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Rwanda's central bank cuts repo rate to 5.5%

The National Bank of Rwanda slashed the key repo rate for the first quarter of 2018 by 50 basis points to 5.5%, it said Dec. 28.

The bank's monetary policy committee noted that the financial sector of the country remains adequately capitalized, liquid and profitable, and the low inflationary and exchange rate pressures support a stable macroeconomic environment.

The Rwandan economy strengthened by 8.0% in the third quarter of 2017, up from 4.0% in the previous quarter, and 5.4% in the third quarter of 2016. Trade deficit narrowed by 21.1% year over year in the first 11 months of 2017, underpinned by a 53.7% rise in exports value and a 1.4% decrease in imports value, the MPC noted.

The headline inflation also eased to 2.2% in November, compared to 6.4% a year ago.