Rwanda’s central bank shifted from a long period of monetary policy tightening, which saw policy rates increase by 300 bps over two years to curb inflation. In May, the central bank began easing, reducing the policy rate. Yields on government treasury bonds also rose during the tightening phase, with the 3-year bond yield increasing to 11.57% and the 5-year bond yield rising to 11.99% in H1 2024.