Rwanda’s economy expanded by 10.6% in 2025/26, while the country’s foreign exchange reserves reached $2.27 billion, according to the National Bank of Rwanda (BNR) Annual Integrated Report for 2025/26.
The report highlights improvements in economic performance, financial sector stability and access to financial services, alongside developments in inflation, exchange rates and banking sector indicators.
Economic growth increased from 5.7% in 2024/25 to 10.6% in 2025/26, reflecting stronger economic activity during the reporting period.
However, average annual inflation also increased from 5.7% to 9.2%, indicating continued pressure on the cost of goods and services.
The report further shows that the Rwandan franc depreciated by 2.28% against the US dollar during the year, while the country’s international trade deficit narrowed by 2.8%.
Rwanda’s foreign exchange reserves stood at $2,272.79 million, providing an important buffer to support external payments and help the country manage potential economic shocks.
Financial sector indicators
The report also highlights developments in the country’s financial sector, with the central bank’s policy rate increasing from 6.5% in 2024/25 to 8.25% in 2025/26.
Access to credit improved, with the share of adults accessing loans through financial institutions rising from 44% to 48.01%, indicating progress in expanding financial inclusion.
Meanwhile, banks’ capital adequacy ratio increased from 21.6% to 22%, remaining above the minimum regulatory requirement of 15%. This reflects the banking sector’s capacity to absorb potential financial risks.
The ratio of non-performing loans increased slightly from 2.6% to 3%, while the capital adequacy ratio for microfinance institutions declined from 34.7% to 29.8%, although it remained above the regulatory minimum of 15%.
The banking sector’s liquidity ratio also remained strong, although it declined from 289% to 278.7%, still considerably above the minimum requirement of 100%.
Financial market developments
The report further provides indicators on Rwanda’s financial markets, including government securities and investment activities, reflecting the central bank’s role in supporting monetary policy implementation and maintaining financial stability.
Through its annual report, BNR provides an overview of its monetary policy decisions, financial sector supervision and other activities aimed at safeguarding the country’s economic stability.
The report serves as an accountability document, helping the public, investors and other stakeholders understand the central bank’s contribution to Rwanda’s economic development and the management of its financial system.
