Annual report - 2007 - national bank of rwanda

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BANKI NKURU Y’ U RWANDA— NATIONAL BANK OF RWANDA– BANQUE NATIONALE DU RWANDA

June 2008

Table of contents Part I: Economic and financial developments
SUMMARY……………………………………………………………………………………………………………………………..3 Chapter I International economic environment……………………………………………………………17

I.1 Economic situation…………………………………………………17
I.2. World trade…………………………………………………………………………………………………20 I.3.Interest rates and capital markets…………………………………………………………….22 Chapter II National economic development ...…………….………………………………….……………25 II.1 Real sector ……….…………………………………………………………………………………………25 II.1.1 Gross domestic product …….………………………………………………………………..25 II.1.2 Prices. ………….……….…………………………………………………………………………36 II.2 Public finance and domestic public debt ……………………………………………….44 II.2.1 Publicfinance…………………………..………………….……………………………………47 II.2.2 Domestic public debt………………………….…………..………………………………..47 II.3 Monetary and financial sector II.4 External sector II.4.1 II.4.2 ………………..………………………………………………48 II.3.1 Monetary Development ………………………………………………………………………….48 …………………………………………………………………………………………54 …………..……………………………………………………..54 Balance of payments

External debt …………………………………………………..………………………………..65

Part II Activities of theBank
Chapter III Activities related to the main missions of the Bank ……………………………….71 III.1 Foreign exchange policy and operations……………………………………………………71 III.1.1 Foreign exchange policy……………………………………………………………………71 III.1.2 NBR foreign exchange operations ….…………………………………………………72 III.2 Implementation of monetary policy……………………………………………………………74 III.2.1 Liquidity Regulation……………..………………………………………………………………74 III.2.2 Money market operations …………………………….……………………………………….74 III.3 Management of special funds and lines of credit …..…………………………..77 III.3.1 Introduction …………………………………………………………………………………..77 III.3.2 Special funds management ……………………………….……………………………77 III. 4 Foreign reserves management ……………………………………………………………….83 III.4.1. International ……………………………..…………………………………………………83 …………….………………………………………84 III.4.2. Financial performance in 2007

1 III.4.3. Foreign exchange market III.5 Currency issuing activities

……………………………………………………………86

…………………………………………………………………88 ………………………………………………………90 …………………………100

III.5.1 Management of Currency in circulation ……….………………………………………88 III.5.2 Control of counterfeit banknotes III.5.3 Clearing house ……………………………………………………………………………………91

III.5.4 Importation of banknotes and traveller’s cheques III.6Banking Supervision

III.5.5 NBR Branches Operation ……………………………………………………………………100 ….…………………..………………………………………………….101 III.6.1 supervision of the Banks …………………………….………………………. …………102 III.6.2 Supervision of microfinance institutions ………………………………………..105 III.6.3 Centralisation of Loans and Outstanding loans Data III.6.4 Payment system Chapter IV Backup activities …………………….108………………………………….…………………………………………95 ...…………………………………………96

…………………………………………………………………………………..95 ……….……………………………………………………..97

IV.1 Statutory management organs of the Bank IV.2 Human resources management IV.2.1 Staff movements IV.2.2 Social policy

………………………………………………………………………………..100 ……………………………………….………119 ….…………………….…………………………122

………………………………………………………………………………………..102

IV.3 Job Organisation and information system IV.4 Internal audit of the Bank’s operations

IV.4.1General Assignment audit reports …………………………………………………….122 IV.4.2 Specific audits reports ………………………………………………………………………..124 IV.5 Legal Affairs ……………………………………………………………………………………………………126 IV.6 other backup activities ……..……………………………………………………………………………126 Part III. Financial Statement as at 31-12-2007 ……………………………………………………………128

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EXECUTIVE SUMMARY
I. INTERNATIONAL ECONOMIC ENVIRONMENT
I.1. ECONOMICGROWTH 1. World economic growth was marked by a slight decrease as it dropped from 5.0% to 4.9% between 2007 and 2006. This was resulted from hardened financial conditions in several countries of the world and the inflationary pressures which remained high reflecting...
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