Thierry Kalisa (@thierrykalisa_) — posts, photos & videos | PeekX

Thierry Kalisa

@thierrykalisa_

Chief Economist, National Bank of Rwanda

Joined March 2013

1.4KFollowers

508Following

381Posts

2Media

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@thierrykalisa_

The #MPFSS assesses Rwanda's economic and financial developments over the first half of the year. Inflation is currently above the target band but is projected to decelerate to below 8% next year, and the financial sector remains stable. Read the full report here:
bnr.rw/documents/MPFS…

Central Bank of Rwanda@CentralBankRw · Oct 8

Monetary Policy and Financial Stability Statement | October 2026 x.com/i/broadcasts/1…

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@thierrykalisa_

Monetary policy tightening is necessary to reverse the inflation trend, adding to decisions taken since November 2025. With other policy support, inflation is expected to converge to the 2-8% target band in the second half of 2027.

Central Bank of Rwanda@CentralBankRw · Aug 27

𝐏𝐑𝐄𝐒𝐒 𝐑𝐄𝐋𝐄𝐀𝐒𝐄: The Monetary Policy Committee has decided to increase the CBR by 50 basis points from 8.25 percent to 8.75 percent. This decision signals a continuation of the monetary policy tightening cycle and reaffirms the Central Bank’s commitment to price stability. It is expected to anchor inflation expectations, limit second-round effects and support inflation’s return to the target range in the second half of 2027.

The MPC will continue to monitor economic conditions closely and is committed to ensuring a return to the 5 percent inflation objective in the medium term.

Read the full press release: tinyurl.com/5n828y6w

#MPC2026
#BNREngage
#KnowYourCentralBank

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@thierrykalisa_

The Monetary Policy Committee decided to increase the Central Bank Rate by 100 basis points, from 7.25% to 8.25%, a targeted response to bring inflation, now at 13% in April, back to the 5% objective in the medium term. More details in our press release.

Central Bank of Rwanda@CentralBankRw · May 21

𝐏𝐑𝐄𝐒𝐒 𝐑𝐄𝐋𝐄𝐀𝐒𝐄: The Monetary Policy Committee has decided to increase the CBR to 8.25 percent. The Committee considers this level appropriate to help steer headline inflation back toward 5 percent over the medium term. It also noted that upside risks to the inflation outlook at the global, regional, and domestic levels require close monitoring and continued policy caution.

The MPC will continue to monitor economic conditions closely and is committed to ensuring a return to the 5 percent inflation objective in the medium term.

Read the full press release: bnr.rw/pressrelease

#MPC2026
#BNREngage
#KnowYourCentralBank

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@thierrykalisa_

The MPC increased the CBR from 6.75% to 7.25%. Inflation, which stood at 8.9% in January, is expected to return to the 2–8% target band by the end of the year, supported by this monetary policy adjustment and other measures.

Central Bank of Rwanda@CentralBankRw · Feb 19

𝐏𝐑𝐄𝐒𝐒 𝐑𝐄𝐋𝐄𝐀𝐒𝐄: The Monetary Policy Committee has increased the Central Bank Rate (CBR) to 7.25 percent from 6.75 percent. This decision is expected to help contain second-round effects arising from recent price increases.

The MPC will continue to closely monitor inflation and economic developments and stands ready to take further action, as necessary, to ensure that inflation converges to the target range of 2 – 8 percent.

Read the full press release: bnr.rw/pressrelease

#MPC2026
#BNREngage
#KnowYourCentralBank

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@thierrykalisa_

Curious about Rwanda’s economic outlook for 2026 and beyond, including growth drivers, inflation... Our new report is out.

Central Bank of Rwanda@CentralBankRw · Nov 28, 2025

The National Bank of #Rwanda and the @RwandaFinance have released the second volume of the 𝐑𝐰𝐚𝐧𝐝𝐚 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐁𝐮𝐥𝐥𝐞𝐭𝐢𝐧.

This bulletin aims to inform economic decision making for businesses and households, while also raising public awareness of Rwanda’s economic progress.

Download and Read: tinyurl.com/mr3e8fch

#BNREngage
#KnowYourCentralBank

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@thierrykalisa_

Nice article from @CentralBankRw research on the importance of X for policy communication. The full paper is available here for free: ajol.info/index.php/BNRE…. You can find all our research papers here: bnr.rw/ecreview

KT Press Rwanda@ktpressrwanda · Nov 21, 2025

How X (Twitter) Helps Rwanda’s Central Bank Gauge Public Sentiments on Policies ktpress.rw/2025/11/how-x-…

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@thierrykalisa_

#MPFSS2025 Rwanda’s economy remains strong despite global challenges. Inflation is projected to stay within the 2–8% target band. Access all related documents here: bnr.rw

Central Bank of Rwanda@CentralBankRw · Sep 18, 2025

Global economy is projected to slow down to 3.0% in 2025 and 3.1% in 2026, remaining below the pre-pandemic historical average of 3.7% and 3.3% recorded in 2024.

#MPFSS2025
#BNREngage
#KnowYourCentralBank

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@thierrykalisa_

Inflation is projected at 7.1% in 2025 and 5.6% in 2026, both within the 2–8% target range. The CBR was raised to 6.75% from 6.5% to keep inflation in check and reinforce price stability.

Central Bank of Rwanda@CentralBankRw · Aug 21, 2025

𝐏𝐑𝐄𝐒𝐒 𝐑𝐄𝐋𝐄𝐀𝐒𝐄: The Monetary Policy Committee has increased the Central Bank Rate (CBR) to 6.75 percent from 6.5 percent, a level considered adequate to keep inflation within the target range.

The MPC will continue to closely monitor potential risks that may challenge the stable inflation outlook. Should such risks emerge and threaten price stability, the committee stands ready to adjust monetary policy to ensure inflation remains within the 2 to 8 percent target range.

Read the full press release ➡️bnr.rw/pressrelease

#MPC2025
#BNREngage
#KnowYourCentralbank

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@thierrykalisa_

Inflation projection maintained at 6.5% for 2025, revised down to 3.9% for 2026. Growth momentum continues. Central Bank Rate unchanged. Risks arise from global trade policy uncertainty.

Central Bank of Rwanda@CentralBankRw · May 15, 2025

Based on the current forecasts, the MPC has maintained the 𝐂𝐁𝐑 𝐚𝐭 𝟔.𝟓 𝐩𝐞𝐫𝐜𝐞𝐧𝐭, a level considered adequate to keep inflation within the target range.
However, potential upside risks to the inflation outlook remain, including geopolitical tensions and uncertainties from trade policy shifts.

#MPC2025
#BNREngage

1:05

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@thierrykalisa_

Our latest Research is available here ajol.info/index.php/BNRE….

Papers focus on Cashless and Digital Payments in Rwanda.

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@thierrykalisa_

Central Bank Rate maintained at 6.5%. Strong economic growth, reduced exchange rate pressures, and inflation expected to remain within the band (2-8%), averaging 6.5% in 2025 and 4.1% in 2026.

Central Bank of Rwanda@CentralBankRw · Feb 13, 2025

Based on the current forecasts, the MPC has maintained the CBR at 6.5 percent, a level considered adequate to keep inflation within the target range.

#MPC2025
#FSC2025
#BNREngage
#KnowYourCentralBank

0:57

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@thierrykalisa_

An update on Rwanda's economy and financial sector #MPFSS. Full report here bnr.rw/anreports

Central Bank of Rwanda@CentralBankRw · Sep 25, 2024

Global economic growth is projected to be stable at 3.2% in 2024 and 3.3% in 2025 from 3.3% recorded in 2023. Sub-Saharan African economy is projected to grow by 3.7% in 2024 and 4.1% in 2025 after a growth of 3.4% in 2023.

#MPFSS
#BNREngage
#KnowYourCentralBank

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@thierrykalisa_

We discussed monetary policy, economic growth, reserves, government securities, and other key topics in a recent interview with The New Times.

Julius Bizimungu🇷🇼@Julio_Bizimungu · Aug 23, 2024

In an exclusive with @NewTimesRwanda, Central Bank chief economist @thierrykalisa_ tells @Kag_Alice that the stabilization of inflation has informed a decision to cut the policy rate by 50bps to 6.5%

newtimes.co.rw/article/19456/…

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@thierrykalisa_

Inflation stabilizes within our target range (2-8%), standing at 4.9% in July. With unchanged projections of 5% for 2024 and 2025, the MPC has reduced the Central Bank Rate from 7.0% to 6.5%. For more details: shorturl.at/f0U7v

Central Bank of Rwanda@CentralBankRw · Aug 21, 2024

In line with forecasts of stable inflation of around 5 percent over the policy horizon, the Monetary Policy Committee(MPC) has decided to reduce the central bank rate by 50 basis points to 6.5 percent.

#MPC2024
#FSC2024
#BNREngage
#KnowYourCentralBank

1:01

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@thierrykalisa_

Inflation has reduced and is stabilizing within our target range (2-8%), standing at 4.5% in April. Projected to remain at around 5% in 2024 and 2025. Consequently, the MPC reduced the Central Bank Rate from 7.5% to 7.0%. More details here: bnr.rw/index.php?id=96

Central Bank of Rwanda@CentralBankRw · May 29, 2024

In line with the forecasts of stable inflation of around 5 percent over the policy horizon, the Monetary Policy Committee(MPC) has decided to reduce the central bank rate by 50 basis points to 7.0 percent.

#MPC2024
#FSC2024
#BNREngage
#KnowYourCentralBank

0:59

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@thierrykalisa_

The MPC has decided to maintain the CBR at 7.5%, aiming to keep inflation between 2% and 8%. Inflation is expected to be around 5% this year. However, there are risks from global tensions, disruptions in the Red Sea, and climate change.

Central Bank of Rwanda@CentralBankRw · Feb 22, 2024

In line with the inflation projection and the risks identified and with the aim of achieving lasting inflation stability in the upcoming quarters, the Monetary Policy Committee (MPC) has decided to maintain the 𝐂𝐞𝐧𝐭𝐫𝐚𝐥 𝐁𝐚𝐧𝐤 𝐑𝐚𝐭𝐞 (𝐂𝐁𝐑) 𝐚𝐭 𝟕.𝟓 𝐩𝐞𝐫𝐜𝐞𝐧𝐭.

Watch the snapshot here ⬇️

#MPC2024
#BNREngage
#KnowYourCentralBank

0:59

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@thierrykalisa_

Join us this Thursday at 7pm for a Twitter Space on our economy. Your insights are welcome!

Central Bank of Rwanda@CentralBankRw · Dec 4, 2023

📢 #TwitterSpaceWithNBR 📢

Join us for an insightful discussion on #Rwanda's Current Economic Status and Outlook.

Don't miss out this Thursday!

🕖Time: 7:00 PM
🗓️Date: December 7th, 2023

#MPC2023
#BNREngage
#KnowYourCentralBank

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@thierrykalisa_

The MPC decided to maintain the Central Bank Rate at 7.5%. This decision, coupled with government measures and shifts in global commodity prices, is expected to sustain the downward trend in inflation.

Central Bank of Rwanda@CentralBankRw · Nov 23, 2023

The National Bank of #Rwanda’s Monetary Policy Committee has decided to maintain the CBR at 7.5%, considering the inflation outlook and current economic conditions.

Watch the snapshot here ⬇️

#MPC2023
#FSC2023
#BNREngage
#KnowYourCentralBank

0:59

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@thierrykalisa_

The MPC decided to increase the Central Bank Rate from 7.0% to 7.5%. This aims to secure the already declining trend of inflation towards the desired 5% in 2024. However, risks remain around global geopolitical tensions and climate change.

Central Bank of Rwanda@CentralBankRw · Aug 17, 2023

Thread: Key takeaways from the #MPC2023 & #FSC2023 press conference:

1. The MPC decided to increase the Central Bank Rate (CBR) from 7.0% to 7.5% to ensure inflation decelerates to the 5 percent benchmark in 2024.

Full press release: shorturl.at/fiY26

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@thierrykalisa_

Congratulations to all students who participated, especially those who reached the grand finale. The future is bright with such brilliant young economists!

Central Bank of Rwanda@CentralBankRw · Jun 30, 2023

A few months ago, we asked #Rwanda-n students pursuing #economics to apply & be part of this year's #MonetaryPolicyChallenge. 72/550 students were selected & grouped in 18 teams. After a thorough selection process, 3 teams qualified to present at the grande finale this morning.

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