The National Bank of Rwanda said the Rwandan franc has lost value against the U.S. dollar at a slower pace from January to September 2025 compared with the 2024-25 fiscal year.
Governor Soraya Hakuziyaremye presented the central bank’s annual report for 2024-25 and projections for 2025-26 to Parliament on Dec. 1.
Hakuziyaremye said the franc depreciated 9.6% against the dollar in 2024-25, compared with 12.5% by June 2024.
“From January to September 2025, the pressure on the franc has eased. Depreciation against the U.S. dollar is now 4.2%, and we expect it to remain lower than in previous years,” she said.
She attributed the improvement to regulations restricting foreign currency transactions and other reforms implemented this year.
Hakuziyaremye also noted that the dollar has weakened against other major currencies, partly due to falling interest rates at the U.S. Federal Reserve in 2025.
The central bank said one U.S. dollar now exchanges for 1,446 Rwandan francs, while the reverse rate is 1,456 francs.
BNR also said inflation has slowed thanks to monetary policy measures. “The steps we have taken over the past three years have yielded results. While the franc continues to lose value, the depreciation is not as high as in 2023-24. We expect it to remain below 5% this year,” Hakuziyaremye said.
