We are told that yesterday 02nd May 2014, Rwandan GoR celebrated 50th anniversary of Central Bank of Rwanda. But with reference to the Bank’s website, the missions of BNR is defined as follows:
1) to ensure and maintain price stability;
2) to enhance and maintain a stable and competitive financial system without any exclusion;
3) to support Government’s general economic policies, without prejudice to the two missions referred to in Paragraphs 1° and 2° above.
And what is the real situation, in Rwanda behind those well defined missions?
a) In Rwanda there is no price stability. At this point a justification can be found in fact how the Rwandan francs is depreciating on daily basis beside the Us dollars, Euro, etc. And how can the bank ensures the price stability while the real sector of Rwanda remains at lowest level?
b) For the second mission, Rwanda is characterized by quasi inexistence of a well structured financial system. The last one exists and is complete when it includes the financial intermediaries, financial markets and financial markets infrastructures. In Rwanda has a financial markets? I think no!!
c) Supporting general economic policies. At this point, it is very point. In Rwanda, I think that as a country with a an economy based on agriculture of subsistence, that sector could be the priority of the GoR. What is known, agricukture is still at a lowest level because it is strategically neglected by the GoR. What is priority? Military sector and kagame’s tours around the world!!!!
Congratulation to John Rwangombwa and your team!!!!
Peter Urayeneza
