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Balance of Payments and International FDI Position in Rwanda: FY2019/20

Rwandan merchandise export earnings have been growing consistently since 2015. The faster export earnings have not been sufficient to improve Rwanda’s current account balance. The balance of payments has been supported by improvements in the capital and financial account surplus and gross official reserves have increased due to the persistent inward foreign direct investment (FDI) inflows. These capital flows have improved Rwanda’s balance of payments and deteriorated the country’s net international FDI position. Nonetheless, Rwanda’s balance of payments is projected to improve to a wider surplus, which is projected to support growth of gross official reserves in the medium-term.