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Ebook Monetary Policy and Financial Stability Statement

Submitted by puput on Tue, 02/09/2010 - 02:36

The monetary policy management in 2009 is done in a very troubled international environment marked by persistent uncertainties of the world economy due to the world financial situation in deep crisis since last year. On Rwanda side, the banking system has faced a liquidity crunch during the first half of 2009 with significant negative impact on economic activities.

In this Monetary Policy Statement a mid-term review of the implementation of the monetary and financial sector development program of year 2009 is done and some important measures to enhance the Rwandan financial sector stability will be presented. After a brief overview of the international and national economic environment in 2009, this document highlights a number of policy measures that have been taken by the Central Bank and the Government to address the problem of liquidity in the banking system. Finally, the document gives the main orientations of our Exchange and Monetary Policy for the remaining of the Year 2009, as well as the measures to be implemented towards enhancing the country financial stability.

We hope that this document will be of particular interest for all those in the public and private sectors who are looking for updated information on economic and financial environment in which they operate.

CONTENT

I. INTRODUCTION
II. ECONOMIC ENVIRONMENT OVERVIEW

    II.1 CURRENT GLOBAL ECONOMIC ENVIRONMENT
    II. 2 NATIONAL ECONOMIC OUTLOOK IN 2009

III. MONETARY SECTOR DEVELOPEMENTS

    III.1INFLATION
    III.2 MONETARY SUPPLY AND DEMAND
    III.3 LIQUIDITY CONDITIONS

IV. EXCHANGE RATE AND FOREX MARKET

    IV. 1 RWF EXCHANGE RATE
    IV.2 FOREX EXCHANGE MARKET OPERATIONS

V. FINANCIAL SECTOR STABILITY

    V.1 BANKING SYSTEM SOUNDNESS
    V.2 MICROFINANCE SECTOR
    V.3 NON-BANKING FINANCIAL SECTOR
    V.4 PAYMENT SYSTEM
    V.5 CAPITAL MARKET OPERATIONS

VI. PERSPECTIVES FOR THE SECOND HALF OF2009

    VI.1 MONETARY AND EXCHANGE RATE POLICY
    VI.2 FINANCIAL SECTOR DEEPENING
    VI.3 CAPITAL MARKET DEVELOPMENT
    VI.4 PAYMENT SYSTEM MODERNISATION

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