ULK HOSTS A WORKSHOP ON MONETARY POLICY AND FINANCIAL STABILITY STATEMENT, March 9, 2015
ULK (Kigali Campus) March 9, 2015 was privileged to host a workshop on monetary policy and financial stability statement which was conducted by Hon. John Rwangombwa, Governor of the National Bank of Rwanda.
This event brought together different participants ULK Officials, both as academic and administrative staff, students as well as BNR workers. As usual the event was started by a word of prayer said by Dr. Sekibibi Ezechiel, Vice Chancellor of ULK. He went on to introduce guests including Founder and President of Kigali Independent ULK and welcomed the Governor to address the audience.
Hon. John Rwangombwa started with a vote of thanks to everyone present and revealed to participants the relevance of such a workshop. He said that the purpose for BNR to host the workshop on monetary policy and financial stability statement at ULK, an academic institution, is in line with its mission whereby its primary role is to ensure economic stability. He also said that it is the duty of BNR to develop the awareness of Rwandans as far as the state of economy of Rwanda is concerned.
Speaking to students and other participants, he said that this workshop comes in handy to help everyone understand their role in order to avoid economic instability in future and it will help them in their career. It is also worth mentioning that the workshop was an occasion to collect feedback from participants so as to contribute to improvement of our economy.
His presentation was summarized into six main points namely the overview of economic environment, monetary sector and inflation developments, exchange rate and forex market developments, financial sector stability and monetary policy and financial outlook.
He said that in Rwanda the economy recovered from the slowdown experienced in 2013. In 2014 Q3, the economy grew by 7.8% from 6.1% and 7.5% recorded in Q2 and Q1 of 2014 respectively. Leading indicators of the economic activity show that the economy continued to perform well in 2014Q4 and evolving towards attaining or even surpassing the projected growth of 6% in 2014.
Furthermore, high economic growth was achieved on the account of sustained and well-coordinated monetary and fiscal policies put in place by National Bank of Rwanda.
The Governor said that BNR will continue to ensure that the financial sector in Rwanda remains stable, by monitoring the soundness of financial institutions under its supervision. Supervisory legal framework will also be strengthened to accommodate new market developments. In addition, BNR will continue to strengthen cross-border supervision and risk management.
After his presentation, discussions were open to the audience. The governor with BNR team reacted to their questions and comments.
With great surprise, Hon. John Rwangombwa thanked Prof. Dr. Rwigamba Balinda, Founder and President of ULK for the tremendous contribution to Rwandan education and he emphasized that we should be proud of such people who can come up with initiatives which develop the country.
In his closing remarks, the Founder of ULK expressed his gratitude to Hon. John Rwangombwa for his time and informative session as well as the work BNR is doing to make sure that economic growth is maintained. He reminded them that the core values together with hard work always lead to high performance. He took that opportunity to express the commitment of ULK to contribute to the country’s development. As a matter of fact, he said that last year ULK paid more than one billion of taxes Rwanda Revenue Authority.
Prof. Dr Rwigamba Balinda closed with a word of prayer.