## Section I. Financial System in Rwanda

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### Summary of Mission Outcomes and Priority Recommendations
- Mission: IMF STA MFS technical assistance (TA) mission to Kigali, Rwanda during July 29–August 9, 2024.
- Objectives and assistance provided:
  - Broaden coverage of MFS to include other financial corporations (OFCs) and compile OFCs Survey aligned with the 2016 Monetary and Financial Statistics Manual and Compilation Guide (2016 MFSMCG).
  - Start submitting the standardized reporting form (SRF) of OFCs (4SR) to IMF.
  - Develop a Balance Sheet Approach (BSA) matrix with full coverage of the financial sector and additional data from external, fiscal and real sectors.
  - Improve data consistency between central bank, other depository corporations (ODCs) and OFCs.
  - Compile integrated MFS (stocks, transactions, and other flows) and provide hands-on training to NBR Statistics Department officials.
- Key assessments and outcomes:
  - Source data available to enable full coverage of the OFC sector and classification of accounts in line with 2016 MFSMCG.
  - If recommendations are fully implemented, NBR should publish a comprehensive OFC survey well before the end-March 2025 target in the MEFP.
  - Reviewed institutional list in OFC sector: NBR supervises 17 insurance institutions and 12 pension schemes (including RSSB and MMI established by Government of Rwanda). Mission recommended classifying insurance and pension schemes managed by RSSB under General Government (GG) rather than OFC (in line with GFSM 2014).
  - Capital Market Authority (CMA) institutions (two investment funds, brokerage firms, stock exchange, financial auxiliaries) should be included in OFC subsector for full 4SR coverage.
  - Revision of national definition of broad money recommended: deposits of social security funds should be excluded from broad money to align with international standards. Current internal and African Department reporting includes RSSB deposits; excluding them would reduce broad money liabilities by approximately nine percent.
  - Presented summarized reporting template for flow data focusing on loans and deposits’ transactions to start compiling integrated MFS cost-effectively.
  - Publication of report 5SR Monetary Aggregates for Rwanda in IFS was resumed after a two-year interruption; data updated in IFS and will be automatically accessed into IMF database when NBR updates ODP.
  - BSA matrix compiled using SRF data for financial corporations, supplemented by external, fiscal and real sector information; can be updated quarterly for macroprudential and financial stability analysis.
  - Three-day training provided to NBR officials and participants from various divisions and agencies on monetary statistics building blocks and BSA compilation.

- Priority Recommendations (selected, with exact targets and status):
  - November/2024 — Finalize and report to STA for review the SRF 4SR, covering BRD, insurance corporations, pension funds, and forex bureau with data starting from December 2022. — Responsible: NBR. (Completed)
  - December/2024 — Start submitting to STA the SRF 4SR, covering BRD, insurance corporations, pension funds, and forex bureau with quarterly data starting from December 2022 and related metadata, for publication in IFS. — Responsible: NBR. (Completed)
  - November/2025 — Finalize and report to STA for review the revised SRF 4SR also covering the data of the NMM investment funds. — Responsible: NBR.
  - December/2025 — Start submitting to STA the revised SRF 4SR, covering BRD, insurance corporations, pension funds, forex bureau and investment funds with data starting from December 2022 and related metadata, for publication in IFS. — Responsible: NBR.

*The mission expresses thanks to NBR authorities and MDSD staff for collaboration.*

### Financial System Structure and Key Statistics (As of December 2023)
- Institutional roles:
  - NBR authorized by Law N°48/2017 to perform central bank functions, maintain price stability, ensure sound financial system, regulate/license/supervise financial institutions, manage international reserves, transact with IMF, and act as banker to government.
  - NBR supervises commercial banks, deposit-taking microfinance institutions (DTMFI), insurance corporations, pension funds, non-deposit taking financial services providers and foreign exchange offices.
  - Capital Market Authority (CMA) (established 2007) regulates collective investment schemes, stock exchange, stockbrokers, investment advisors, and fund managers.
- Sector composition and shares:
  - Commercial banks account for 77.6 percent of all financial sector assets (excluding NBR), and 91 percent of all ODCs assets.
  - Out of 13 commercial banks: two private domestically controlled banks, eleven foreign-controlled banks.
  - DTMFI hold seven percent of assets of entire financial system; DTMFI comprise 438 SACCOs and 19 small limited partnership MFIs.
  - OFCs subsector accounts approximately for about 16 percent of total assets of the financial system (excluding NBR).
  - OFCs composition: Development Bank of Rwanda (BRD), two investment funds, insurance companies, pension funds, non-deposit taking microfinance institutions, forex bureaus, and other financial services.
  - BRD dominates OFCs with total assets of 638 billion FRW at December 2023, accounting for 47 percent of the subsector.
  - Insurance corporations account for around five percent of total financial system assets and 34 percent of total OFCs; includes three life and 14 non-life insurance corporations (non-life includes a micro insurer and a mutual insurer recently licensed).
  - Pension funds represent seven percent of OFCs; comprise about 11 private entities licensed by NBR. RSSB schemes are classified under General Government and excluded from pension funds subsector data.
  - Other intermediaries: two investment funds and 50 microfinance institutions; investment funds represent five percent of OFCs; microfinance institutions represent seven percent of OFCs assets. NBR currently not collecting data for some of these institutions regularly.
  - Financial auxiliaries include 78 forex bureaus, insurance brokers, and the Rwanda stock exchange.
- Data responsibilities:
  - NBR solely responsible for compiling and disseminating MFS via MDSD, which collaborates with Financial Stability Directorate, Insurance and Pension Fund Supervision Departments, and will enhance collaboration for SRFs 4SR compilation.

- Key figures (Table 2: Rwanda Financial System — As of December 2023)
  - National Bank of Rwanda: Number of Institutions 1; Total Assets 3,142 (Billions, FRW); Total Assets to GDP 19
  - Other Depository Corporations: Number of Institutions 471; Total Assets 7,299 (Billions, FRW); Share of Total Subsector Assets (in percent) 100; Share in Financial Sector Assets (in percent) 84.4; Total Assets to GDP 44.6
  - Commercial Banks: Number of Institutions 13; Total Assets 6,666 (Billions, FRW); Share of Total Subsector Assets (in percent) 91; Share in Financial Sector Assets (in percent) 77.6; Total Assets to GDP 40.8
    - Domestically controlled: Number of Institutions 5; Total Assets 3,192 (Billions, FRW); Share of Total Subsector Assets (in percent) 43.7; Share in Financial Sector Assets (in percent) 37; Total Assets to GDP 19.5
    - Foreign controlled: Number of Institutions 8; Total Assets 3,474 (Billions, FRW); Share of Total Subsector Assets (in percent) 47.6; Share in Financial Sector Assets (in percent) 40.5; Total Assets to GDP 21.2
  - Deposit-taking Microfinance Institutions: Number of Institutions 458; Total Assets 633 (Billions, FRW); Share of Total Subsector Assets (in percent) 9; Share in Financial Sector Assets (in percent) 7; Total Assets to GDP 3.9
  - Other Financial Corporations: Number of Institutions 156; Total Assets 1,352 (Billions, FRW); Share of Total Subsector Assets (in percent) 100; Share in Financial Sector Assets (in percent) 15.6; Total Assets to GDP 7.9
    - Investment Funds: Number of Institutions 2; Total Assets 62 (Billions, FRW); Share of Total Subsector Assets (in percent) 5; Share in Financial Sector Assets (in percent) 1; Total Assets to GDP 0.4
    - Insurance Corporations: Number of Institutions 17; Total Assets 456 (Billions, FRW); Share of Total Subsector Assets (in percent) 34; Share in Financial Sector Assets (in percent) 5; Total Assets to GDP 2.8
      - Life: Number of Institutions 3; Total Assets 98 (Billions, FRW); Share of Total Subsector Assets (in percent) 7.6; Share in Financial Sector Assets (in percent) 1; Total Assets to GDP 0.6
      - Non-Life: Number of Institutions 14*; Total Assets 358 (Billions, FRW); Share of Total Subsector Assets (in percent) 27.8; Share in Financial Sector Assets (in percent) 4; Total Assets to GDP 2.2
    - Pension funds: Number of Institutions 11; Total Assets 92 (Billions, FRW); Share of Total Subsector Assets (in percent) 7; Share in Financial Sector Assets (in percent) 1; Total Assets to GDP 0.6
    - Other financial intermediaries: Number of Institutions 51; Total Assets 732 (Billions, FRW); Share of Total Subsector Assets (in percent) 54; Share in Financial Sector Assets (in percent) 8; Total Assets to GDP 4.5
      - Development Bank of Rwanda (BRD): Number of Institutions 1; Total Assets 638 (Billions, FRW); Share of Total Subsector Assets (in percent) 47; Share in Financial Sector Assets (in percent) 7; Total Assets to GDP 3.9
      - Other Non-Deposits Taking Financial Institutions: Number of Institutions 50; Total Assets 94 (Billions, FRW); Share of Total Subsector Assets (in percent) 7; Share in Financial Sector Assets (in percent) 1; Total Assets to GDP 0.6
    - Forex bureau: Number of Institutions 78; Total Assets 10 (Billions, FRW); Share of Total Subsector Assets (in percent) 0.7; Share in Financial Sector Assets (in percent) 0.1; Total Assets to GDP 0.06
  - Other financial auxiliaries: na (not available)
  - Total: (Sources: NBR and IMF staff). *Include three micro insurance corporations.

### Action Plan (Selected prioritized actions and target dates)
- PR — Finalize and report to STA for review the SRF 4SR covering BRD, insurance corporations, pension funds, and forex bureau with data starting from December 2022. — Target: November/2024. (Completed)
- PR — Start submitting to STA the SRF 4SR covering BRD, insurance corporations, pension funds, and forex bureau with quarterly data starting from December 2022 and related metadata for publication in IFS. — Target: December/2024. (Completed)
- PR — Finalize and report to STA for review the revised SRF 4SR also covering the data of the NMM investment funds. — Target: November/2025.
- PR — Start submitting to STA the revised SRF 4SR covering BRD, insurance corporations, pension funds, forex bureau and investment funds with data starting from December 2022 and related metadata for publication in IFS. — Target: December/2025.
- H — Revise the broad money estimation in national publications to exclude social security fund deposits, aligning with definitions used for cross-country comparability. — Target: September/2025.
- H — Review the mapping for the SRF 2SR and update classification of accounts listed in Appendix II as applicable. — Target: December/2024. (Completed)
- H — Review the mapping for the SRF 4SR for BRD, insurance corporations and pension funds and update classification of accounts listed in Appendix II as applicable. — Target: November/2024. (Completed)
- H — Ensure no negative values are reported in SRFs 4SR of BRD except for certain items under equity on liability side. — Target: November/2024. (Completed)
- H — Continue collaborating with IPSD to ensure full integration of pension funds into the EDWH reporting system. — Target: October/2025.
- H — Automatize compilation of SRFs 4SR for pension funds not integrated in EDWH. — Target: August/2025.
- M — Compile quarterly BSA matrices using CB, ODCs and OFCs data, quarterly IIP, central government debt data and NFCs data, if available. — Target: December/2025.
- M — Compile and disseminate monthly flow data for deposits and loans of central bank and ODCs. — Target: December/2025.
- H — Collaborate with CMA to collect data on investment schemes with necessary breakdowns to compile SRFs 4SR. — Target: August/2025.

*Appendices referenced in the source contain reclassifications and list of insurance corporations and pension funds as of August 2024.*

### Progress and system improvements
- EDWH (Electronic Data Warehouse) implemented to automate compilation of ODCs’ data and enable automatic generation of SRFs 1SR and 2SR.
- EDWH introduced validation checks to ensure data accuracy and consistency, minimizing manual checks.
- NBR started collecting data on pension funds and requested a new mission to finalize compilation of 4SR.

### Central Bank and Other Depository Corporations (ODCs) — findings & recommendations
- Findings:
  - Classification of financial instruments in 2SR for ODCs mostly aligned with 2016 MFSMCG methodology.
  - ODCs report data through EDWH, which includes a summarized balance sheet with annexes for granular mapping to 2SR.
  - Commercial banks report monthly and daily; DTMIs report quarterly within the 10th day of the reference period.
  - For monthly 2SR, DTMI data for last quarter is repeated until new data becomes available.
  - Central bank and ODCs data are published within five weeks of the end of the reference month.
  - Revisions to 2SR mapping included reclassifications of shares and other equity, financial derivatives, and settlement accounts; current impact insignificant but may matter if values grow.
  - Deposits of social security funds are excluded from broad money in the SRF 2SR reported to STA (per MFSMCG recommendation), but NBR’s national publications include RSSB deposits in broad money.
  - Revising national broad money definition to align with international standards (2016 MFSMCG) would decrease broad money by approximately nine percent.
  - Local government units in Rwanda are not classified as money-holding sectors and their deposits are excluded from broad money estimation due to limited fiscal autonomy.
  - Valuation practices follow IFRS 9: debt securities reported at amortized cost, FVOCI, or FVTPL depending on classification. Mission noted debt securities reported at amortized cost should be replaced with market values and the difference recorded as valuation adjustments in equity on the liability side, per 2016 MFSMCG.
- Recommendations:
  - Revise the broad money estimation in national publications to exclude social security fund deposits, aligning with cross-country comparability.
  - Reclassify some accounts in SRF 2SR as recommended by the mission (see Table 1 in the appendices).
  - Adjust valuation of securities holdings to market values, and record the difference as valuation adjustments in equity on the liability side.

### Other Financial Corporations (OFCs) — findings & recommendations
- Findings:
  - Source data and compilation procedures reviewed for insurance corporations, pension funds, Development Bank (BRD), and forex bureaus to improve SRF 4SR quality.
  - Development Bank and insurance corporations report monthly via EDWH; pension funds and forex bureaus not fully integrated and report manually.
  - NBR uses same CRF for BRD as for commercial banks; mission suggested reclassifications (derivatives currently classified as loans should be remapped to financial derivatives; investments in properties classified as shares should be other non-financial assets).
  - Test compilation of BRD revealed several negative values on asset and liability sides (negative positions in deposits with central bank, negative loans from nonresidents, other accounts payable with nonresidents). BRD accounts for approximately 50 percent of the OFCs subsector.
  - Negative values reflect low quality of reported data; mission recommends improving BRD reporting quality and ensuring no negative values in SRF 4SR (except certain equity items on liability side). Specific reporting guidance: negative balances with central bank should be reported as loans on liability side; loans from non-residents that are negative should be reported as deposits on asset side; negative other accounts payable should be classified as other accounts receivable.
  - Insurance corporations mapping largely aligned with 2016 MFSMCG; some reclassifications recommended (premium receivables to trade credits/nonfinancial assets; staff salary advances reclassified from deposits excluded from broad money to other accounts payables).
  - Only 7 out of 11 pension funds report through EDWH; remainder report manually. MDSD aggregates and compiles pension data manually; no automated sectoral balance sheets available.
  - Mission assisted in revising pension funds mapping: reclassifications such as staff advances, car insurance, medical fees from loans to other accounts receivable; supplier accounts reclassified as trade credit with NFCs. Counterpart information in EDWH sourced from customer data in RCF which was not reviewed; comprehensive review of counterpart sector mapping needed before full system generation.
  - Investment funds account for about 5% of total OFCs, up from 2% in 2022. Data on non-money market investment funds and other financial auxiliaries (institutions supervised by CMA) are not currently collected. Memorandum between NBR and CMA exists; mission advised extending it to cover data sharing for macroeconomic statistics.
- Recommendations:
  - Work with BRD to improve reporting quality and ensure no negative values are reported in SRF 4SR for BRD except certain equity liability items.
  - Reclassify accounts in BRD mapping to SRF 4SR as recommended by the mission (see Table 1 in the appendices).
  - Reclassify accounts in insurance corporations’ mapping to SRF 4SR as recommended by the mission (see Table 1 in the appendices).
  - Continue collaborating with IPSD to ensure full integration of pension funds into EDWH.
  - Automatize compilation of SRFs 4SR for pension funds not yet integrated into EDWH.
  - Review mapping of pension funds’ accounts to SRF 4SR in the system as recommended.
  - Collaborate with CMA to collect data on investment schemes, stock exchanges, and securities brokerages.
  - Compile SRFs 4SR covering data for non-money market investment funds and submit the revised 4SR to STA.

### Data reporting to the IMF — findings & recommendation
- Findings:
  - Reporting MFS to IMF for surveillance and dissemination has been timely in recent years.
  - NBR reports SRF 1SR (central bank) and 2SR (ODCs) monthly for publication in IFS.
  - NBR aims to regularly report SRF 4SR to STA quarterly once compilation plan (including NBR, insurance corporations, pension funds, forex bureau, and later investment funds) is followed.
  - Publication of report 5SR Monetary Aggregates for Rwanda in IFS resumed after a two-year interruption; 5SR data had been on Rwanda open data platform but not updated in Integrated Correspondence System (ICS) for IFS publication. Issue resolved during mission; future updates to open data platform will automatically ingest 5SR into IMF database with DS assistance.
  - IFS country notes for Rwanda need updating to reflect MFS compilation improvements; NBR should update IFS notes with SRF 4SR metadata once OFC data submitted.
- Recommendation:
  - Revise MFS metadata and submit to STA to update IFS country notes of Rwanda.

### Compilation of integrated MFS (stocks, transactions, and other flows) — findings & recommendation
- Findings:
  - Current framework provides solid foundation for integrating flows; mission emphasized importance of flow data, especially during financial stress.
  - Flows should be split into transactions, revaluations, and OCVA for accurate monetary developments.
  - Transactions estimated by difference in balance sheet stocks between periods with adjustments for price/exchange rate effects; requires highly disaggregated recurrent processing.
  - NBR needs to implement flow compilation in EDWH so required adjustments are automatically generated.
  - Simplified reporting template proposed to cost-effectively start compiling integrated MFS; authorities committed to begin with flows of loans and deposits.
  - NBR currently collects loans’ write-offs from ODCs; this information can be used to estimate loan transactions and OCVA.
  - Accounts split by currency: national currency, U.S. dollar, British pound, euro, and “other currencies”; market exchange rates for first currencies should be used to estimate revaluations.
  - Presented formula for exchange rate adjustments in presence of OCVA (variables preserved as in source): ERA = exchange rate adjustment; e0 = foreign currency exchange rate at the beginning of the period; e1 = foreign currency exchange rate at the end of the period; em = daily average of the foreign currency exchange rate during the period; OS = account balance in domestic currency at the beginning of the period; CS = account balance in domestic currency at the end of the period; OCVA = other changes in the volume of assets in domestic currency during the period.
- Recommendation:
  - Develop in the EDWH a program to automatically extract from ODCs data and central bank accounting systems the series needed for estimating revaluations, OCVA, and transactions; aim to disseminate monthly flow-based monetary statistics for the central bank and ODCs.

### Balance Sheet Approach (BSA) — findings & recommendations
- Findings:
  - With full coverage of financial corporations, NBR could compile a BSA matrix summarizing intersectoral exposures and identifying vulnerabilities.
  - SRFs 1SR, 2SR, and 4SR cover about 70 percent of data required by BSA matrix.
  - Mission developed a quarterly BSA matrix using SRF financial corporations’ data supplemented by external, fiscal, and real sector information; quarterly IIP can be automatically integrated.
  - MFEP has not compiled balance sheet data; general government debt data can help fill government liabilities gaps.
  - NIS conducts annual NFC survey with key balance sheet information; collaboration between NBR and NIS should be strengthened and extended for NFC data sharing.
- Recommendations:
  - Compile quarterly BSA matrices using ODCs and OFCs data, quarterly IIP, and central government debt data if available.
  - Enhance collaboration with NIS for NFCs data and expand memorandum of understanding to include NFCs data sharing.
  - Include NFCs data from NIS annual NFC survey in the BSA.

### Training and resources
- Findings:
  - Mission provided three days of training to officials from various NBR divisions, MFEP, and NIS.
  - Training topics: building blocks for monetary statistics compilation, compilation of SRFs 4SR, balance sheet approach analysis, harmonization of MFS with ESS and GFS, detailed classification, compilation of flows, and breakdown of changes in stocks into valuation changes and OCVA.
  - Hands-on sessions and technical support were provided; participants received training and presentations well.

### Mission findings on MFS compilation, FSIs, and related actions
- MFS compilation:
  - NBR staff responsible for MFS compilation have sufficient technical capacity to compile MFS but require further training to support full implementation of the MFSMCG, compilation of flows data and BSA.
  - Mission urged staff to apply for IMF MFS and BSA courses whenever advertised through the IMF website.
- FSIs reporting — findings:
  - Rwanda migrated to the 2019 FSIs in 2023, and the last submitted data refer to September 2023.
  - Mission emphasized the importance of resuming the submission of FSIs for publication on the IFS page.
  - Team compiling FSIs is addressing issues in compilation for deposit-taking institutions (DTs) and separation of specific provisions from general provisions.
  - Effort underway to collect this information from banks, with 9 out of 10 banks having submitted the necessary data to the NBR. The remaining bank is expected to report by August 2024.
  - Team is revising loan provisions in accordance with the 2019 FSI methodology.
  - Issue identified: inclusion of off-balance sheet data in the compilation of loans, contrary to 2019 FSI Guide methodology. Team plans to address and resubmit revised indicators.
  - Authorities are working to improve mapping of data reported for insurance corporations and pension funds.
  - Authorities noted lack of available data for nonfinancial corporations and households.
- Recommendations (FSIs):
  - Revised Data Submission: Authorities should submit revised data to the Statistical Department for review by September 2024.
  - Resumption of FSIs: Authorities should resume FSIs submission for publication on the IFS page by November 2024.
  - MDSD to provide the Financial Stability Division (FSD) with data of loans to HH and NFCs from the financial corporations’ sector for updating FSIs for NFCs and HHs.
  - FSD should collaborate with the MDSD to obtain comprehensive data for NFCs and HHs once it becomes available under the BSA project.

### Officials met during the mission (as listed in source)
- 1. Dr. KALISA Thierry Mihigo — NBR — Chief Economist and Executive Director, Monetary Policy and Research Directorate — tkalisa@bnr.rw
- 2. Wilson KAMALI — NBR — Director, Statistics Department — wkamali@bnr.rw
- 3. KAJIGIJA Eugene — NBR — Manager, Economic Statistics & MIS Database — ekajigija@bnr.rw
- 4. MUTUYIMANA Jean Pierre — NBR — Manager, Monetary Statistics — jmutuyimana@bnr.rw
- 5. NUWAGIRA Bukoni Roger — NBR — Cluster Manager, Pension Supervision — rnuwagirabukoni@bnr.rw
- 6. RWAGASANA James — NBR — Manager, Supervision of other Financial institutions — jrwagasana@bnr.rw
- 7. RUHATO Arcel — NBR — Principal Inspector, Insurance and Pension Supervision — ARuhato@bnr.rw
- 8. Alfred HAKUZWIMANA — NBR — Principal Financial Stability Analyst — AHakuzwimana@bnr.rw
- 9. SINDAYIGAYA, Celestin — NBR — Principal Inspector, Insurance and Pension Supervision — csindayigaya@bnr.rw
- 10. MBABAZI Jovia — NBR — Senior statistician, Balance of Payment — mjovia@bnr.rw
- 11. GAHONGAYIRE Monique — NBR — Senior statistician, Monetary Statistics — mgahongayire@bnr.rw
- 12. TWAGIRAYEZU Theophile — NBR — Senior statistician, Monetary Statistics — ttwagirayezu@bnr.rw
- 13. NDAGIJIMANA Denys — NBR — Senior statistician, Monetary Statistics — dndagijimana@bnr.rw
- 14. KAGABO Rugwiza Toussant — NBR — Statistician, Balance of Payment — trugwiza@bnr.rw
- 15. RWAYITARE Tebuka Tricart — NBR — Statistician, Balance of Payment — trwayitare@bnr.rw
- 16. BARINDIRIMANA Martin De Pores — NBR — Statistician, Monetary Statistics — mbarindirimana@bnr.rw
- 17. ISHIMWE Swadiq — MINECOFIN — Officer, Economic Surveillance — swadiq.ishimwe@minecofin.gov.rw
- 18. MUTABAZI Eric — MINECOFIN — Specialist, Fiscal Sector — eric.mutabazi@minecofin.gov.rw
- 19. MPAYIMANA Fabien — NISR — National Account Statistician Team Leader — fabien.mpayimana@statistics.gov.rw
- 20. KAMPOGO Julienne — NISR — National Account Statistician — katejuliakamp@gmail.com
- 21. MURIGO Noella — CMA — Market Supervision & Inspection Manager — nmurigo@cma.rw

*Source: IMF TA Report – Rwanda MFS (Section I. Financial System in Rwanda).*

### Section I. Financial System in Rwanda ..................................................................................

### Section I. Financial System in Rwanda

### Summary of Mission Outcomes and Priority Recommendations
- Mission: IMF STA MFS technical assistance (TA) mission to Kigali, Rwanda during July 29–August 9, 2024.
- Objectives and assistance provided:
  - Broaden coverage of MFS to include other financial corporations (OFCs) and compile OFCs Survey aligned with the 2016 Monetary and Financial Statistics Manual and Compilation Guide (2016 MFSMCG).
  - Start submitting the standardized reporting form (SRF) of OFCs (4SR) to IMF.
  - Develop a Balance Sheet Approach (BSA) matrix with full coverage of the financial sector and additional data from external, fiscal and real sectors.
  - Improve data consistency between central bank, other depository corporations (ODCs) and OFCs.
  - Compile integrated MFS (stocks, transactions, and other flows) and provide hands-on training to NBR Statistics Department officials.
- Key assessments and outcomes:
  - Source data available to enable full coverage of the OFC sector and classification of accounts in line with 2016 MFSMCG.
  - If recommendations are fully implemented, NBR should publish a comprehensive OFC survey well before the end-March 2025 target in the MEFP.
  - Reviewed institutional list in OFC sector: NBR supervises 17 insurance institutions and 12 pension schemes (including RSSB and MMI established by Government of Rwanda). Mission recommended classifying insurance and pension schemes managed by RSSB under General Government (GG) rather than OFC (in line with GFSM 2014).
  - Capital Market Authority (CMA) institutions (two investment funds, brokerage firms, stock exchange, financial auxiliaries) should be included in OFC subsector for full 4SR coverage.
  - Revision of national definition of broad money recommended: deposits of social security funds should be excluded from broad money to align with international standards. Current internal and African Department reporting includes RSSB deposits; excluding them would reduce broad money liabilities by approximately nine percent.
  - Presented summarized reporting template for flow data focusing on loans and deposits’ transactions to start compiling integrated MFS cost-effectively.
  - Publication of report 5SR Monetary Aggregates for Rwanda in IFS was resumed after a two-year interruption; data updated in IFS and will be automatically accessed into IMF database when NBR updates ODP.
  - BSA matrix compiled using SRF data for financial corporations, supplemented by external, fiscal and real sector information; can be updated quarterly for macroprudential and financial stability analysis.
  - Three-day training provided to NBR officials and participants from various divisions and agencies on monetary statistics building blocks and BSA compilation.

- Priority Recommendations (Table 1):
  - November/2024 — Finalize and report to STA for review the SRF 4SR, covering BRD, insurance corporations, pension funds, and forex bureau with data starting from December 2022. — Responsible: NBR. (Completed)
  - December/2024 — Start submitting to STA the SRF 4SR, covering BRD, insurance corporations, pension funds, and forex bureau with quarterly data starting from December 2022 and related metadata, for publication in IFS. — Responsible: NBR. (Completed)
  - November/2025 — Finalize and report to STA for review the revised SRF 4SR also covering the data of the NMM investment funds. — Responsible: NBR.
  - December/2025 — Start submitting to STA the revised SRF 4SR, covering BRD, insurance corporations, pension funds, forex bureau and investment funds with data starting from December 2022 and related metadata, for publication in IFS. — Responsible: NBR.

*The mission expresses thanks to NBR authorities and MDSD staff for collaboration.*

### Financial System Structure and Key Statistics (As of December 2023)
- Institutional roles:
  - NBR authorized by Law N°48/2017 to perform central bank functions, maintain price stability, ensure sound financial system, regulate/license/supervise financial institutions, manage international reserves, transact with IMF, and act as banker to government.
  - NBR supervises commercial banks, deposit-taking microfinance institutions (DTMFI), insurance corporations, pension funds, non-deposit taking financial services providers and foreign exchange offices.
  - Capital Market Authority (CMA) (established 2007) regulates collective investment schemes, stock exchange, stockbrokers, investment advisors, and fund managers.
- Sector composition and shares:
  - Commercial banks dominate financial system: account for 77.6 percent of all financial sector assets (excluding NBR), and 91 percent of all ODCs assets.
  - Out of 13 commercial banks: two private domestically controlled banks, eleven foreign-controlled banks.
  - DTMFI hold seven percent of assets of entire financial system; DTMFI comprise 438 SACCOs and 19 small limited partnership MFIs.
  - OFCs subsector accounts approximately for about 16 percent of total assets of the financial system (excluding NBR).
  - OFCs composition: Development Bank of Rwanda (BRD), two investment funds, insurance companies, pension funds, non-deposit taking microfinance institutions, forex bureaus, and other financial services.
  - BRD dominates OFCs with total assets of 638 billion FRW at December 2023, accounting for 47 percent of the subsector.
  - Insurance corporations (life and non-life) account for around five percent of total financial system assets and 34 percent of total OFCs; includes three life and 14 non-life insurance corporations (non-life includes a micro insurer and a mutual insurer recently licensed).
  - Pension funds represent seven percent of OFCs; comprise about 11 private entities licensed by NBR. RSSB schemes are classified under General Government and excluded from pension funds subsector data.
  - Other intermediaries: two investment funds and 50 microfinance institutions; investment funds represent five percent of OFCs; microfinance institutions represent seven percent of OFCs assets. NBR currently not collecting data for some of these institutions regularly.
  - Financial auxiliaries include 78 forex bureaus, insurance brokers, and the Rwanda stock exchange.
- Data responsibilities:
  - NBR solely responsible for compiling and disseminating MFS via MDSD, which collaborates with Financial Stability Directorate, Insurance and Pension Fund Supervision Departments, and will enhance collaboration for SRFs 4SR compilation.

- Table 2: Rwanda Financial System (As of December 2023) — key figures preserved exactly as in source:
  - National Bank of Rwanda: Number of Institutions 1; Total Assets 3,142 (Billions, FRW); Total Assets to GDP 19
  - Other Depository Corporations: Number of Institutions 471; Total Assets 7,299 (Billions, FRW); Share of Total Subsector Assets (in percent) 100; Share in Financial Sector Assets (in percent) 84.4; Total Assets to GDP 44.6
  - Commercial Banks: Number of Institutions 13; Total Assets 6,666 (Billions, FRW); Share of Total Subsector Assets (in percent) 91; Share in Financial Sector Assets (in percent) 77.6; Total Assets to GDP 40.8
    - Domestically controlled: Number of Institutions 5; Total Assets 3,192 (Billions, FRW); Share of Total Subsector Assets (in percent) 43.7; Share in Financial Sector Assets (in percent) 37; Total Assets to GDP 19.5
    - Foreign controlled: Number of Institutions 8; Total Assets 3,474 (Billions, FRW); Share of Total Subsector Assets (in percent) 47.6; Share in Financial Sector Assets (in percent) 40.5; Total Assets to GDP 21.2
  - Deposit-taking Microfinance Institutions: Number of Institutions 458; Total Assets 633 (Billions, FRW); Share of Total Subsector Assets (in percent) 9; Share in Financial Sector Assets (in percent) 7; Total Assets to GDP 3.9
  - Other Financial Corporations: Number of Institutions 156; Total Assets 1,352 (Billions, FRW); Share of Total Subsector Assets (in percent) 100; Share in Financial Sector Assets (in percent) 15.6; Total Assets to GDP 7.9
    - Investment Funds: Number of Institutions 2; Total Assets 62 (Billions, FRW); Share of Total Subsector Assets (in percent) 5; Share in Financial Sector Assets (in percent) 1; Total Assets to GDP 0.4
    - Insurance Corporations: Number of Institutions 17; Total Assets 456 (Billions, FRW); Share of Total Subsector Assets (in percent) 34; Share in Financial Sector Assets (in percent) 5; Total Assets to GDP 2.8
      - Life: Number of Institutions 3; Total Assets 98 (Billions, FRW); Share of Total Subsector Assets (in percent) 7.6; Share in Financial Sector Assets (in percent) 1; Total Assets to GDP 0.6
      - Non-Life: Number of Institutions 14*; Total Assets 358 (Billions, FRW); Share of Total Subsector Assets (in percent) 27.8; Share in Financial Sector Assets (in percent) 4; Total Assets to GDP 2.2
    - Pension funds: Number of Institutions 11; Total Assets 92 (Billions, FRW); Share of Total Subsector Assets (in percent) 7; Share in Financial Sector Assets (in percent) 1; Total Assets to GDP 0.6
    - Other financial intermediaries: Number of Institutions 51; Total Assets 732 (Billions, FRW); Share of Total Subsector Assets (in percent) 54; Share in Financial Sector Assets (in percent) 8; Total Assets to GDP 4.5
      - Development Bank of Rwanda (BRD): Number of Institutions 1; Total Assets 638 (Billions, FRW); Share of Total Subsector Assets (in percent) 47; Share in Financial Sector Assets (in percent) 7; Total Assets to GDP 3.9
      - Other Non-Deposits Taking Financial Institutions: Number of Institutions 50; Total Assets 94 (Billions, FRW); Share of Total Subsector Assets (in percent) 7; Share in Financial Sector Assets (in percent) 1; Total Assets to GDP 0.6
    - Forex bureau: Number of Institutions 78; Total Assets 10 (Billions, FRW); Share of Total Subsector Assets (in percent) 0.7; Share in Financial Sector Assets (in percent) 0.1; Total Assets to GDP 0.06
  - Other financial auxiliaries: na (not available)
  - Total: (Sources: NBR and IMF staff). *Include three micro insurance corporations.

### Action Plan (Selected prioritized actions and target dates)
- High priority (H) and Priority Recommendations (PR):
  - PR — Finalize and report to STA for review the SRF 4SR covering BRD, insurance corporations, pension funds, and forex bureau with data starting from December 2022. — Target: November/2024. (Completed)
  - PR — Start submitting to STA the SRF 4SR covering BRD, insurance corporations, pension funds, and forex bureau with quarterly data starting from December 2022 and related metadata for publication in IFS. — Target: December/2024. (Completed)
  - PR — Finalize and report to STA for review the revised SRF 4SR also covering the data of the NMM investment funds. — Target: November/2025.
  - PR — Start submitting to STA the revised SRF 4SR covering BRD, insurance corporations, pension funds, forex bureau and investment funds with data starting from December 2022 and related metadata for publication in IFS. — Target: December/2025.
  - H — Revise the broad money estimation in national publications to exclude social security fund deposits, aligning with definitions used for cross-country comparability. — Target: September/2025.
  - H — Review the mapping for the SRF 2SR and update classification of accounts listed in Appendix II as applicable. — Target: December/2024. (Completed)
  - H — Review the mapping for the SRF 4SR for BRD, insurance corporations and pension funds and update classification of accounts listed in Appendix II as applicable. — Target: November/2024. (Completed)
  - H — Ensure no negative values are reported in SRFs 4SR of BRD except for certain items under equity on liability side. — Target: November/2024. (Completed)
  - H — Continue collaborating with IPSD to ensure full integration of pension funds into the EDWH reporting system. — Target: October/2025.
  - H — Automatize compilation of SRFs 4SR for pension funds not integrated in EDWH. — Target: August/2025.
  - M — Compile quarterly BSA matrices using CB, ODCs and OFCs data, quarterly IIP, central government debt data and NFCs data, if available. — Target: December/2025.
  - M — Compile and disseminate monthly flow data for deposits and loans of central bank and ODCs. — Target: December/2025.
  - H — Collaborate with CMA to collect data on investment schemes with necessary breakdowns to compile SRFs 4SR. — Target: August/2025.

*Appendices referenced in the source contain reclassifications and list of insurance corporations and pension funds as of August 2024.*

*Source: IMF TA Report – Rwanda MFS (Section I. Financial System in Rwanda).*

### 20.      Good progress has been achieved in addressing the recommendations made by the 2019 MFS

### 20. Good progress has been achieved in addressing the recommendations made by the 2019 MFS mission

### Progress and system improvements
- EDWH (Electronic Data Warehouse) implemented to automate compilation of ODCs’ data and enable automatic generation of SRFs 1SR and 2SR.
- EDWH introduced validation checks to ensure data accuracy and consistency, minimizing manual checks.
- NBR started collecting data on pension funds and requested a new mission to finalize compilation of 4SR.

### Central Bank and Other Depository Corporations (ODCs)
Findings:
- Classification of financial instruments in 2SR for ODCs mostly aligned with 2016 MFSMCG methodology.
- ODCs report data through EDWH, which includes a summarized balance sheet with annexes for granular mapping to 2SR.
- Commercial banks report monthly and daily; DTMIs report quarterly within the 10th day of the reference period.
- For monthly 2SR, DTMI data for last quarter is repeated until new data becomes available.
- Central bank and ODCs data are published within five weeks of the end of the reference month.
- Revisions to 2SR mapping included reclassifications of shares and other equity, financial derivatives, and settlement accounts; current impact insignificant but may matter if values grow.
- Deposits of social security funds are excluded from broad money in the SRF 2SR reported to STA (per MFSMCG recommendation), but NBR’s national publications include RSSB deposits in broad money.
- Revising national broad money definition to align with international standards (2016 MFSMCG) would decrease broad money by approximately nine percent.
- Local government units in Rwanda are not classified as money-holding sectors and their deposits are excluded from broad money estimation due to limited fiscal autonomy.
- Valuation practices follow IFRS 9: debt securities reported at amortized cost, FVOCI, or FVTPL depending on classification. Mission noted debt securities reported at amortized cost should be replaced with market values and the difference recorded as valuation adjustments in equity on the liability side, per 2016 MFSMCG.

Recommendations:
- Revise the broad money estimation in national publications to exclude social security fund deposits, aligning with cross-country comparability.
- Reclassify some accounts in SRF 2SR as recommended by the mission (see Table 1 in the appendices).
- Adjust valuation of securities holdings to market values, and record the difference as valuation adjustments in equity on the liability side.

### Other Financial Corporations (OFCs)
Findings:
- Source data and compilation procedures reviewed for insurance corporations, pension funds, Development Bank (BRD), and forex bureaus to improve SRF 4SR quality.
- Development Bank and insurance corporations report monthly via EDWH; pension funds and forex bureaus not fully integrated and report manually.
- NBR uses same CRF for BRD as for commercial banks; mission suggested reclassifications (derivatives currently classified as loans should be remapped to financial derivatives; investments in properties classified as shares should be other non-financial assets).
- Test compilation of BRD revealed several negative values on asset and liability sides (negative positions in deposits with central bank, negative loans from nonresidents, other accounts payable with nonresidents). BRD accounts for approximately 50 percent of the OFCs subsector.
- Negative values reflect low quality of reported data; mission recommends improving BRD reporting quality and ensuring no negative values in SRF 4SR (except certain equity items on liability side). Specific reporting guidance: negative balances with central bank should be reported as loans on liability side; loans from non-residents that are negative should be reported as deposits on asset side; negative other accounts payable should be classified as other accounts receivable.
- Insurance corporations mapping largely aligned with 2016 MFSMCG; some reclassifications recommended (premium receivables to trade credits/nonfinancial assets; staff salary advances reclassified from deposits excluded from broad money to other accounts payables).
- Only 7 out of 11 pension funds report through EDWH; remainder report manually. MDSD aggregates and compiles pension data manually; no automated sectoral balance sheets available.
- Mission assisted in revising pension funds mapping: reclassifications such as staff advances, car insurance, medical fees from loans to other accounts receivable; supplier accounts reclassified as trade credit with NFCs. Counterpart information in EDWH sourced from customer data in RCF which was not reviewed; comprehensive review of counterpart sector mapping needed before full system generation.
- Investment funds account for about 5% of total OFCs, up from 2% in 2022. Data on non-money market investment funds and other financial auxiliaries (institutions supervised by CMA) are not currently collected. Memorandum between NBR and CMA exists; mission advised extending it to cover data sharing for macroeconomic statistics.

Recommendations:
- Work with BRD to improve reporting quality and ensure no negative values are reported in SRF 4SR for BRD except certain equity liability items.
- Reclassify accounts in BRD mapping to SRF 4SR as recommended by the mission (see Table 1 in the appendices).
- Reclassify accounts in insurance corporations’ mapping to SRF 4SR as recommended by the mission (see Table 1 in the appendices).
- Continue collaborating with IPSD to ensure full integration of pension funds into EDWH.
- Automatize compilation of SRFs 4SR for pension funds not yet integrated into EDWH.
- Review mapping of pension funds’ accounts to SRF 4SR in the system as recommended.
- Collaborate with CMA to collect data on investment schemes, stock exchanges, and securities brokerages.
- Compile SRFs 4SR covering data for non-money market investment funds and submit the revised 4SR to STA.

### Data reporting to the IMF
Findings:
- Reporting MFS to IMF for surveillance and dissemination has been timely in recent years.
- NBR reports SRF 1SR (central bank) and 2SR (ODCs) monthly for publication in IFS.
- NBR aims to regularly report SRF 4SR to STA quarterly once compilation plan (including NBR, insurance corporations, pension funds, forex bureau, and later investment funds) is followed.
- Publication of report 5SR Monetary Aggregates for Rwanda in IFS resumed after a two-year interruption; 5SR data had been on Rwanda open data platform but not updated in Integrated Correspondence System (ICS) for IFS publication. Issue resolved during mission; future updates to open data platform will automatically ingest 5SR into IMF database with DS assistance.
- IFS country notes for Rwanda need updating to reflect MFS compilation improvements; NBR should update IFS notes with SRF 4SR metadata once OFC data submitted.

Recommendation:
- Revise MFS metadata and submit to STA to update IFS country notes of Rwanda.

### Compilation of integrated MFS (stocks, transactions, and other flows)
Findings:
- Current framework provides solid foundation for integrating flows; mission emphasized importance of flow data, especially during financial stress.
- Flows should be split into transactions, revaluations, and OCVA for accurate monetary developments.
- Transactions estimated by difference in balance sheet stocks between periods with adjustments for price/exchange rate effects; requires highly disaggregated recurrent processing.
- NBR needs to implement flow compilation in EDWH so required adjustments are automatically generated.
- Simplified reporting template proposed to cost-effectively start compiling integrated MFS; authorities committed to begin with flows of loans and deposits.
- NBR currently collects loans’ write-offs from ODCs; this information can be used to estimate loan transactions and OCVA.
- Accounts split by currency: national currency, U.S. dollar, British pound, euro, and “other currencies”; market exchange rates for first currencies should be used to estimate revaluations.
- Presented formula for exchange rate adjustments in presence of OCVA:
  - ERA = exchange rate adjustment,
  - e0 = foreign currency exchange rate at the beginning of the period,
  - e1 = foreign currency exchange rate at the end of the period,
  - em = daily average of the foreign currency exchange rate during the period,
  - OS = account balance in domestic currency at the beginning of the period,
  - CS = account balance in domestic currency at the end of the period,
  - OCVA = other changes in the volume of assets in domestic currency during the period.

Recommendation:
- Develop in the EDWH a program to automatically extract from ODCs data and central bank accounting systems the series needed for estimating revaluations, OCVA, and transactions; aim to disseminate monthly flow-based monetary statistics for the central bank and ODCs.

### Balance Sheet Approach (BSA)
Findings:
- With full coverage of financial corporations, NBR could compile a BSA matrix summarizing intersectoral exposures and identifying vulnerabilities.
- SRFs 1SR, 2SR, and 4SR cover about 70 percent of data required by BSA matrix.
- Mission developed a quarterly BSA matrix using SRF financial corporations’ data supplemented by external, fiscal, and real sector information; quarterly IIP can be automatically integrated.
- MFEP has not compiled balance sheet data; general government debt data can help fill government liabilities gaps.
- NIS conducts annual NFC survey with key balance sheet information; collaboration between NBR and NIS should be strengthened and extended for NFC data sharing.

Recommendations:
- Compile quarterly BSA matrices using ODCs and OFCs data, quarterly IIP, and central government debt data if available.
- Enhance collaboration with NIS for NFCs data and expand memorandum of understanding to include NFCs data sharing.
- Include NFCs data from NIS annual NFC survey in the BSA.

### Training and resources
Findings:
- Mission provided three days of training to officials from various NBR divisions, MFEP, and NIS.
- Training topics: building blocks for monetary statistics compilation, compilation of SRFs 4SR, balance sheet approach analysis, harmonization of MFS with ESS and GFS, detailed classification, compilation of flows, and breakdown of changes in stocks into valuation changes and OCVA.
- Hands-on sessions and technical support were provided; participants received training and presentations well.

*IMF | TA Report – Rwanda MFS*

### 44.      The mission noted that the NBR staff responsible for MFS compilation have sufficient

### Mission findings on MFS compilation, FSIs, and related actions

### Monetary and Financial Statistics (MFS) compilation
- The mission noted that the NBR staff responsible for MFS compilation have sufficient technical capacity to compile MFS but requires further training to support full implementation of the MFSMCG, compilation of flows data and BSA.
- The mission urged the staff to apply for IMF MFS and BSA courses whenever advertised through the IMF website.

Recommendations:
- NBR staff can apply to participate in MFS/BSA training courses offered by IMF STA regularly at IMF headquarters, regional training courses or on a remote basis. Details are found on the webpage of the IMF’s Institute for Capacity Development.

### Financial Soundness Indicators (FSI) reporting — findings
- Rwanda migrated to the 2019 FSIs in 2023, and the last submitted data refer to September 2023.
- The mission emphasized the importance of resuming the submission of FSIs for publication on the IFS page.
- The team responsible for compiling FSIs is currently addressing issues in the compilation of FSIs for deposit-taking institutions (DTs) and the related separation of specific provisions from general provisions.
- A new effort is underway to collect this information from banks, with 9 out of 10 banks having submitted the necessary data to the NBR. The remaining bank is expected to report by August 2024.
- The team is working to revise the loan provisions in accordance with the 2019 FSI methodology.
- Another issue identified is the inclusion of off-balance sheet data in the compilation of loans, taking into account bad commitments held off-balance sheet in the estimation of gross loans, contrary to 2019 FSI Guide methodology.
- The team is working to address these issues and plans to resubmit the revised indicators.
- Authorities are working to improve the mapping of data reported for insurance corporations and pension funds.
- Authorities noted the lack of available data for nonfinancial corporations and households.

Recommendations:
- Revised Data Submission: Authorities should submit revised data to the Statistical Department for review by September 2024.
- Resumption of FSIs: Authorities should resume FSIs submission for publication on the IFS page by November 2024.
- MDSD to provide the Financial Stability Division (FSD) with data of loans to HH and NFCs from the financial corporations’ sector for updating FSIs for NFCs and HHs.
- The Financial Stability Division (FSD) should collaborate with the MDSD to obtain comprehensive data for nonfinancial corporations (NFC) and households (HH) once it becomes available under the Balance Sheet Approach (BSA) project.

### Officials met during the mission
- 1. Dr. KALISA Thierry Mihigo — NBR — Chief Economist and Executive Director, Monetary Policy and Research Directorate — tkalisa@bnr.rw
- 2. Wilson KAMALI — NBR — Director, Statistics Department — wkamali@bnr.rw
- 3. KAJIGIJA Eugene — NBR — Manager, Economic Statistics & MIS Database — ekajigija@bnr.rw
- 4. MUTUYIMANA Jean Pierre — NBR — Manager, Monetary Statistics — jmutuyimana@bnr.rw
- 5. NUWAGIRA Bukoni Roger — NBR — Cluster Manager, Pension Supervision — rnuwagirabukoni@bnr.rw
- 6. RWAGASANA James — NBR — Manager, Supervision of other Financial institutions — jrwagasana@bnr.rw
- 7. RUHATO Arcel — NBR — Principal Inspector, Insurance and Pension Supervision — ARuhato@bnr.rw
- 8. Alfred HAKUZWIMANA — NBR — Principal Financial Stability Analyst — AHakuzwimana@bnr.rw
- 9. SINDAYIGAYA, Celestin — NBR — Principal Inspector, Insurance and Pension Supervision — csindayigaya@bnr.rw
- 10. MBABAZI Jovia — NBR — Senior statistician, Balance of Payment — mjovia@bnr.rw
- 11. GAHONGAYIRE Monique — NBR — Senior statistician, Monetary Statistics — mgahongayire@bnr.rw
- 12. TWAGIRAYEZU Theophile — NBR — Senior statistician, Monetary Statistics — ttwagirayezu@bnr.rw
- 13. NDAGIJIMANA Denys — NBR — Senior statistician, Monetary Statistics — dndagijimana@bnr.rw
- 14. KAGABO Rugwiza Toussant — NBR — Statistician, Balance of Payment — trugwiza@bnr.rw
- 15. RWAYITARE Tebuka Tricart — NBR — Statistician, Balance of Payment — trwayitare@bnr.rw
- 16. BARINDIRIMANA Martin De Pores — NBR — Statistician, Monetary Statistics — mbarindirimana@bnr.rw
- 17. ISHIMWE Swadiq — MINECOFIN — Officer, Economic Surveillance — swadiq.ishimwe@minecofin.gov.rw
- 18. MUTABAZI Eric — MINECOFIN — Specialist, Fiscal Sector — eric.mutabazi@minecofin.gov.rw
- 19. MPAYIMANA Fabien — NISR — National Account Statistician Team Leader — fabien.mpayimana@statistics.gov.rw
- 20. KAMPOGO Julienne — NISR — National Account Statistician — katejuliakamp@gmail.com
- 21. MURIGO Noella — CMA — Market Supervision & Inspection Manager — nmurigo@cma.rw

*IMF | TA Report – Rwanda MFS | selected excerpts*

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_Source: https://www.imf.org/-/media/files/publications/tar/2026/english/tarea2026006-source-pdf.pdf_