goods significantly declined by -0.07% in December

2010 from 1.75% in September 2010 on annual change, while prices for imported goods


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II.3 EXTERNAL TRADE DEVELOPMENTS

With regard to the external trade in 2010, exports value increased by 26.5% compared to

2009, while its volume also rose by 9.3%. Following the upward trend of imports during

the last years, their value increased by 8.7% in 2010 due to price effect, while volumeincreased by 11.9%. There is an improvement in trade balance since exports covered

27.4% of imports from 23.6% in 2009.

A. Exports

The Rwandan exports remained dominated by traditional export products (coffee, tea and

minerals) constituting 60.4% of the total export earnings in 2010. Tea exports have

continued to perform better in both value and volume increasing by 15.5% and 15.2%

respectively, resulting mainly from stable international prices, from an average of 2.58

USD/kg in 2009 to an average of 2.59 USD/Kg in 2010.

Coffee exports also performed better, increasing highly by 50.4% in value due the increase

in international prices from an average of 2.49 USD/kg in 2009 to an average of 3.08USD/kg, and rose by 21.6% in volume, as a result of the coffee season. Considering the

importance of the 2010 harvests, coffee exports have picked up in the second half of the

year. The mining sector performed better as its exports value increased by 22.3% despite

a decrease in volume by 11.4% on average in 2010 compared to 2009. This better

performance of the mining sector is mainly attributed to upward trend of prices on


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Table 15: Export developments (Value in million of USD, Volume in tons)

Jan. Dec. 2009 Jan. Dec. 2010 % change

Volume Value Volume Value Volume Value

EXPORTS 103 135 234.9 112 760 297.3 9.3 26.5Coffee 14 992 37.3 18 236 56.1 21.6 50.4Tea

18 689 48.2 21 528 55.7 15.2 15.5Tin 4 269 28.6 3 874 42.2 -9.3 47.7Coltan 950 20.2 749 18.5 -21.2 -8.7Wolfram 874 5.8 843 7.1 -3.6 23.3Hides and Skins 1 792 2.0 3 731 3.7 108.2 90.8Pyrethrum 3 0.6 6 1.4 99.2 118.6Re-exports 4 080 20.6 7 398 35.9 81.3 74.5Other export products 57 485 27.7 56 394 33.8 -1.9 21.9

Source: BNR, Statistics Department

B. Imports

In 2010 imports increased by 8.7% in value while increasing by 11.9% in volume. This trend

is mainly due to the increase in value of import of consumer goods (23.8%) accounting for

41.1% of the total value of imports. While the import of consumer goods increased in

value, the import of capital goods declined by 1.7% in value but increased by 19.7% in

volume. Intermediate goods also increased in value (+18.1) and volume (+6.1%).

Intermediate goods rose by 18.1% in value and 6.1% in volume. This performance in value

is explained essentially by construction materials which increased by 22.2% in value while

slightly rising by 4.8% in volume, a situation mainly attributed to other construction

materials and cement and other similar products which respectively rose by 58% and 22%.


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Table 16: Imports Developments (Value FOB in million of USD, Volume in thousands of tons)

Jan Dec. 2009 JanDec. 2010 % change

Volume Value Volume Value Volume Value

TOTAL IMPORTS 1 062 997.0 1 188 1 084.0 11.9 8.7

Consumer goods 383 301 360.2 468 472 445.9 22.2 23.8

Of which: Food products 276 182 124.1 372 488 155.2 34.9 25.0Health and care

29 024 103.6 30 768 92.4 6.0 -10.8Capital goods 35 974 372.1 43 076 365.6 19.7 -1.7Of which: Transport materials 7 578 61.1 6 773 66.6 -10.6 9.1

Machines, devices and tools 15 851 240.7 19 625 217.8 23.8 -9.5Intermediate goods 454 022 330.1 481 644 389.8 6.1 18.1

Of which: Construction materials 274 562 134.7 287 851 164.6 4.8 22.2Industrial products 104 164 133.5 146 450 159.4 40.6 19.4Fertilizers 63 826 30.6 32 068 22.2 -49.8 -27.3

Energy and lubricants 189 446 185.4 195 785 212.0 3.3 14.3

Of which fuel185 768 175.6 190 167 202.6 2.4 15.3Source: BNR, Statistics Department

C. Trade with EAC countries

Rwandas total trade with EAC partner states recorded a significant expansion in both

imports and exports. From 2006 to 2010 the total trade volume with EAC recorded a high

increase more than double from USD 278 to 600 million, driven mainly by imports clearly

indicating that Rwanda is a net importer in the EAC region.

D. Informal cross-border trade

As evidenced by the results of a survey being conducted by the Ministry of Commerce,

National Bank of Rwanda and National Institute of Statistics, total exports in 2010 under


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II.4 PUBLIC FINANCE AND DOMESTIC DEBT

1. Public Finance

For the year 2010, although total grants increased by 14.4%, from RWF 347.4 billion in

2009 to 397.4 billion in 2010, the overall fiscal deficit, including grants as percentage of

nominal GDP increased from 0.8% to 1.8%, while that excluding grants worsened from

12.4 to 13.8% of GDP. This behavior of fiscal deficit was mainly due to the high

government spending that increased by 18.2%, from Rwf 750.9 to Rwf 887.7 billion in

2010.

Table 18: Government Financial Operations (in billions of RWF, unless otherwise indicated)

2009 2010%

chan

Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total

Q4

2010

Total revenues and grants 132.7 204.5 182.6 207.0 726.8 162.77 246.3 212.3 208.5 828.2 0.7

Total domestic revenues 94.1 99.6 89.6 96.1 379.4 105.7 101.5 108.4 118.2 430.8 23.0

Total tax revenues 91.1 92.4 86.2 93.0 362.8 102.4 96.2 103.8 113.3 412.7 21.8

Direct taxes 31.4 36.5 32.3 36.2 136.5 42.6 37.5 39.4 42.4 161.8 17.2Taxes on goods and services 46.2 42.8 46.3 48.4 183.7 51.2 50.6 55.7 61.8 219.2 27.6

Taxes on international trade 13.5 13.1 7.6 8.4 42.7 8.6 8.2 8.8 9.1 34.7 8.2

Non tax revenues 3.0 7.2 3.4 3.1 16.5 3.3 5.3 4.7 4 .9 18.1 59.3

Grants 38.6 104.9 93.0 110.9 347.4 57.0 144.8 103.9 90.3 397.4 -18.6

Budgetary grants 11.4 90.1 61.1 71.0 233.6 29.7 117.5 69.8 57.5 275.9 -19.0

Capital grants 27.2 14.8 31.9 39.9 113.8 27.3 27.3 34.1 32.8 121.5 -17.7

Total Expenditure and net

lending186.9 162.6 192.9 208.6 750.9 196.7 213.2 236.3 250.7 887.7 20.2


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1.1 Government Revenues and Grants

The Governments overall macroeconomic strategy continued to concentrate on

reinforcing economic growth by stimulating domestic sources of growth, promoting higher

productivity and helping to stabilize the economy. Compared to the previous year,

domestic revenues did maintain an increase in 2010, increasing by 13.6% from RWF 379.3

to RWF 430.8 billions. Nontax revenues increased by 9.7% following a shortfall of 9.1% the

previous year.

Compared with the fourth quarter 2009, Government revenues and grants maintained an

increase in the fourth quarter 2010, rising by 0.7%, from RWF 207.0 billion to RWF 208.5billion. This increase emanates mainly from total domestic revenues rising by 23%, despite

a decline in total grants (-18.6%).

A. Domestic revenuesTax revenue collection performed well in 2010, in line with the trend observed during the

last few years, and consistent with the growth of GDP. The proportion of tax revenues to

GDP slightly increased from 12.7% to 13%. Direct tax collection amounted to RWF 162.1

billion against RWF 131.6 billion achieved in 2009, which is an increase of 18.7%. Tax

revenues amounted to RWF 412.7 in 2010 against RWF 362.8 billion recorded the previous

year, which is an increase of 13.8%. Tax revenues have improved because Rwanda


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Fig. 7: Tax and non tax revenues, in billions of RWF

Source: Ministry of Finance and Economic Planning (MINECOFIN)

B. Grants

The total grants increased by 14.4%, from RWF 347.4 to 397.4 billion in 2010. Current

(budgetary) grants totaled RWF 275.9 billion (69.4 % of total grants) while capital grants

account for the balance (RWF 121.5 billion or 30.6% of total). Total grants have performed

well and their share to GDP has also increased by 12% in 2010 against 11.6% the previous

year. Unlike in 2009, the share of total grants to total government resources in 2010 was

substantially high, that is 48% while it was 47.8% in 2009, which is an indication that

foreign resources are still crucial in this era for setting up necessary infrastructure and

resources for a sustainable development.


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1.2 Government Expenditure and net lending

The overall thrust of the Governments expenditure was to strengthen the fundamentals

of the economy and to increase the private sectors resilience and make it the engine of

growth. In managing expenditure, emphasis was placed on enhancing efficiency and cost

effectiveness. In the year 2010, total government expenditure and net lending increased

by 18.2%, from RWF 750.9 to RWF 887.7 billion. Spending outlays were dominated by

capacity building and infrastructural development projects as the main spending priorities

mentioned in the economic development and poverty reduction strategy paper (EDPRS).

The fourth quarter 2010 was marked by an increase in government expenditure and net

lending compared to the corresponding period of the previous year, passing from RWF

208.6 billion to RWF 250.7 billion, of which total government expenditure rose by 24.4%

and net lending by 8.6%.

A. Current expenditureComprising wages and salaries, purchases of goods and services, interest payments on

public debt, transfers and exceptional expenditures, current expenditures amounted to

RWF 500.8 against RWF 424.3 billion recorded in 2009, which is an increase of 18%. The

transfers, which were the largest component of current expenditure (37.8%), rose by


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Fig. 9: Current and Capital expenditure, in billions of RWF

Source

A. Budget deficit

: Ministry of Finance and Economic Planning (MINECOFIN)

1.3 Budget deficit and its financing

In line with tax collection efforts and external assistance, the Government financial

transactions achieved an overall deficit (payment order basis) including grants of RWF

59.6 billion (which is 1.8% of GDP) in 2010 against a deficit of RWF 24.2 billion (0.8% ofGDP) in 2009. The overall deficit excluding grants reached RWF 456.9 from 373.8 billion,

which is 13.8% of GDP from 12.4% in 2009.

The current deficit was RWF 70 billion (which is 2.1% of GDP from 1.5% in 2009), and this

trend reflects the necessary current expenditure portfolios that the government faced in


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Table 19: Deficit financing (in billions of RWF)

Fourth quarter 2009 Fourth quarter 2010 % Change

Financing 9.88 54.64 453.2

Foreign financing net 4.39 12.6 187.7

Drawings 5.11 14.9 191.3Budgetary loans - - -

Project loans 5.11 14.9 191.3

Amortization (paid) -0.73 -2.28 213.2

Domestic financing (net) 5.49 42.02 665.4

Banking system (monetary

survey)

-0.9 1.1 -222.2

Non bank (net) 6.39 40.92 540.4

Source: Ministry of Finance and Economic Planning

2. DOMESTIC DEBT

The total domestic debt stock of the government in 2010 increased by 19.2%, from RWF

253.6 billion in 2009 to RWF 302.3 billion in 2010, mainly due to the increase in the

issuance of Government bonds. The domestic debt of the banking sector highly increased

by 137.8% in 2010 against 25.2% in 2009.

In the fourth quarter 2010, the total government domestic debt stock also rose by 19.7%,

from RWF 252.6 billion recorded end September 2010 to RWF 302.3 billion end December

2010, mainly due to the high increase (+47.3%) in the banking sector.


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The profile of domestic debt by holder category shows that the National Bank of Rwanda

(BNR) is the leading creditor to the government holding +42.1% of the total domestic debt

stock followed by the banking sector (+33.6%), of which treasury bills take the lions share

of 65% in the banking sector. Another creditor is the non banking sector composed of non

bank financial institutions with 24.2% of the total domestic debt stock.

Fig. 10: Composition of domestic debt (% share)

Source

: BNR, Research and Policy Analysis Department


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III. MONETARY SECTOR DEVELOPMENTS

III.1 MONEY SUPPLY

The fourth quarter 2010 indicated an overall improvement in monetary aggregates

expansion. Therefore, Net Foreign Assets (NFA) and credit to private sector increased

while net credit to Government declined.

Table 21: Monetary aggregates developments (amount in RWF billion)

2009 % Change

Dec Mar Jun Sep Dec Dec/Sept Mar Jun Sept Dec

Net foreign assets 442.9 407.7 474.4 484.8 518.9 7.0 -7.9 15.1 2.3 7.7

Net domestic assets 82.6 95.0 80.5 86.1 97.0 12.7 2.8 -3.3 1.3 2.5

Domestic credit 217.0 246.8 244.0 244.0 268.2 9.9 6.7 -0.6 0.0 5.5

Central government (net) -141.3 -119.9 -125.8 -132.5 -131.3 -0.9 4.8 -1.3 -1.5 0.3

Autonomous Agences -1.9 -1.9 -4.3 -4.3 -0.8 -82.4 0.0 -0.5 0.0 0.8

Public enterprises 3.0 2.8 2.9 2.8 3.2 14.5 0.0 0.0 0.0 0.1

Private sector 357.3 365.9 371.2 378.0 397.1 5.1 2.0 1.2 1.5 4.3

Other items net (Assets: +) -134.5 -151.8 -163.5 -157.9 -171.2 8.4 -3.9 -2.6 1.3 -3.0

Broad money M3 526.6 502.8 554.9 571.0 615.9 7.9 -5.4 11.8 3.6 10.1Broad money M2 429.5 408.0 462.1 466.8 516.7 10.7 -4.9 12.2 1.1 11.3

Money M1 267.1 247.8 290.6 293.7 330.5 12.5 -4.4 9.7 0.7 8.3

Currency in circulation 77.0 68.4 83.5 81.8 90.5 10.6 -1.9 3.4 -0.4 2.0

Deposits 447.5 434.4 471.5 489.3 525.4 7.4 -3.0 8.4 4.0 8.2

of which: demand deposits in Rwf 190.1 179.4 207.1 212.0 240.1 13.2 -2.4 6.3 1.1 6.3

time deposits Rwf 162.4 160.2 171.4 173.0 186.1 7.6 -0.5 2.5 0.4 3.0

foreign currency deposits 97.0 94.8 92.9 104.3 99.2 -4.8 -0.5 -0.4 2.6 -1.1

2010 Quarterly Contribution to M3(%)



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explained by a slow recovery in credit demand as well as the improved banks risk

management. In addition, some banks are continuing the process of writing off of bad

loans.

Considering the new authorized loans by the banking system, a significant improvement iscontinuing to be registered, showing the consolidation of recovery from the liquidity

crunch experienced in 2009. The biggest part went to credit to the sector of commerce,

restaurant and hotels which reached an amount of RWF 111.8 billion while credit to other

sectors has been improving slightly.

Fig. 11: New cash loans authorized by commercial banks in 2010 (in RWF billion)

Source: BNR, Financial Stability Directorate

The improvement in the credit market could also be explained as a positive effect of


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The Government spending has been also for a big influence in the upward trend in the

currency in circulation because of payments to the government suppliers. Payments orders

were accumulated and executed at the end of year.

The change in deposits was the results of the constitution of deposits for the purpose of

purchasing government shares in BRALIRWA IPO (Initial Public Offering). In that context,

time deposits increased by 13.2% and in one bank which was in charge of collecting those

deposits increased by RWF 13.3 billion. The contribution of deposits in the increase of the

broad money has been 6.3% and specifically time deposits contributed by 3.0 %.

III.3 MONETARY POLICY IMPLEMENTATION

BNR continues to make greater use of monetary policy instruments to keep inflation low

and stable. Within the current monetary policy framework, Reserve money remains the

operational target and BNR consistently monitors developments on daily basis. It takes

required actions and measures to maintain it within the targeted levels. Using different

tools notably open market operations, related monthly and quarterly targets have been

achieved.

Fig.12: Reserve Money Developments (in RWF billion)


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Fig.13: Required and Excess Reserves developments (in RWF billion)


Indeed, since the beginning of year, the liquidity of the banking system has been building

up so that BNR has been regularly intervening on money market to absorb excess liquidity

in order to keep monetary aggregates consistent with quantitative targets defined in the

2010 Monetary Program.

Regarding the Net Foreign Assets, in line with this quantitative assessment target for

2010, and as indicated above, BNR has achieved the target of end December reaching RWF

400.6 billion at the Program exchange rate, against a target of RWF 352.6 billion

Fig.14: Net Foreign Assets, Actual and Targets (in RWF billion)


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III.4 DOMESTIC MARKETS AND INTEREST RATES DEVELOPMENTS

A. Domestic Market Developments

Repos operations represent 56.6% against 43.4% for T-bills of total outstanding of short

term instruments, showing that repos were more preferred than other instrument. For

monetary policy purposes, net borrowing amounted to RWF 66.4 billion reflecting the

importance of excess liquidity in the banking system as already mentioned.

Table 22: Outstanding of Net borrowing by BNR and Government (RWF million) as of 29 December, 2010

BNR Government Total In percent of total

Repos 52,900.0 - 72,900.0 56.6

T-bills 1,538.0 54,462.0 56,000.0 43.4

Total (1) 74,438.0 54,462.0 128,900.0 100.0

T-bonds (2) - 11,500.0 11,500.0

BNR liquidity facility 8,000.0 - 8,000.0 38.0

Government deposit facility - 13,032.0 13,032.0 62.0

Total (3) 8,000.0 13,032.0 21,032.0 100.0

Net borrowing (1)+ (2)- (3) 66,438.0 52,930 119,368.0

Source: BNR, Financial Markets Department

With regard to the Government long term deposit facility which has been significantly

contributing to the banking system liquidity conditions, RWF 13.0 billion used mainly for

financing mortgage and equipments.

B. Interest rates developments


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2. Money market rates

Regarding short term interest rates developments in the banking system, the money

market interest rates have been significantly fluctuating during the fourth quarter. In

fact, repo rate increased to 5.47% in December 2010 from 5.23% and 5.07% respectively in

October and November 2010. Likewise, t-bills increased to 7.32% in December 2010 from

7.28% in November 2010 after hitting 7.51% in October 2010. Rather, interbank rate has

been declining along with this quarter und review and stood at 6.84% in December 2010

from 7.32% in October 2010. This upward trend of money market interest rates in

December 2010 was due to BNR heavy borrowing on money market in order to meet

monetary aggregates targets.

3. Commercial banks rates

Commercial banks deposit interest rates slightly increased to 7.10% in December 2010

from 6.22% and 6.51% respectively in September and October 2010. This had a good

impact on savings where time deposits increased by 7.2% between September and

December 2010.

On the other side, lending interest rate remained high and fluctuated between 16.94% and

17.51%. In fact, BNRs policy rate did not significantly influence the lending rate. The

remaining high level of commercial banks lending rate is explained partly by the high

level of nonperforming loans in the banking system.


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IV. EXCHANGE RATE AND FOREX MARKET DEVELOPMENTS

IV.1 EXCHANGE RATE DEVELOPMENTS

Along with the fourth quarter, the Rwandan franc has been stable versus the USD with

depreciation of 1%, 1USD has been RWF 594.45 in December 2010 from 1 USD = RWF

589.95 in September 2010. Rather, RWF modestly appreciated against EUR and GBP by 3%

and 2% respectively under the same period.

Fig.16: Exchange rate of RWF against major foreign currencies

Source: BNR, Financial Markets Department

Moreover, against regional currencies, RWF depreciated considerably by 0.3%, 2% versus


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Fig.17: Real effective exchange rate as of November 2010

0.00

20.00

40.00

60.00

80.00

100.00

120.00

Jan-0

5

Fe

b-0

5

Mar-

05

Apr-

05

May-0

5

Jun-0

5

Jul-05

Aug-0

5

Sep-0

5

Oct-

05

Nov-0

5

Dec-0

5

Jan-0

6

Fe

b-0

6

Mar-

06

Apr-

06

May-0

6

Jun-0

6

Jul-06

Aug-0

6

Sep-0

6

Oct-

06

Nov-0

6

Dec-0

6

Jan-0

7

Fe

b-0

7

Mar-

07

Apr-

07

May-0

7

Jun-0

7

Jul-07

Aug-0

7

Sep-0

7

Oct-

07

Nov-0

7

Dec-0

7

Jan-0

8

Fe

b-0

8

Mar-

08

Apr-

08

May-0

8

Jun-0

8

Jul-08

Aug-0

8

Sep-0

8

Oct-

08

Nov-0

8

Dec-0

8

Jan-0

9

Fe

b-0

9

Mar-

09

Apr-

09

May-0

9

Jun-0

9

Jul-09

Aug-0

9

Sep-0

9

Oct-

09

Nov-0

9

Dec-0

9

Jan-1

0

Fe

b-1

0

Mar-1

0

Apr-1

0

May-1

0

Jun-1

0

Jul-1

0

Aug-1

0

Sep-1

0

Oct-1

0

Nov-1

0

Dec-1

0

Source

: BNR, Research and Policy Analysis Department

IV.2 FOREIGN MARKET DEVELOPMENTS

During the quarter under review, the domestic foreign exchange market has been

characterized by important demand for forex compared with the previous quarter as BNR

sold USD 67.7 million in the 4th quarter against USD 62.9 million in the 3rd quarter 2010.

This trend is a seasonal factor attributed by increased demand for imports during the last

quarter of the year.


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The closing market rate is the rate of the last market transaction, either between

banks (i.e. interbank rate) or between banks and the central bank (i.e.

intervention rate) of a given day. In the event of no market transactions on a given

day, the latest available closing market rate prevails. For official accounting

purposes, BNR uses as the Official Rate the mid-point of the NBR customer buying

and selling spread.


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V. FINANCIAL SECTOR SOUNDNESS

V.1 BANKING SYSTEM

Developments in the banking sector trough December 2010 show strong asset

growth, increased competition in the mobilization of deposits and a generally

strong banking system as shown by the financial soundness indicators of the

banking industry, measured in terms of capital adequacy, earnings, asset quality

and liquidity.

The data on commercial banks for the period ended December 2010 suggests that

the commercial banks balance sheet expanded to728.5 billion RWF compared to

578.6 billion RWF, which is an increase of 25.9 percent against 13.2 percent

recorded in December 2009.

Net loans and advances amounted to 325.9 billion RWF and showed an annual

growth of 12.9 percent compared with a decrease of 5.2 percent recorded a year

earlier. The banks investment portfolio (government securities and investments

and other securities) of 68 billion RWF registered an annual growth of 41.3 per


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to 73.7 billion RWF in 2010 from 68.5 billion RWF in 2009 which represents an

increase of 7.6 % in 2010. The capital adequacy ratio for the industry including

ZIGAMA CSS was 22.3% against 21% in 2009 compared to the minimum requirement

of 15%.

The quality of the banks loan assets remains a source of concern in most of banks.

However, the consolidated non -performing loans ratio improved from 13.1

percent in December 2009 to 11.3 percent in December 2010. The net non-

performing loans ratio stood at 9.7 percent (if the interest in suspense is not taken

into account).

Banks continued to be profitable. The commercial banks profit after tax increased

by 38.6 percent from 3.8 billion in December 2009 to 13.1 billion RWF in 2010.

This net profit yielded an annualized Return on Assets (RoA) of 1.9% from 0.7% in

December 2009 while Return on Equity (RoE) also increased to 13.7% at the end of

December 2010 from 5% in December 2009. The major source of income was

interest income from loans, which amounted to 45% of total income.

Liquidity of the commercial bank continued to be satisfactory. The ratio of liquid

asset to total assets improved significantly and stood at 57.8 percent just above


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Table 24: financial soundness indicators as at September 2010(in %)

Financial soundness indicators 2009 2010 2010 2010 2010

December March June September December

Capital adequacy

Solvency ratio 19.0 18.1 17.6 20.3 19.4

Off balance sheet items/Total qualifying capital184.1 197.6 224.4 203.1 206.1Insider loans/Core capital 19.7 15.7 13.5 8.7 5.9

Large exposure/core capital 65.1 93.9 103.0 80.0 72.5Asset quality

NPLs / Gross Loans 13.1 12.5 12.2 12.4 11.3NPLS net/Net loans 11.4 11.0 10.4 10.7 9.7Provisions / NPLs 55.2 57.2 56.8 57.0 53.1Earning Assets / Total Asset 81.7 78.2 81.1 77.6 78.1Large Exposures / Gross Loans 13.9 18.5 20.4 17.4 15.1

Profitability and earningsReturn on Average Assets 0.7 -0.2 1.3 1.6 1.9Return on Average Equity 5.0 -1.4 10.3 12.2 13.7Net Interest Margin 9.1 9.6 8.8 8.8 8.7Cost of Deposits 2.4 2.8 2.7 2.6 2.5Cost to Income 91.0 98.6 89.3 86.2 83.2Overhead to income 54.9 57.5 54.0 53.8 55.2Liquidity

Short term Gap

20.0 16.8 21.2 17.4 18.5Liquid Assets / Total Deposits 65.3 51.7 58.4 47.9 57.8Interbank Borrowings / Total Deposits 9.8 7.3 10.3 9.0 8.5BNR Borrowings / Total Deposits 0.8 0.8 0.0 0.0 0.0Gross loans/Total deposits 73.9 74.0 71.6 69.3 67.0Market sensitivity

Forex Exposure / Core Capital 1.9 4.9 1.5 2.4 6.8Forex Loans / Forex Deposits 2.8 2.6 4.2 2.1 0.4Forex Assets / Forex Liabilities 103.6 105.8 101.0 103.9 106.0


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V.2 MICROFINANCE SECTOR

1. License of MFIs and SACCOs

In the last quarter of 2010, the licensing of Microfinance Institutions continued,

especially for SACCOs established in line with UMURENGE SACCO Program where

among 416 SACCOs established, 412 were provisionally licensed, 15 authorized to

start granting loans and 4 got definitive operating license.

2. MFIs consolidated financial situation1

The total assets increased by 25.6% from December 31st, 2009 to September 30th,

2010 moving from Rwf 36,055.68 million to Rwf 45,275.09 million while equity

has increased by 31.3%. Gross loans and deposits increased by 36.0% and 25.2%,

respectively. UMWALIMU SACCO contributed largely in this growth followed by

UNGUKA SA, GOSHEN FINANCE SA, COOPEDU and CFE AGASEKE SA.

A small improvement was noted in terms of loans portfolio quality where the

delinquency rate decreased from 11.6% to 11.2% from year 2009 to year 2010.

Table 25: Financial Data of MFIs. CSS is excluded (In Rwf million)


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performance is shown too by the number of MFIs which made a benefice. Only

54.7% of MFIs attained the breakeven point in December 2009, this figure was

raised to 67.8% in December 2010.

Table 26: Income Statement of MFIs, CSS Excluded (In Rwf million)

ALL MFIs 31-Dec-09 CHANGE % 31-Dec-10

Financial Revenue 7,058.25 27.6% 9,007.99

Financial Expenses 600.00 21.7% 730.16

Net Financial Income before Provisions 6,458.25 28.2% 8,277.83

Net Provision Expenses/Gains 691.81 34.1% 927.54

Financial Revenue (After Net Provisions) 5,766.44 27.5% 7,350.29

Operating Expenses: 5,903.81 12.0% 6,613.84

Personnel Expenses 2,997.79 13.1% 3,390.42

Net Operating Income + (137.37) 636.1% 736.45

Net Non-Operating Income 165.29 58.0% 261.11

Net Income (Before Taxes & Donations) 27.92 3472.5% 997.56

Net Income (After Taxes & Before Donations)+ 27.92 3463.1% 994.93Donations 847.05 -70.9% 246.41

Net Income after Taxes and after Donations 874.97 41.9% 1,241.34

Source: BNR, Microfinance Supervision Department

For SACCOs established in line with UMURENGE SACCO Program, below are figures

in term of deposits, members, loans and paid up capital as at 31st December 2010.


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VI. APPENDICES


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VI.1 TECHNICAL NOTES ON THE MONETARY STATISTICS

The data of the money sector published in this bulletin are established in accordance with

methodology of the Monetary and Financial Statistics Manual published in 2000 by the International

Monetary Fund.

Assets and liabilities are presented by types of financial instruments; then a breakdown of the

position of each financial instrument in its principal sectors of the economy is made.

The purpose of the monetary statistics is to build the monetary aggregates of the national

economy.

DEFINITIONS

1. FINANCIAL INSTRUMENTS

1.1 Financial assets

1.1.1 Monetary Gold: gold held by the central bank as part of official reserves. The gold which

does not form part of the official reserves is classified like non-financial asset.

1.1.2 SDR: international reserves assets issued by the IMF and allocated to members to supplement

existing official reserves. SDR holdings represent unconditional rights to obtain foreign exchange or


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1.1.8 Loans: financial assets that are created when (1) a creditor lends funds directly to a debtor

and (2) are evidenced by non-negotiable documents.

The valuation of loans and deposits is an exception to the valuation principle based on market price

or fair value. Loans and deposit values are hence based on creditors outstanding claims without

adjustments for expected loan or deposit losses.

I.1.9 Shares and other equity: instruments and records acknowledging, after the claims of all

creditors have been met, claims on residual value of a corporation. This category includes

proprietors nets equity in quasi-corporations, as well as shares and equity in corporations.

1.2 Liabilities

1.2.1 Currency: see definition in 1.1.3

1.2.2 Deposits included in broad money: transferable deposits and other deposits issued by

resident depository corporations and included in the national definition of the broad money.

1.2.3 Deposits excluded from broad money: transferable deposits and other deposits which are

not included in the national definition of broad money. This category includes all deposits of the

central government, depository corporations and non residents.1.2.4 Securities other than shares included in broad money: negotiable instruments included in

the national definition of broad money, and held by sectors designated as holders of the currency.

1.2.5 Securities other than shares excluded from broad money: negotiable instruments which

are not included in the national definition of broad money. This category includes securities other

than shares held by central government, depository corporations and non residents, as well as


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Financial corporations: comprise the central bank, deposit money banks, non bank depository

institutions, other financial corporations, insurance companies and pension funds, other financial

intermediaries and financial auxiliaries.

Non-financial corporations: include public and private non-financial corporations.

General government: are legal entities that are established by political process and have

legislative, judicial or executive authority over other institutional units within a specific area. They

include central government, local governments and the social security funds.

Households: consist of individuals, families, or other groups of persons who share the same living

accommodation, pool some or all of their income and wealth, and consume some goods and

services collectively.

Non profit institutions: legal or social entities, created for the purpose of producing goods and

services, whose status does not permit them to be a source of income, profit, or other financial

gain for the units that establish, control or finance them

For the presentation of the monetary statistics, households and non-profit institutions are

combined to make the position "other resident sectors".

3. BROAD MONEY LIABILITIES AND THEIR COUNTERPARTS


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4. Rates

4.1. Lending rate: is the interest rate charged by the banking sector on the loans they grant to the

customers.

4.2. Deposit rate: is the interest rate paid by the banking sector on deposits or funds collected

from the depositors/lenders.

4.3. Inter bank rate: is the interest rate charged by the banks to their colleagues, and negotiated

freely on the interbank market (one of the compartments of the money market).

4.4. Rate of the money market: is the interest rate charged or paid by the central bank during its

operations of open market.

4.5. Discount rate: is the interest rate at which the central bank lends its money to commercial

banks facing short term needs of cash.

4.6. Rate on the market of the Treasury bills: is a weighted average resulting from the

operations of tender on the Treasury bills market over a given period.

4.7.The central banks rate: is the maximum interest rate that the Central Bank is ready to pay

for its seven days mop ups of cash or the minimum interest rate it is ready to accept for cash loans

to commercial banks if the banking system falls illiquid.


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VI.2 STATISTICAL APPENDICES


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TABLE I.1. CENTRAL BANK SURVEY(In million RWF)

Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10

Net foreign assets (adjusted) 325 581.5 272 188.3 313 396.7 344 546.3 359 205.9 353 764.8 336 121.7 322 634.6 327 470.5 326 549.0 396 362.3 364 562.3 329 362.3 390 462.3 388 162.3 360 589.3 414 884.5

Net foreign assets 325 581.5 272 188.3 313 396.7 344 546.3 359 168.2 353 802.4 336 159.4 322 672.2 327 508.2 326 586.7 396 400.0 364 600.0 329 400.0 390 500.0 388 200.0 360 627.0 414 922.1

Foreign assets 333 352.3 280 691.8 324 674.2 412 146.3 425 168.2 419 755.0 400 779.8 386 875.3 391 531.8 389 956.0 460 800.0 430 700.0 398 100.0 458 300.0 456 600.0 429 127.0 483 454.0

Foreign liabil iti es (adjusted) 7 808.5 8 541.2 11 239.9 67 562.3 65 962.3 65 990.2 64 658.1 64 240.7 64 061.3 63 407.0 64 437.7 66 137.7 68 737.7 67 837.7 68 437.7 68 537.7 68 569.5

Foreign liabilities 7 770.9 8 503.6 11 277.6 67 600.0 66 000.0 65 952.6 64 620.4 64 203.0 64 023.6 63 369.3 64 400.0 66 100.0 68 700.0 67 800.0 68 400.0 68 500.0 68 531.8

Net domestic assets (adjusted) - 209 593. 0 - 158 499. 7 - 203 531 .0 - 229 483 .6 - 244 45 6. 7 - 237 6 54. 4 - 220 107. 2 - 206 119. 5 - 20 6 770. 7 - 205 427. 7 - 277 408. 8 - 233 697. 1 - 200 8 34. 0 - 265 67 0. 1 - 261 309 .5 - 229 73 0. 2 - 283 9 48. 8

Net domestic assets - 209 593. 0 - 158 499. 7 - 203 531 .0 - 229 483 .6 - 242 75 6. 7 - 234 9 85. 4 - 218 515. 0 - 20 4 522. 8 - 205 173. 7 - 203 830. 7 - 275 808 .8 - 232 097. 1 - 199 234. 0 - 264 0 70. 1 - 259 70 9. 5 - 228 13 0. 2 - 282 2 40. 4

Domestic credit - 168 707. 1 - 116 359. 0 - 154 438 .3 - 188 183 .6 - 201 55 6. 7 - 193 4 17. 6 - 171 416. 5 - 157 336. 8 - 16 1 417. 0 - 158 478. 6 - 211 908. 8 - 179 791. 2 - 147 4 13. 0 - 211 37 0. 1 - 204 609 .5 - 178 67 1. 9 - 231 1 99. 8

Government(net) - 158 319. 2 - 122 477. 6 - 130 962 .4 - 145 504 .2 - 143 50 0. 0 - 153 6 90. 4 - 132 883. 1 - 110 226. 7 - 12 2 741. 7 - 122 282. 6 - 143 226. 4 - 136 662. 0 - 100 2 64. 3 - 157 71 1. 9 - 146 807 .3 - 124 23 8. 4 - 176 3 49. 5

Claims 39 737.4 45 238.8 39 363.0 40 899.4 50 200.0 39 362.0 48 792.2 60 876.3 61 707.1 68 408.9 39 300.0 44 400.0 67 700.0 39 300.0 39 300.0 61 800.0 57 850.4

O/W: overdraft 0.0 5 501.4 0.0 1 536.6 10 797.1 0.0 9 427.5 21 479.3 22 337.8 29 062.5 0.0 5 000.0 28 400.0 0.0 0.0 22 400.0 18 504.7

Deposits 198 056.6 167 716.5 170 325.4 186 403.6 193 652.9 193 052.4 181 675.3 171 103.0 184 448.8 190 691.5 182 526.4 181 062.0 167 964.3 197 011.9 186 107.3 186 038.4 234 199.9

Treasury (including RRA) 12 608.0 1 710.5 8 583.0 2 218.0 2 300.0 5 435.9 2 231.6 2 124.2 2 066.7 1 886.5 5 118.0 1 103.0 1 012.0 17 893.0 3 657.7 1 269.0 1 524.9

Line ministries 185 448.6 166 005.9 161 742.4 184 185.6 191 400.0 187 616.5 179 443.7 168 978.8 182 382.1 188 805.0 177 408.5 179 959.0 166 952.3 179 118.9 182 449.5 184 769.4 232 675.0

Autonomous agencies -637.7 -363.5 -600.0 -1 900.0 -1 900.0 -1 900.0 -1 900.0 -1 946.2 -1 952.4 -1 900.0 -4 300.0 -4 300.0 -4 300.0 -4 300.0 -574.6 -574.6 -755.4

Nongovernment credit -9 750.2 6 482.2 -22 875.9 -40 779.4 -56 156.7 -37 827.2 -36 633.4 -45 163.9 -36 722.9 -34 296.0 -64 382.4 -38 829.2 -42 848.7 -49 358.1 -57 227.6 -53 858.9 -54 094.9

Private 4 312.3 4 616.5 5 003.1 5 180.3 5 372.3 5 341.0 5 337.2 5 294.7 5 411.7 5 424.7 5 400.0 5 498.0 5 623.0 5 708.0 5 711.4 5 754.0 4 777.3

Public enterprises 1.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other financial institutions 1 040.7 974.0 2 570.0 2 083.2 2 471.0 2 471.0 2 448.9 2 395.4 2 370.0 1 894.5 1 900.0 1 868.8 1 817.3 1 791.0 1 791.3 1 739.1 1 712.8

Commercial banks (net) -15 104.4 891.7 -30 449.0 -48 042.9 -64 000.0 -45 639.2 -44 419.5 -52 854.0 -44 504.5 -41 615.2 -71 682.4 -46 196.0 -50 289.0 -56 857.1 -64 730.3 -61 352.0 -60 585.0

O/w Refinancin g Facility 0.0 0.0 2 072.0 5 088.7 8 666.8 8 189.2 8 179.0 11 179.0 11 179.0 10 697.0 10 697.0 12 682.0 11 682.9 11 753.9 8 000.0 8 000.0 8 000.0

Other items net(non adjusted) -40 885.9 -42 140.8 -49 092.7 -41 300.0 -41 200.0 -41 567.8 -47 098.5 -47 186.1 -43 756.7 -45 352.1 -63 900.0 -52 305.9 -51 821.1 -52 700.0 -55 100.0 -49 458.3 -51 040.6

Other items net(adjusted) -40 885.9 -42 140.8 -49 092.7 -41 300.0 -42 900.0 -44 236.8 -48 690.7 -48 782.7 -45 353.7 -46 949.1 -65 500.0 -53 905.9 -53 421.1 -54 300.0 -56 700.0 -51 058.3 -52 749.0

Reserve money (adjusted) 115 941.7 113 650.8 109 825.5 115 006.3 113 748.0 116 190.7 116 049.9 116 553.5 120 701.6 121 159.5 118 948.4 129 265.4 128 684.4 124 920.4 126 832.0 130 862.6 130 936.0

Reserve money (non adjusted) 115 979.3 113 688.4 109 863.2 115 044.0 116 400.0 118 859.7 117 642.1 118 150.1 122 298.3 122 756.1 120 545.0 130 862.0 130 281.0 126 558.1 128 469.7 132 500.3 132 682.1

Currency 88 498.1 76 817.3 81 664.0 80 109.4 86 125.9 84 290.5 81 670.2 81 204.4 83 344.5 87 881.8 94 035.0 97 700.0 95 700.0 94 057.1 94 880.9 97 200.0 104 140.3

Currency in circulation 80 892.3 66 251.9 72 081.2 69 433.5 76 992.4 72 895.2 68 526.3 68 389.8 72 456.7 75 001.3 83 465.4 84 215.5 81 214.5 81 772.9 81 489.4 80 920.1 90 478.2

Commercial banks deposits (UBPR included) 25 141.5 32 959.3 23 001.7 30 107.6 24 216.0 28 988.2 31 652.4 32 761.2 34 553.6 30 908.3 24 224.9 30 518.7 31 426.8 29 281.6 29 688.8 32 146.7 24 681.1

Other nonbank deposits (non adjusted) 2 339.8 3 911.9 5 197.5 4 826.9 6 084.0 5 581.0 4 319.5 4 184.4 4 400.2 3 966.0 2 285.1 2 643.3 3 154.2 3 219.4 3 900.0 3 153.6 3 860.6

Other nonbank deposits (adjusted) 2 302.2 3 874.2 5 159.8 4 789.2 3 432.0 2 912.0 2 727.3 2 587.8 2 803.5 2 369.4 688.5 1 046.7 1 557.6 1 581.7 2 262.3 1 515.9 2 114.6 Since december 2009,we notice change due to incolporation of CSSin monetary survey

Source : BNR, Statistics Department


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TABLE I.2. OTHER DEPOSITORY INSTITUTIONS SURVEY(BK, BCR, BPR-SA, FINA BANK, ECOBANK, ACCESS BANK , COGEBANQUE, BHR, UOMB, KCB, CCP,CSS)

(In million RWF)

Dec-08 Mar-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 June Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10

Net foreign assets 78 187.7 76 491.6 76 845.5 96 896.1 84 307.0 79 487.5 81 275.2 84 975.6 83 700.0 81 226.1 90 453.0 85 082.7 78 387.5 75 054.4 78 065.9 98 005.4 98 411.5 94 351.0 97 087.4 89 683.5 104 035.1

Foreign assets 96 751.9 97 207.9 99 689.7 117 704.3 107 590.0 101 280.5 102 793.6 106 470.6 107 500.0 105 375.8 112 201.4 107 777.8 99 363.9 94 973.4 98 937.0 117 950.0 117 072.2 114 132.5 118 844.4 115 431.6 146 776.8

Foreign liabilities 18 564.2 20 716.3 22 844.2 20 808.2 23 283.0 21 792.9 21 518.3 21 495.0 23 800.0 24 149.7 21 748.4 22 695.2 20 976.4 19 919.0 20 871.1 19 944.5 18 660.7 19 781.5 21 756.9 25 748.0 42 741.7

Reserves 32 747.2 43 524.7 32 584.4 35 282.6 40 170.3 40 783.6 39 962.0 39 386.4 33 316.0 40 383.4 44 796.2 45 575.8 45 441.4 43 788.8 34 794.5 44 003.3 45 912.3 41 565.8 43 080.3 48 426.7 38 343.2

NBR deposits 25 141.5 32 959.3 23 001.7 25 750.0 29 310.1 30 107.6 30 051.6 28 587.4 24 216.0 28 988.2 31 652.4 32 761.2 34 553.6 30 908.3 24 224.9 30 518.7 31 426.8 29 281.6 29 688.8 32 146.7 24 681.1

Required reserves 34 212.9 20 299.6 21 110.6 21 162.4 21 752.1 22 496.8 22 560.5 22 818.7 22 797.1 23 288.6 24 395.4 23 699.4 24 699.4 24 824.3 24 562.3 24 754.5 25 965.6 26 267.1 26 278.6 26 715.6 26 683.6

Excess reserves (9 071.5) 12 659.7 1 891.1 4 587.6 7 557.9 7 610.8 7 491.1 5 768.7 1 418.9 5 699.6 7 257.0 9 061.8 9 854.3 6 084.0 (337.4) 5 764.2 5 461.3 3 014.5 3 410.2 5 431.2 (2 002.5)

Billets et pices 7 605.7 10 565.4 9 582.8 9 532.6 10 860.3 10 675.9 9 910.4 10 798.9 9 100.0 11 395.3 13 143.8 12 814.6 10 887.8 12 880.5 10 569.6 13 484.6 14 485.5 12 284.2 13 391.5 16 279.9 13 662.1

et redit rom rediscount -

liability) 15 104.4 (891.7) 30 448.8 29 265.6 42 911.0 48 042.9 51 801.2 54 027.0 63 989.4 45 639.2 44 419.5 52 854.0 44 504.5 41 615.2 71 682.4 46 196.0 50 289.0 56 857.0 64 730.3 61 352.4 60 585.0

Credit from NBR 1 495.6 891.7 3 040.3 3 453.1 5 563.1 5 874.9 6 529.8 8 427.6 9 500.0 9 105.4 9 207.0 12 028.1 12 682.3 11 586.0 13 631.8 13 702.0 12 453.7 12 589.0 9 132.6 8 817.0 8 745.6

Credit to NBR 16 600.0 33 489.1 32 718.7 48 474.0 53 917.7 58 331.0 62 454.6 73 500.0 54 744.7 53 626.5 64 882.0 57 186.8 53 201.2 85 314.2 59 898.0 62 742.7 69 446.0 73 862.9 70 169.4 69 330.6

Domestic credit 353 970.6 339 072.4 315 807.5 325 756.4 320 582.9 317 622.1 319 792.1 337 171.7 354 591.5 364 600.2 360 355.7 351 303.2 374 761.5 390 194.3 383 183.3 395 544.0 397 022.8 398 494.4 401 792.6 423 261.4 438 815.7

Government (net) 16 515.3 5 904.1 (5 491.3) 3 725.8 1 242.1 206.1 4 454.0 9 687.6 2 174.0 4 293.5 5 433.4 (9 709.8) 10 478.8 26 209.2 16 384.0 25 337.2 22 914.2 25 235.2 22 943.2 35 125.3 45 024.6

Credit 29 570.2 26 274.8 26 552.8 27 262.3 27 438.5 30 674.2 30 326.9 30 397.1 34 147.0 31 786.6 33 063.6 31 605.6 41 086.4 58 251.8 57 451.9 56 209.8 54 810.2 61 571.9 53 395.4 66 464.3 86 051.6

Deposits 13 054.8 20 370.7 32 044.1 23 536.5 26 196.4 30 468.1 25 873.0 20 709.5 31 973.0 27 493.1 27 630.2 41 315.3 30 607.6 32 042.7 41 067.9 30 872.6 31 896.0 36 336.7 30 452.2 31 339.0 41 027.1O/w Gvt long term deposit

facility - - - - 1 604.2 1 984.2 2 384.0 3 528.8 6 774.8 6 986.0 8 049.7 9 147.3 9 147.3 9 147.0 10 512.4 11 644.0 11 975.0 12 200.0 12 355.1 13 032.0 13 032.0

Public enterprises 1 780.1 2 261.3 1 944.4 1 947.1 1 801.8 2 011.6 1 887.4 2 801.9 3 000.0 2 791.2 2 809.5 2 785.8 2 902.9 2 813.8 2 912.2 3 083.7 2 999.1 2 807.7 2 934.2 2 925.0 3 213.6

Private sector 335 675.2 330 907.0 319 354.4 320 083.5 317 539.0 315 404.4 313 450.7 324 682.2 349 417.5 357 515.6 352 131.1 358 227.1 361 379.8 361 171.4 363 887.1 369 123.2 371 109.6 370 451.5 375 915.2 385 211.1 390 577.6

Other items net (Assets: +) (96 837.1) (95 502.8) (95 901.5) (98 364.3) (94 580.4) (99 882.4) (99 111.2) (104 134.6) (91 567.7) (96 345.9) (100 927.2) (103 023.1) (98 315.4) (99 639.6) (96 944.6) (102 092.7) (102 173.4) (103 595.9) (105 490.6) (119 954.5) (118 473.7)

Deposits 383 172.8 362 694.2 359 784.9 388 836.5 393 390.8 386 053.7 393 719.2 411 426.0 444 039.8 435 503.2 439 097.2 431 792.5 444 779.5 451 013.0 470 781.5 483 656.0 489 462.1 487 672.2 501 200.1 502 769.5 523 305.3

Private 326 275.1 310 577.8 310 167.5 337 402.2 330 957.0 334 001.4 340 545.4 349 625.6 383 207.4 375 350.1 375 581.0 368 821.4 379 028.2 386 970.6 400 302.1 415 388.6 422 523.3 419 104.3 430 292.2 436 200.4 453 896.3

Public (nongovernment) 56 897.8 52 116.4 49 617.4 51 434.3 62 433.9 52 052.3 53 173.8 61 800.4 60 832.4 60 153.1 63 516.2 62 971.1 65 751.3 64 042.5 70 479.3 68 267.5 66 938.9 68 567.9 70 569.1 66 569.1 69 409.0

Sincedecember 2009,wenotice changedueto i ncorporation of CSSin monetary survey



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TABLE I. 3. MONETARY SURVEY(BNR,BK, BCR, BPR, FINA BANK, ECOBANK, ACCESS BANK, COGEBANQUE, BHR, UOMB, K.C.B, CCP)

(In million Rwf)

Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10

Net foreign assets 403 769.15 348 679.86 390 242.16 424 033.78 442 868.22 435 028.58 426 612.36 407 754.91 405 895.71 401 641.09 474 465.93 462 605.45 427 811.51 484 850.97 485 287.40 450 310.50 518 957.30

Net domestic assets 61 604.23 83 204.19 44 254.11 34 215.73 84 267.12 78 908.19 85 332.98 96 611.18 115 776.97 128 339.19 82 112.25 109 550.22 145 904.34 87 685.60 101 322.80 136 528.70 98 686.60

Domestic credit 199 327.21 220 847.73 189 248.24 175 398.11 217 034.82 216 821.87 233 358.69 246 820.34 257 849.00 273 330.86 242 956.87 263 948.80 299 898.80 243 981.50 261 913.40 305 941.50 268 200.90

Government (net) (141 803.83) (116 573.57) (136 453.68) (145 298.10) (141 325.98) (149 396.87) (127 449.63) (119 936.45) (112 262.97) (96 073.40) (126 842.41) (111 324.80) (77 350.10) (132 476.70) (123 864.00) (89 113.10) (131 324.90)

Autonomous Agences (637.70) (363.52) (600.00) (1 900.00) (1 900.00) (1 900.00) (1 900.00) (1 946.22) (1 952.40) (1 900.00) (4 300.00) (4 300.00) (4 300.00) (4 300.00) (574.60) (574.60) (755.40)

Public enterprises 1 781.22 2 261.31 1 944.43 2 011.58 3 000.00 2 791.18 2 791.18 2 785.81 2 902.90 2 813.77 2 912.15 3 083.66 2 999.07 2 807.72 2 934.20 2 925.00 3 213.60

Private sector 339 987.52 335 523.52 324 357.50 320 584.63 357 260.80 365 327.57 359 917.14 365 917.19 369 161.48 368 490.50 371 187.12 376 490.01 378 549.84 377 950.48 383 417.80 392 704.20 397 067.70

Other items net (Assets: +) (137 722.98) (137 643.54) (144 994.13) (141 182.38) (132 767.70) (137 913.68) (148 025.71) (150 209.16) (142 072.03) (144 991.67) (160 844.62) (154 398.60) (153 994.50) (156 295.90) (160 590.60) (169 412.80) (169 514.30)

Broad money (M3) 466 404.99 432 857.97 437 063.59 460 314.04 526 580.01 513 979.45 511 943.04 504 366.77 521 636.39 529 980.35 556 531.98 568 918.10 572 234.20 571 026.80 584 951.80 585 205.50 615 898.10

Broad money (M2) 384 066.77 350 905.62 351 543.86 369 943.13 429 543.06 419 164.78 411 769.54 409 567.68 429 840.05 438 632.11 463 650.33 467 154.20 466 278.60 466 768.00 480 652.50 481 385.30 516 668.60

Narrow money (M1) 248 548.88 215 947.02 222 798.83 241 088.36 267 105.33 253 276.45 250 222.84 249 392.41 271 177.74 272 226.90 292 208.11 292 981.20 288 295.20 293 741.70 309 869.30 271 377.30 278 412.70Currency in circulation 80 892.34 66 251.89 72 081.23 69 433.49 76 992.37 72 895.24 68 526.34 68 389.82 72 456.70 75 001.26 83 465.41 84 215.45 81 214.54 81 772.89 81 489.40 80 920.10 90 478.20

Deposits 385 512.65 366 606.07 364 982.35 390 880.55 450 123.80 441 084.21 443 416.71 435 976.95 449 179.69 454 979.08 473 066.57 484 702.70 491 019.70 489 254.00 503 462.40 504 285.40 525 419.90

of which: Transferable deposits in Rfw 167 656.54 149 695.13 150 717.59 171 654.87 190 105.33 180 381.21 181 696.50 181 002.59 198 721.05 197 225.64 208 742.70 208 765.70 207 080.70 211 968.80 228 379.90 190 457.30 187 934.50

Nontransferable deposits Rfw 135 517.90 134 958.60 128 745.03 128 854.77 162 437.73 165 888.33 161 546.71 160 175.27 158 662.31 166 405.22 171 442.22 174 173.06 177 983.39 173 026.24 170 783.30 210 008.00 238 255.90

Foreign currency deposits 82 338.22 81 952.34 85 519.73 90 370.90 97 036.95 94 814.67 100 173.50 94 799.09 91 796.33 91 348.23 92 881.64 101 763.90 105 955.66 104 258.88 104 299.20 103 820.20 99 229.50

Since december 2009,we noti ce change due to incorporati on of CSSin monetary survey



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TABLE I. 4. QUARTERLY EVOLUTION OF THE INTEREST RATES

CATEGORIES

June July August September O ctober November December January February March April May June July August September October November December

Deposit rate 9.44 9.94 8.59 8.64 8.82 8.91 8.54 7.59 7.12 7.17 6.93 6.86 6.30 6.14 6.17 6.22 6.51 7.07 7.10

Lending rate 16.89 17.28 17.41 17.56 17.63 16.44 15.77 17.28 16.08 16.94 16.96 16.65 17.38 16.91 17.20 16.82 17.34 17.51 16.94

Money market rate

* -Mop-up - - - - - - - - - - - - - - - -

-Injection - - - - - - - - - - - - - - - -

REPO Rate 5.50 4.68 4.37 6.06 6.42 6.36 6.27 5.25 4.71 4.42 3.46 3.92 5.19 5.42 5.42 5.47 5.23 5.07 5.47

Discount rate 12.00 12.50 12.50 12.50 12.50 12.50 11.50 11.50 11.50 11.50 11.00 11.00 11.00 11.00 11.00 11.00 11.00 10.00 10.00

Interbank Market Rate 9.03 9.59 9.29 8.98 8.72 8.07 7.49 7.07 7.28 6.81 6.30 6.13 6.58 7.03 6.76 7.38 7.32 7.16 6.84

Weight average rate on T-bill market : 9.13 10.34 10.59 9.9 9.39 8.15 7.88 9.06 8.81 8.42 7.94 7.60 7.30 7.15 7.14 7.62 7.51 7.28 7.32

28 days 7.28 7.50 7.72 - 7.16 7.03 7.14 7.08 6.98 6.96 6.93 6.79 6.29

91 days 9.13 9.96 9.98 9.44 8.69 8.15 8.58 9.38 8.55 7.72 7.36 7.11 7.20 7.20 7.02 7.03 7.00 6.97 6.76

182 days - 11.51 11.41 11.41 9.94 - 8.00 - 9.30 9.11 8.83 8.16 8.00 - 7.59 7.88 7.69 7.07 7.22

364 days - - - - - - - - - - 9.00 - - 8.85 8.85 8.00 7.69 7.68

T-Bonds market

Tbond 2 yrs 9.46 9.46

Tbond 3 yrs 10.54

Tbond 5 yrs 11.12

3 to 12 months BNR liquidity facility 10.76 10.5 10.50 10.50 10.5 - - 9.04 9.24 9.13 - 9.50 8.83 - - -

Key Repo Rate 9.00 9.00 9.00 9.00 9.00 9.00 7.50 7.50 7.50 7.00 7.00 7.00 7.00 7.00 7.00 7.00 6.00 6.00 6.00

Reverse Repo - - - - - - - - - - - - - - - - -


* The Mop-up operations were replaced by those of Repo since september 2008

20102009


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TABLE I.5. AVERAGE FOREIGN EXCHANGE RATES FOR MAJOR FOREIGN CURRENCIES (End of period)

CURRENCIES 1USD 1GBP 1JPY 1DTS 1EURO 1KES 1TZS 1UGS 1ZAR 1BIF 1CMD 1CFA

PERIOD

2006 548.65 1075.69 4.62 824.71 721.59 7.92 0.43 0.32 78.21 0.55 548.65 1.10

2007 544.22 1088.33 4.82 859.04 800.22 8.56 0.48 0.32 80.03 0.48 544.22 1.22

2008 558.90 810.18 6.19 865.07 792.01 7.20 0.43 0.29 58.89 0.49 558.90 1.21

2009 571.24 905.53 6.19 892.27 818.41 7.55 0.44 0.30 77.35 0.46 571.24 1.25

2006

January 554.66 980.25 4.72 800.82 670.70 7.74 0.47 0.31 90.05 0.57 554.66 1.02

February 554.01 964.54 4.77 794.29 656.73 7.63 0.47 0.30 90.26 0.57 554.01 1.00

March 552.91 962.50 4.71 797.07 668.36 7.64 0.45 0.30 88.81 0.57 552.91 1.02

April 552.43 988.85 4.84 809.86 688.82 7.74 0.45 0.30 90.11 0.57 552.43 1.05

May 551.70 1033.49 4.91 822.47 707.82 7.60 0.44 0.30 83.94 0.56 551.70 1.08

June 552.01 1002.67 4.79 811.67 692.99 7.45 0.44 0.30 76.06 0.56 552.01 1.06July 552.50 1027.75 4.82 818.58 702.17 7.46 0.43 0.30 80.02 0.56 552.50 1.07

August 551.52 1048.44 4.71 819.84 707.00 7.58 0.42 0.30 77.48 0.56 551.52 1.08

September 549.85 1033.78 4.68 813.59 699.25 7.57 0.45 0.30 71.83 0.53 549.85 1.07

October 550.70 1047.11 4.69 816.22 700.82 7.65 0.43 0.30 73.39 0.53 550.70 1.07

November 550.67 1073.76 4.74 829.31 724.63 7.84 0.42 0.30 77.29 0.53 550.67 1.10

December 548.65 1075.69 4.62 824.71 721.59 7.92 0.43 0.32 78.21 0.55 548.65 1.10

2007

January 549.40 1079.62 4.51 819.51 711.86 7.79 0.42 0.31 76.67 0.53 549.40 1.09

February 547.74 1076.15 4.59 824.57 723.89 7.90 0.43 0.31 77.42 0.53 547.74 1.10

March 546.47 1073.60 4.65 826.94 729.32 7.95 0.44 0.32 74.71 0.53 546.47 1.11

April 546.10 1091.44 4.57 833.21 744.72 7.99 0.43 0.32 78.17 0.53 546.10 1.14

May 545.14 1078.88 4.55 827.08 734.95 8.13 0.44 0.32 78.32 0.51 545.14 1.12

June 547.87 1096.99 4.46 829.66 737.48 8.23 0.44 0.34 77.06 0.51 547.87 1.12

July 549.06 1111.36 4.64 840.49 750.51 8.13 0.43 0.33 78.69 0.50 549.06 1.14

August 547.86 1099.33 4.75 838.60 745.69 8.18 0.43 0.31 75.42 0.50 547.86 1.14

September 546.76 1106.70 4.73 849.84 773.89 8.17 0.45 0.31 79.70 0.49 546.76 1.18

October 545.86 1127.20 4.76 856.37 785.60 8.22 0.48 0.31 82.89 0.48 545.86 1.20

November 545.29 1124.76 4.96 866.87 803.48 8.58 0.46 0.32 78.39 0.48 545.29 1.22

December 544.22 1088.33 4.82 859.04 800.22 8.56 0.48 0.32 80.03 0.48 544.22 1.22

2008

January 542.92 1082.54 5.08 864.14 804.40 7.43 0.47 0.32 74.94 0.48 542.92 1.23

February 544.23 1078.27 5.11 872.16 821.40 8.04 0.47 0.32 72.37 0.48 544.23 1.25


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TABLE I. 5(Cont.). AVERAGE FOREIGN EXCHANGE RATES FOR MAJOR FOREIGN CURRENCIES (Simple average)

CURRENCIES 1USD 1GBP 1JPY 1DTS 1EURO 1KES 1TZS 1UGS 1ZAR 1BIF 1CMD 1CFA

PERIOD

2006

January 554.33 977.02 4.80 801.51 669.98 7.65 0.47 0.31 90.78 0.57 554.33 1.02

February 553.39 966.73 4.69 794.26 660.66 7.72 0.47 0.30 90.35 0.57 553.39 1.01

March 552.89 964.61 4.72 795.67 664.21 7.63 0.46 0.30 88.89 0.57 552.89 1.01

April 552.41 974.42 4.72 801.19 676.19 7.75 0.45 0.30 90.90 0.57 552.41 1.03

May 551.93 1030.28 4.94 821.26 703.86 7.68 0.45 0.30 87.70 0.56 551.93 1.07

June 552.13 1019.17 4.82 816.43 699.54 7.55 0.44 0.30 79.59 0.56 552.13 1.07

July 551.63 1016.51 4.77 814.96 699.59 7.50 0.44 0.30 77.75 0.56 551.63 1.07

August 551.68 1043.61 4.77 820.35 706.71 7.56 0.43 0.30 79.52 0.56 551.68 1.08

September 550.77 1039.81 4.70 816.25 701.70 7.56 0.42 0.30 74.51 0.54 550.77 1.07

October 550.01 1030.53 4.64 810.44 693.85 7.61 0.44 0.30 71.78 0.52 550.01 1.06

November 550.25 1050.09 4.69 818.68 707.01 7.72 0.42 0.30 75.72 0.53 550.24 1.08

December 549.57 1078.92 4.69 828.69 725.53 7.89 0.43 0.31 78.04 0.54 549.57 1.11

2007

January 549.21 1075.84 4.57 821.27 714.59 7.88 0.43 0.31 76.86 0.55 549.21 1.09

February 548.18 1073.46 4.54 820.63 716.16 7.88 0.42 0.31 76.59 0.53 548.18 1.09

March 546.93 1065.50 4.66 824.53 724.15 7.89 0.43 0.31 74.56 0.53 546.93 1.10

April 546.50 1085.57 4.60 830.39 737.46 7.96 0.43 0.32 76.76 0.53 546.50 1.12

May 546.04 1083.32 4.53 828.92 738.05 8.10 0.43 0.32 78.08 0.52 546.04 1.13

June 546.03 1083.27 4.46 825.14 732.25 8.20 0.43 0.33 76.14 0.51 546.03 1.12

July 548.87 1115.75 4.51 839.05 752.39 8.19 0.43 0.33 78.86 0.50 548.87 1.15

August 548.43 1102.57 4.70 838.86 747.01 8.20 0.43 0.32 76.08 0.50 548.43 1.14

September 547.28 1103.40 4.75 844.20 759.03 8.16 0.44 0.31 76.74 0.50 547.28 1.16

October 546.21 1115.49 4.71 851.04 776.61 8.18 0.47 0.31 80.65 0.49 546.21 1.18

November 545.29 1130.66 4.91 865.05 799.69 8.33 0.48 0.32 81.90 0.48 545.56 1.22

December 544.22 1102.54 4.86 858.88 794.22 8.61 0.47 0.32 79.90 0.48 544.81 1.21

2008

January 543.84 1071.68 5.03 861.20 800.29 8.07 0.47 0.32 78.13 0.48 543.84 1.22

February 543.59 1066.91 5.07 861.53 800.81 7.83 0.47 0.32 71.06 0.48 543.58 1.22

March 544.25 1089.83 5.39 887.52 843.66 8.42 0.46 0.32 68.44 0.48 544.25 1.29

April 543 92 1077 74 5 32 890 66 857 98 8 73 0 45 0 32 69 62 0 48 543 92 1 31


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56/102

TABLE II.1 OPERATIONS OF THE CENTRAL GOVERNMENT (IN RWF MILLION )

DENOMINATION January-10 February- 10 Marc h- 10 Quarter 1 - 2010 A pr il- 10 M ay -1 0 J un e-1 0 Quarter 2 - 2010 J ul y- 10 A ug us t- 10 S ep te mb er -1 0 Quarter 3 - 2010 Oc tober -10 November -10 Dec ember -10 Quarter 4 - 2010

Revenue and grants 52 376.0 28 954.5 81 329.3 162 659.8 44 849.9 40 257.4 161 207.4 246 314.6 38 026.1 41 030.0 133 224.5 2 12 2 80 .6 6 0 78 3.8 44 310.2 103 404.2 208 498.2

Total revenue 30 726.8 28 954.5 46 007.9 105 689.3 32 268.1 31 200.7 38 054.7 101 523.4 31 866.4 36 252.6 40 302.2 1 08 4 21 .2 3 4 38 9.0 37 329.1 46 461.9 118 180.0

Tax revenue 30 069.8 28 262.3 44 059.8 98 609.0 30 984.0 28 290.4 36 929.8 96 204.2 31 125.6 33 959.1 38 682.9 10 3 7 67. 6 32 815 .3 35 209.8 45 302.3 113 327.4

Direct Taxes 9 745.2 9 800.1 23 019.2 42 564.5 10 558.2 10 460.2 16 455.3 37 473.7 10 807.9 12 054.1 16 495.4 3 9 3 57. 4 11 3 53 .4 11 421.5 19 632.0 42 406.9

Tax on goods and sevices 17 517.9 16 240.2 17 451.3 51 209.4 17 146.7 15 697.3 17 708.6 50 552.6 17 634.3 19 058.6 18 961.5 5 5 6 54. 4 19 1 61 .0 20 310.8 22 339.2 61 811.0

Tax on International Trade 2 806.7 2 222.0 3 589.3 8 618.0 3 279.1 2 132.9 2 765.9 8 177.9 2 683.4 2 846.4 3 226.0 8 755.8 2 300.9 3 477.5 3 331.1 9 109.5

Non -Tax revenue 657.0 692.2 1 948.1 3 297.4 1 284.1 2 910.3 1 124.9 5 319.2 740.8 2 293.5 1 619.3 4 653.6 1 573.7 2 119.3 1 159.6 4 852.6

Total Grants 21 649.2 0.0 35 321.3 56 970.5 12 581.8 9 056.7 123 152.7 144 791.2 6 159.7 4 777.4 92 922.3 1 03 8 59 .4 2 6 39 4.8 6 981.1 56 942.3 90 318.2

Budgetary grants 21 649.2 0.0 8 021.3 29 670.5 12 581.8 9 056.7 95 852.7 117 491.2 6 159.7 4 777.4 58 822.3 6 9 7 59.4 26 39 4.8 6 981.1 24 142.3 57 518.2

Capital Grants 0.0 0.0 27 300.0 27 300.0 0.0 0.0 27 300.0 27 300.0 - - 34 100.0 34 100.0 - - 32 800.0 32 800.0

Total expenditure and net lending 60 942.9 38 007.9 97 719.2 196 670.1 66 950.0 67 091.0 79 121.6 213 162.6 52 346.5 75 539.6 108 396.9 2 36 2 83 .0 7 6 24 4.5 56 567.3 117 837.8 250 649.6

Current Expenditures 51 328.8 23 499.1 42 457.9 117 285.8 43 060.6 51 494.6 32 557.9 127 113.1 34 288.1 50 097.5 40 327.1 124 712.7 52 639.4 43 554.3 37 488.7 133 682.4

Wages and salaries 10 794.5 5 563.2 10 201.5 26 559.1 10 918.6 8 126.3 10 321.8 29 366.7 10 117.9 9 834.6 8 916.6 28 869.2 12 676.7 9 361.3 9 277.7 31 315.7

Civil 8 291.2 3 147.4 7 763.4 19 202.0 8 289.5 5 653.6 7 908.8 21 851.9 7 866.9 7 136.6 6 453.4 21 456.9 9 681.0 6 408.7 6 564.8 22 654.5

Defense 1 470.6 477.5 627.3 2 575.4 1 243.2 2 261.1 124.2 3 628.5 2 251.1 2 698.0 2 463.2 7 412.2 2 995.7 2 952.6 2 712.9 8 661.1

Purchases of goods and services 10 966.7 4 816.9 12 326.4 28 110.0 9 418.4 21 346.5 10 546.3 41 311.2 5 747.9 10 293.1 8 579.2 24 620.1 13 053.2 11 618.6 8 289.0 32 960.8

Civil 9 496.1 4 339.4 11 699.1 25 534.6 8 175.2 19 085.4 10 422.1 37 682.7 4 509.0 9 199.7 7 974.7 21 683.3 12 172.7 9 805.9 7 132.9 29 111.5

Defense 1 470.6 477.5 627.3 2 575.4 1 243.2 2 261.1 124.2 3 628.5 1 238.9 1 093.4 604.5 2 936.8 880.5 1 812.7 1 156.1 3 849.3

Interests payment 794.7 276.7 2 503.0 3 574.4 933.6 1 003.0 2 110.9 4 047.5 876.0 1 334.3 1 436.1 3 646.4 1 033.6 1 366.4 1 614.3 4 014.3

Domestic interests ( paid) 391.6 216.5 1 937.2 2 545.2 100.6 166.0 1 634.1 1 900.7 475.0 1 276.1 1 051.9 2 802.9 205.1 1 223.7 1 174.5 2 603.3

External interest ( paid) 403.2 60.2 565.8 1 029.2 833.0 837.0 476.7 2 146.7 401.0 58.2 384.2 843.4 828.5 142.7 439.8 1 411.0

Transfers 19 391.5 9 158.9 16 450.0 45 000.4 20 390.4 15 360.8 5 298.8 41 050.0 13 429.8 18 046.8 17 893.8 49 370.3 17 889.8 16 191.2 12 667.1 46 748.1

Exceptional Social Exependiture 9 381.4 3 683.4 977.1 14 041.9 1 399.6 5 658.0 4 280.1 11 337.8 4 116.5 10 588.7 3 501.5 18 206.7 7 986.2 5 016.8 5 640.6 18 643.6

Of which: Assistance to victimes of genocide

(FARG) 5 254.6 16.3 16.9 5 287.8 17.0 1 217.0 1 702.2 2 936.1 1 323.3 15.0 1 344.1 2 682.3 2 412.5 1 359.5 615.5 4 387.5

Demobilisation / Reintegration 271.9 0.0 0.0 271.9 27.1 0.0 608.8 635.9 191.4 51.5 97.8 340.8 406.5 150.0 458.4 1 014.9

Peace keeping operations 3 437.7 2 753.6 630.6 6 821.8 529.3 441.7 1 635.5 2 606.5 1 151.0 8 829.2 464.9 10 445.1 4 243.9 3 281.4 2 356.4 9 881.6


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TABLE II.1 OPERATIONS OF THE CENTRAL GOVERNMENT (IN RWF MILLION )

DENOMINATION January-10 February- 10 Marc h- 10 Quarter 1 - 2010 A pr il- 10 M ay -1 0 J un e-1 0 Quarter 2 - 2010 J ul y- 10 A ug us t- 10 S ep te mb er -1 0 Quarter 3 - 2010 Oc tober -10 November -10 Dec ember -10 Quarter 4 - 2010

Capital expenditure 9 753.6 13 182.1 51 621.3 74 556.9 21 792.4 17 288.8 47 575.0 86 656.1 14 740.8 13 932.9 63 457.0 92 130.7 20 900.0 15 604.0 75 817.7 112 321.7

Domestic 9 753.6 13 182.1 6 801.3 29 736.9 21 792.4 17 288.8 9 575.0 48 656.1 14 740.8 13 932.9 13 757.0 42 430.7 20 900.0 15 604.0 28 117.7 64 621.7

Foreign revenue 0.0 0.0 44 820.0 44 820.0 0.0 0.0 38 000.0 38 000.0 0.0 0.0 49 700.0 49 700.0 0.0 0.0 47 700.0 47 700.0

Net lending -139.5 1 326.7 3 640.1 4 827.3 2 097.1 -1 692.4 -1 011.3 -606.6 3 317.6 11 509.2 4 612.8 19 439.6 2 705.2 -2 591.0 4 531.4 4 645.6

Primary deficit ( including exceptional expenditures) -29 560.9 -7 450.0 -748.2 -37 759.0 -31 651.3 -36 579.7 -1 967.4 -70 198.4 -16 286.5 -26 443.5 -12 345.8 -55 075.7 -38 116.7 -20 462.9 -17 530.2 -76 109.7

Primary deficit ( excluding exceptional expenditures) -20 974.2 -4 043.2 -2 274.1 -27 291.5 -31 185.3 -31 924.7 201.9 -62 908.1 -13 046.0 -17 189.0 -10 280.4 -40 515.4 -31 164.2 -16 812.4 -13 503.9 -61 480.5

Overal deficit(Payment order) : Including grants -8 566.9 -9 053.4 -16 390.0 -34 010.2 -22 100.1 -26 833.6 82 085.8 33 152.0 -14 320.4 -34 509.6 24 827.6 -24 002.4 -15 460.7 -12 257.1 -14 433.6 -42 151.4

Excluding grants -30 216.1 -9 053.4 -51 711.3 -90 980.8 -34 682.0 -35 890.3 -41 066.9 -111 639.2 -20 480.1 -39 286.9 -68 094.6 -127 861.7 -41 855.5 -19 238.2 -71 375.9 -132 469.6

Change in arrears ( net reduction) 21 574.0 2 753.8 -6 162.1 18 165.6 7 577.4 18 077.3 -49 680.4 -24 025.7 5 940.2 -788.2 174.8 5 326.8 -15 133.5 5 484.4 -2 840.3 -12 489.4

Domestic 21 574.0 2 753.8 -6 162.1 18 165.6 7 577.4 18 077.3 -49 680.4 -24 025.7 5 940.2 -788.2 174.8 5 326.8 -15 133.5 5 484.4 -2 840.3 -12 489.4

External 0.0 0.0

Deficit ( cash basis) 13 007.1 -6 299.6 -22 552.0 -15 844.6 -14 522.7 -8 756.3 32 405.3 9 126.3 -8 380.2 -35 297.8 25 002.4 -18 675.6 -30 594.2 -6 772.7 -17 273.9 -54 640.8

Financing -13 007.1 6 299.6 22 552.0 15 844.6 14 522.7 8 756.3 -32 405.3 -9 126.3 8 380.2 35 297.8 -25 002.4 18 675.6 30 594.2 6 772.7 17 273.9 54 640.8

Foreign Financing (net) -502.9 -158.1 17 346.7 16 685.6 -199.3 -229.8 8 468.4 8 039.3 -1 077.5 -154.5 15 486.6 14 254.6 -681.9 -387.6 13 689.7 12 620.2

Drawings 0.0 0.0 17 520.0 17 520.0 0.0 0.0 10 700.0 10 700.0 0.0 0.0 15 600.0 15 600.0 0.0 0.0 14 900.0 14 900.0

Budgetary loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Project loans 0.0 0.0 17 520.0 17 520.0 0.0 0.0 10 700.0 10 700.0 0.0 0.0 15 600.0 15 600.0 0.0 0.0 14 900.0 14 900.0

Amortization (due) -502.9 -158.1 -173.3 -834.4 -199.3 -229.8 -2 231.6 -2 660.7 -1 077.5 -154.5 -113.4 -1 345.4 -681.9 -387.6 -1 210.3 -2 279.8

Domestic Financing -12 504.1 6 457.7 5 205.4 -841.0 14 722.0 8 986.1 -40 873.7 -17 165.6 9 457.7 35 452.3 -40 489.0 4 421.0 31 276.2 7 160.3 3 584.1 42 020.6

Banking system ( monetary survey) -4 900.0 23 500.0 10 700.0 29 300.0 6 000.0 13 400.0 -26 100.0 -6 700.0 14 500.0 33 900.0 -55 100.0 -6 700.0 8 600.0 34 800.0 -42 300.0 1 100.0

Non Bank ( Net) -1 535.3 -3 330.5 -304.8 -5 170.6 -1 924.6 53.5 -542.6

national bank of rwanda quarterly bulletin fourth quarter 2010

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