terms of budget support, while expenditures in forex to finance imports increased noticeably. Secondary Criteria 5 Achieve and maintain stable real REER 82.1 75.6 76.2 78.0 77.9 In Rwanda, the real effective exchange rate appreciated slightly from index exchange rates. 78.0 in 2011to 77.9 in 2012. The stability of local currency has been (2005=100) boosted by the relatively important level of official reserves accumulated in 2011, allowing the banking system to continue responding to increased demand for financing imports in line with higher dynamism in economic activities in 2012. % Change -7.1 -8.0 0.9 2.29 -0.10 6 Achieve and maintain market 6.7 8.1 6.8 7.7 8.9 Deposit rate increased from 6.8 % to 7.7 % in 2011 and 8.9 % in Nominal 2012. positive real interest rates (Annual average deposit rate) 7 Achieve sustainable growth of real 11.2 6.1 7.5 8.2 8.0 Despite the challenging international and regional economic GDP of not less than 7 percent environment, Rwanda recorded a real GDP growth of 8.0% in 2012 higher than 7.7% initially projected. This growth was driven by good performance in all economic sectors, such as agriculture sector (+3.0%), industry sector (+7.2%) and services sector (+12.2%) boosted by significant improvement in credit market conditions. . 8 Sustainable pursuit of debt % 21.2 22.0 22.4 18.7 18.0 The ratio of debt over GDP kept reducing from 22.4% in 2010 to Domestic reduction initiative foreign debt 18.7% and 18.0% in 2011 and 2012 respectively. and Foreign (reduction of debt/GDP ratio to a debt stock/GDP sustainable level).
terms of budget support, while expenditures in forex to finance imports increased noticeably. Secondary Criteria 5 Achieve and maintain stable real exchange rates. REER index (2005=100) 82.1 75.6 76.2 78.0 77.9 In Rwanda, the real effective exchange rate appreciated slightly from 78.0 in 2011to 77.9 in 2012. The stability of local currency has been boosted by the relatively important level of official reserves accumulated in 2011, allowing the banking system to continue responding to increased demand for financing imports in line with higher dynamism in economic activities in 2012. % Change -7.1 -8.0 0.9 2.29 -0.10 6 Achieve and maintain market positive real interest rates (Annual average deposit rate) Nominal 6.7 8.1 6.8 7.7 8.9 Deposit rate increased from 6.8 % to 7.7 % in 2011 and 8.9 % in 2012. 7 Achieve sustainable growth of real GDP of not less than 7 percent 11.2 6.1 7.5 8.2 8.0 Despite the challenging international and regional economic environment, Rwanda recorded a real GDP growth of 8.0% in 2012 higher than 7.7% initially projected. This growth was driven by good performance in all economic sectors, such as agriculture sector (+3.0%), industry sector (+7.2%) and services sector (+12.2%) boosted by significant improvement in credit market conditions. . 8 Sustainable pursuit of debt reduction initiative foreign debt (reduction of debt/GDP ratio to a sustainable level). % Domestic and Foreign debt stock/GDP 21.2 22.0 22.4 18.7 18.0 The ratio of debt over GDP kept reducing from 22.4% in 2010 to 18.7% and 18.0% in 2011 and 2012 respectively.
Report-on-the-2012-Progress-Towards-Macroconvergence-in-COMESA-November-2013.docx