The National Bank of Rwanda has slashed the central bank rate by 50 basis points to a record low of 5%.

The bank’s monetary policy committee met on May 6 and chose to cut the headline rate on the basis of the “low inflation environment”. At the same time, policy-makers noted growing domestic demand and rising credit in the private sector.

Governor John Rwangombwa released a statement after the MPC meeting outlining the state of the Rwandan economy. He was largely positive, saying GDP grew by 8