Governor, Central Bank Francois Kanimba of Rwanda

Kanimba says there is still a long way to go in terms of addressing the issue of credit culture within the country.

On the rise of inflation that is frustrating investment in many African countries, Kanimba says the main mission of the central bank is to build financial stability which all relies on controlling inflation.

Though 2003 and 2004 saw a big part of the financing to cover the fiscal gap come from domestic borrowing, resulting into increased interest rates on the domestic market, Kanimba says performance indicators say that Rwanda has made very significant progress in stabilising inflation.

Kanimba says that they are amassing expertise that will assist them to develop an action plan and that his government was hoping that by the end of 2004, an action plan and a clear road map to set a stock exchange would be in place.

Kigali The governor of the National Bank of Rwanda (BNR), Francois Kanimba has said that the convergence criteria for a single East African Community (EAC) currency ought to be flexible.

Then a few days later, the governor of the central bank Francois Kanimba expressed great optimism as regards to the Rwandan economy.

Kanimba said that inflows through specialised institutions amounted to US$98 millions in November this year but are expected to reach US$39 millions (Rwf21.

Many Governments now consider remittances to be of a high policy interest and are trying to analyze their impact on African economic development', Kanimba said adding that 'remittances are still a challenge to measure as they are heterogeneous in nature coming from numerous destinations', he added.

Kanimba said that inflows through specialised institutions amounted to US$98 millions in November this year but are expected to reach US$39.

Mr Kanimba said he anticipated the figure would fall to single digits in 2009.

Kanimba said he expected growth to slow next year as the global crisis hits remittances, the commodity price boom eases and growth in manufacturing and services slows.

Kanimba said that Rwanda’s franc was overvalued by 10 to 15% and that the central bank planned to seek a gradual depreciation.

We have finalised the process of printing the two thousand Franc currency note and it will be in use before the end of July," Kanimba said by telephone yesterday.

In a recent statement, Kanimba said the value of the country’s exports rose 53.

Kanimba said that the foreign exchange stock held by the entire banking sector rose by 16.

The Governor of the Central Bank Francois Kanimba has disclosed that inflation has risen from 10.