UPDATE 1-Rwanda central bank keeps key interest rate at 7.0%

(Adds detail and context throughout) KIGALI, May 11 (Reuters) - Rwanda's central bank on Thursday maintained its key interest rate at 7.0% , noting that inflation although falling remained high. Inflation dipped to 17.8% in April from 19.3% in March and a high of 21.7% in November. The central bank has gradually increased its policy rate from 4.5% in 2021, with the last increase to 7.0% made in February.

"When you look at the projections for the next year, we expect (inflation) to be below 5% in 2024," said central bank governor John Rwangombwa.

"We decided to maintain the policy rate, (there was) no need for further increase, not yet ready for any reduction in the policy rate because inflation is still high," he said. "We think so far the decisions taken are enough to bring down inflation"

(Reporting by Philbert Girinema; Writing by Hereward Holland; Editing by Alexander Winning)

Reuters Messaging: hereward.holland.thomsonreuters.com@reuters.net))

Reuters

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UPDATE 1-Rwanda central bank keeps key interest rate at 7.0%

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