Rwanda’s central bank increased its key interest rate by 50 bps to 7.5%, a jump from the 7% maintained in May and marking the second hike of the year to preserve the downward trend in inflation. Inflation steadily declined from its highest point of 33.8% in the previous November to an over-one-year low of 17.3% in July 2023. That, however, remains significantly above the central bank’s desired inflation range of 2%-8%.