The National Bank of Rwanda (BNR) reported on October 8 that Rwanda's exports increased by 52.1% in the first six months of 2026. This significant growth has contributed to the stability of the Rwandan franc against the US dollar. According to BNR Governor Soraya Hakuziyaremye, the improved performance of exports has helped reduce the trade deficit. The governor made these remarks while presenting the monetary policy and financial stability report.
In the first half of 2026, Rwanda's exports rose by 52%, while imports increased by 19%. The governor noted that the trade deficit widened by only 1.1%, a relatively modest increase. This performance has helped boost foreign exchange reserves. As of June 30, 2026, the country's foreign exchange reserves were sufficient to cover four months of imports.
The surge in exports has also contributed to the stability of the Rwandan franc. In the first six months of 2026, the franc depreciated by less than 1% against the US dollar. This is a significant improvement compared to the same period in 2023, when the franc depreciated by 8.7%. The BNR attributes this stability to increased exports, as well as growth in foreign investment and remittances.
The central bank notes that the franc's stability is not solely due to export growth, but also to an increase in foreign investment and remittances from Rwandans living abroad. Additionally, the revamping of the forex market, which began in 2025, has also played a role. The economy has shown resilience in the face of global challenges, including rising commodity prices and supply chain disruptions.
Rwanda's economy grew by 9.7% in the first half of 2026, driven by the industrial and services sectors. The agricultural sector grew by 5.9%. The BNR forecasts that the economy will grow by 7.8% for the full year 2026. The central bank's governor expressed optimism about the economy's prospects, citing the positive trends in exports and investment.
The growth in exports has been a key factor in Rwanda's economic stability. The country's exports have been driven by a range of sectors, including agriculture, manufacturing, and services. The government has implemented policies aimed at promoting export-led growth and diversifying the economy.
The National Bank of Rwanda remains committed to maintaining economic stability and promoting sustainable growth. The central bank will continue to monitor the economy and implement policies as needed to ensure the stability of the financial system. With a strong focus on export-led growth and investment, Rwanda's economy is well-positioned for continued growth and stability.
Key points
- Rwanda's exports increased by 52.1% in the first six months of 2026.
- The country's foreign exchange reserves were sufficient to cover four months of imports as of June 30, 2026.
- Rwanda's economy grew by 9.7% in the first half of 2026.
