Rwanda – Annual Financial Stability Report June 2014 – June 2015

Fostering Financial Stability is a mandate of the National Bank of Rwanda. The bank achieves this objective through regularly monitoring performance of the financial system (i.e the banking system, insurance sector, the pension, the micro-finance institutions and; the payment system) and adopting appropriate policy measures. Financial Stability Reports (FSR) are among key financial sector policy guiding analytical tools. They synthesize recent developments in Rwanda’s financial system, analyze both exogenous and endogenous risks to the sector; assess resilience of the sector to adverse shocks, and unveil key constraints to development of the financial sector. In this FSR, key risks to Rwanda’s economy and the financial sector in particular is current tepid global economic growth and generally uncertain global economic outlook. Global economic growth stagnated at 3.4 percent in 2013 and 2014, and the IMF projects it to decelerate to 3.3 percent in 2015.