KIGALI, June 26 (Xinhua) -- Rwanda's formal trade deficit decreased by 1.4 percent in the first five months of 2018 compared to the same period last year, the central bank announced on Tuesday.
Briefing the press in Rwanda's capital city Kigali, central bank governor John Rwangombwa attributed the reduction in the trade deficit to the increase in formal export receipts, which rose by 29 percent outweighing the increase in formal imports of 9 percent.
The decrease in trade deficit was also mainly because of increased volumes coupled with appreciative prices of Rwanda's exports on global market such as minerals, coffee and tea, according to the central bank.
Rwangombwa said Rwanda's economy continues to register strong performance after registering 10.6 percent growth in the first quarter of 2018, up from 10.5 recorded in the previous quarter.
In view of the positive economic developments and outlook, notably low inflationary and exchange rate pressures observed in the second quarter of 2018, Rwangombwa said the monetary policy committee decided to maintain the key repo rate at 5.5 percent in the third quarter.
