Since 2021, Hakuziyaremye has been the National Bank's Deputy Governor.  John Rwangombwa, her predecessor, has been in the role since 2013 and served two six-year terms.

 Hakuziyaremye thanked President Kagame for the appointment and commended the continued confidence he has in her.

 She discussed her priorities, her response to the new position, and the National Bank of Rwanda's strategy to handle any economic difficulties.

How were you informed that you had been appointed Governor of the National Bank of Rwanda?

 ANS: Since the President of the Republic has the power to select the National Bank's leadership, it's not something you would anticipate.  I was happy to hear the news and felt thankful for the President's ongoing faith in me in all of my positions serving Rwanda.

 I have four years of experience as the Deputy Governor, therefore I know the organization well.  Our work continues in this new role, and I'm determined to work alongside my coworkers to carry out our duties.

QN: As the first female head of the National Bank of Rwanda, what does it mean to you?

 ANS: The nation's dedication to gender equality is reflected in this milestone, not me.  Equal chances for men and women to contribute to the growth of the country have been made possible by our leadership.

 I am the first female Deputy Governor, however there have been two female Deputy Governors before me.  Their accomplishments cleared the path and proved that women could succeed in these positions.

QN: How are you getting ready to assume this new role?

 ANS: No one can manage these important duties by themselves.  Thankfully, I collaborate with a strong leadership group and committed employees at BNR.  We shall continue to fulfill our mandate together.

 In order to preserve economic stability, we operate in conjunction with other organizations.  We are accustomed to this and will keep expanding upon the strong base that has already been established.

 We are urged to expedite economic development under the government's NST2 initiative.  Additionally, we have Vision 2050, which aims to make Rwanda an upper-middle income nation.  Our work is guided by these objectives, and we are committed to achieving them.

QN: What will be your primary area of concentration going forward?

 ANS: Preserving financial stability and making sure that market prices stay within reasonable bounds are our top priorities.  We also want to safeguard financial services consumers and advance the growth of the financial industry.

 As Rwanda's digital financial services expand quickly, we want to make sure that everyone can continue to access and afford them.

 Additionally, we intend to further the Kigali International Financial Center (KIFC) project.  We will keep luring investors to bolster Rwanda's financial industry in collaboration with the Ministry of Finance and Economic Planning.

Growing the capital market is another top priority.  As the national bank, we help issue government bonds and aim to promote greater public involvement while making sure the market supplies the funding required for the nation's growth.

QN: How are you going to make sure Rwanda develops a robust economy?

 ANS: Rwanda's economy is still doing well.  Inflation has now decreased to an average of 4.7%, after reaching 14% in 2023.

 Whether it is in microfinance, insurance, or banking, the financial industry is steady and still expanding.  Profitability and capital sufficiency are still reliable markers of a sound financial system.

 QN: Is the market's price increase a cause for concern?

 ANS: The rate of price rises has slowed considerably and is still within the intended range of 5%.  Economic growth is supported at this level with little to no disruption.

QN: What initiatives are underway to advance online banking services?

 ANS: To investigate strategies for advancing digital financial services, we recently held the Inclusive Fintech Forum.  To support the industry, the government has enacted a new Fintech policy.

 Enhancing technology literacy in financial services, specifically in banking, insurance, and payments, is our primary objective.  In order to protect the financial system from threats like cybercrime, we are also developing legislation.

 By putting them in touch with important financial institutions, we hope to empower Rwandan Fintech businesses, especially the younger ones.  They will develop and meet the international standards we seek as a result.

QN: What could be done better to encourage money transfers?

 ANS: Given the amount of money transmitted via banks, microfinance organizations, and digital platforms like Mobile Money, we should be proud of Rwanda's advancements.

 Currently, 300% of the nation's GDP is derived from these transactions.  This percentage was only 0.3% fifteen years ago, but it has since risen sharply, particularly during the COVID-19 pandemic, as more individuals began using digital services.

 Cashless payment adoption reached a turning point with this, and we want to make sure that people who haven't used these methods yet are included.

A project called e-cash is also under progress, which aims to integrate mobile money services with banks.  For instance, sending money to an Airtel user using an MTN SIM card is now trouble-free, and transferring funds from a bank account to a mobile money wallet is also feasible.

 Our objective is to link all of these organizations in order to speed up transactions and, ideally, lower money transfer fees.

QN: What is the current state of the digital currency initiative?

 ANS: We are taking a cautious approach to this long-term project.  Digital currency must be a safe and useful tool for Rwandans if and when it is formally launched.

 We have finished the first phase of the study, consulted with a number of stakeholders, and gathered public opinion on the results.  Our current focus is on a small-scale pilot test of the digital money, which will be informed by this.

 We plan to present the outcomes of this experiment in five or six months.  We will start a larger pilot with a chosen sample of Rwandan citizens if the test validates the potential we anticipate.

Whether or if Rwanda completely adopts a digital currency will depend on the results of this prolonged test.  According to research, reduced transaction costs for both domestic and international transfers would be among the most obvious advantages.

 Cross-border trade has been claimed to be simpler and more economical in other nations that have implemented digital currencies.  Digital money may also make payment service providers more competitive, which would spur innovation and improve services.

QN: Why do serious worries about digital currency persist?

 ANS: The fact that digital currency is a novel idea is the main cause for concern.  Even while study papers offer insightful information, we can only recognize and manage such dangers by conducting real-world trials.

 For this reason, we are moving cautiously.  We continue to exchange information and experiences with the 86 nations that are currently involved in digital currency experiments and research.

 While taking part in this international endeavor is great for Rwanda, it necessitates cautious thought.  We wish to steer clear of any unforeseen repercussions that might result from using digital currency.

QN: How is the BNR handling the uncertainty in the world economy?

 ANS: Changes on a global scale are not new and will persist.  Our strategy as the national bank is to hire highly qualified economists who can perform sophisticated financial analysis.

 For instance, nobody had predicted the emergence of the COVID-19 epidemic five years ago.  Rwanda, however, overcame the economic difficulties and came out stronger.

 In a similar vein, we have adjusted to the sharp price swings brought on by the conflict between Russia and Ukraine as well as climate change, which still has an impact on international markets.  We are aware that the agricultural industry, which in turn affects market pricing, is seriously threatened by climate change in particular.

We can forecast the possible effects of natural catastrophes and other shocks thanks to our capacity to evaluate economic data.

 We work together with other organizations to reduce hazards as soon as possible.  We appear to be sustaining economic stability based on our existing financial data.  Rwanda's GDP expanded by 9% in the first three quarters of 2024, ranking us in the top 10 fastest-growing economies in the world.

 We are more certain that we can withstand changes in the future because of this expansion.  We have plans in place to guarantee the ongoing stability of our economy, even though we are unable to forecast everything.

 We are still confident that our economy will continue to expand gradually.  According to our forecasts, inflation will be 4.2% next year and 6.5% this year, bolstering our position of stability and economic strength.