A team from the International Monetary Fund praised Rwanda’s central bank for its progress in implementing an inflation-targeting framework.

The National Bank of Rwanda moved to the new regime in January 2019, as part of an agreement with the IMF. Under the new regime, the NBR aims to achieve a medium-term inflation rate of 5% within a band of plus or minus three percentage points.

The NBR’s monetary policy committee has left its policy rate unchanged since cutting it to 5% on May 5 last year,