Dates:06th December 2024, 3pm

Venue : UR CBE Gikondo Campus

Introduction
The general mission of the National Bank of Rwanda (NBR) is to ensure price stability and a sound financial system. In line with international best practices, price stability is the primary and overriding objective of the NBR’s monetary policy. As outlined in the NBR strategic plan, the ultimate objective is to keep headline inflation between 2 and 8 percent, with a focus on maintaining inflation close to 5 percent over the medium term. To achieve this target, the NBR’s daily operations endeavours to steer the 7-day interbank rate close to the central bank rate set by the Monetary Policy Committee (MPC).

As stipulated in the law N°48/2017 of 23/09/2017 governing the NBR, the MPC makes monetary policy decisions four times a year (once every quarter), precisely in February, May, August, and November.

Communication and transparency
Within 24 hours after an MPC meeting, NBR publishes a press release explaining the policy decisions. The Governor then hosts a press conference to further explain the decision and forecasts. The MPC decision is also shared on various social media platforms, including Twitter and Instagram. Additionally, the final monetary policy report is published and posted on the NBR website simultaneously with the MPC decision.

To ensure broader understanding and engagement, NBR adopts multi-channel approach of communication. This includes CEOs of Commercial Banks to discuss the MPC decision and basis of the decision and get feedback. The Chief Economist also communicates and explains the MPC decision and its implication to all NBR’s staff within two working days, and to treasurers of commercial banks within three working days. Additionally, TV shows, Twitter space, and Policy dialogues with think tanks and academia are also done by the Chief Economist or his delegates, throughout the weeks following the day of the MPC meeting.

Policy dialogue with EPRN members
The Monetary Policy Committee (MPC) convened on November 20, 2024, to evaluate the effects of its previous decisions, review recent global and domestic economic developments, and set the Central Bank Rate (CBR) for the upcoming quarter. EPRN is an ideal fit for this purpose as its members possess a strong understanding of Rwanda’s macroeconomic environment. Therefore, discussions with EPRN members will present a good opportunity for NBR to receive feedback on the decision of the MPC, and the content of its publications.

During the dialogue, the NBR will cover the following topics :
1) global and domestic economic developments and outlook,
2) MPC decision,

Tentative Agenda

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