Presenting the Monetary Policy and Financial Stability Statement (MPFSS) today, Governor Soraya Hakuziyaremye of the National Bank of Rwanda (BNR) revealed that Rwanda’s economy continues to expand strongly, recording 7.2% growth in the first half of 2025.
The update came as the world economy shows signs of cooling, with global growth projected at just 3.0% in 2025.
Governor Hakuziyaremye noted that Rwanda’s outperformance is anchored in robust export growth, structural reforms in the foreign exchange market, and a resilient financial system.
Merchandise exports grew by 15.5% in Q2 2025, far exceeding regional averages.
At a time when Sub-Saharan Africa is expected to grow by about 4.0%, Rwanda’s expansion demonstrates how sound policy frameworks can shield smaller economies from external shocks.
Commenting on the key drivers and reforms, Governor Hakuziyaremye highlighted the benefits of declining global commodity prices, especially energy, lowering import bills, FX market reforms that stabilised the Rwanda Franc, as well as strong liquidity and capital positions within the banking sector.
A model for emerging markets
Rwanda’s performance offers lessons for other developing economies: diversify exports, strengthen financial buffers, modernize FX management, and expand digital finance adoption.
Governor Hakuziyaremye’s statement underscored Rwanda’s resilience in a difficult global climate. By coupling prudent reforms with growth-oriented policies, Rwanda is showing that emerging markets can thrive even when the world slows down.
