A surge in Rwanda’s exports helped ease pressure on the franc in the first half of 2026, as rising foreign-exchange earnings narrowed the gap between goods entering and leaving the country, the central bank said Thursday.
Exports increased by about 52% in the first six months of the year, while imports rose by roughly 19%, Governor Soraya Hakuziyaremye said while presenting the National Bank of Rwanda’s Monetary Policy and Financial Stability Statement.
“The good performance of exports helped ensure that the gap between imports and exports did not increase significantly,” Hakuziyaremye said, putting the increase in the trade gap at just 1.1%.
The stronger export performance contributed to higher foreign-exchange inflows and helped strengthen Rwanda’s external position, she said.
By June 30, the country’s foreign-exchange reserves were sufficient to finance about 4.1 months of imports, providing a buffer against external shocks and pressures in the foreign-exchange market.
The franc lost less than 1% of its value against the U.S. dollar during the first half of 2026, a marked improvement from the 8.7% depreciation recorded in the first half of 2023, according to the central bank.
Hakuziyaremye said the relative stability of the franc was not driven by exports alone. Increased foreign investment, remittances from Rwandans living abroad and reforms to the foreign-exchange market that began in 2025 also contributed.
The improved external position comes as Rwanda’s economy continues to expand rapidly.
The economy grew by 9.7% in real terms in the first half of 2026, with industry and services leading growth, while agriculture expanded by 5.9%. The central bank expects full-year growth of about 7.8%.
The stronger growth has come alongside continued pressure on prices, leaving policymakers balancing economic expansion with efforts to contain inflation and protect macroeconomic stability.
