The National Bank of Rwanda raised its benchmark interest rate by 100 bps to 8.25% during its May 2026 meeting, the highest since 2009, following a 50 bps rate hike in February. Policymakers cited persistent inflationary pressures. The decision aimed to bring inflation back within the central bank’s 2%–8% target band, after price growth accelerated to double digits for the first time in nearly three years. Rwanda’s annual inflation accelerated to 11.5% in April 2026 from 7.7% in the previous month, reaching its highest level since October 2023.