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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Rwanda central bank to change mone-
tary policy to safeguard financial sector

KIGALI Rwanda (Xinhua) -- The Rwandan central bank said Friday it is set to transition into a new monetary policy framework from January 2019 to safeguard financial sector against negative effects of economic volatilities.

The National Bank of Rwanda will move to a price-based monetary-policy framework from the current monetary-targeting regime in order to develop a money market and enable economic modeling and forecasting, central bank governor John Rwangombwa told a news conference in Rwandan capital city Kigali.

“While the price stability achieved under the monetary targeting regime is commendable, the ongoing economic transformation and financial sector developments are posing new challenges that may weaken the link between inflation and monetary aggregates,” said Rwangombwa.

The central bank has undertaken steps to put in place the necessary conditions for the use of price-based monetary-policy framework, he said.

Under the current monetary-targeting regime, the central bank managed to keep inflation low and stable, averaging 6.1 percent from 1997 to 2017, and 1.4 percent during the first 11 months of 2018, according to him.

The banking and insurance sectors have evolved significantly with regard to size, risks and complexity, he said, adding that developments in the financial system have made interest rates more important in the decision-making process of economic actors.

The governor also announced the central bank set out more stringent capital requirements for financial-services companies where commercial banks will need 20 billion Rwandan francs (about 23 million U.S. dollars) of minimum required paid-up capital, four times the current requirement of 5 billion francs, and development bank lenders will need 50 billion francs of minimum required paid-up capital, he said.

Financial institutions will be given five years to meet the requirements under the new rules, he added. Enditem 

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EARLIER REPORT:

Rwanda strongly opposes early release of genocide convict

KIGALI Rwanda (Xinhua) -- The Rwandan government on Friday “in the strongest terms possible” opposed the planned early release of genocide convict Aloys Simba from prison by Theodor Meron, judge and president of UN International Residual Mechanism for Criminal Tribunals (Mechanism).

Simba was convicted of genocide and the crime against humanity of extermination by UN International Criminal Tribunal for Rwanda (ICTR) and was sentenced to 25 years imprisonment in 2005. The Mechanism started assuming responsibility for the ICTR’s residual functions in 2012.

During the 1994 Rwandan genocide that claimed the lives of about one million people, mainly ethnic Tutsis, Simba handed out weapons to militias surrounding the Murambi Technical School in southern Rwanda and instructed them to massacre thousands of Tutsi civilians who were seeking shelter there, according to IBUKA, the umbrella body of genocide survivors associations of Rwanda.

The Rwandan government has learned that the outgoing president of Mechanism is planning on releasing Simba from prison, eight years before the end of his prison term, which is a “unilateral action” against the objections of the Rwandan government, it said in a statement released in Rwandan capital city Kigali.

Simba has shown no remorse and has not cooperated with investigators and prosecutors, and his release will result in “dire consequences” for survivors of his crimes, said the statement.

Meron’s plan to release Simba is not the result of a statutory requirement or the facts, said the statement.

The Rwandan government also urged the next president of the Mechanism to take more seriously the law and the facts when reviewing applications for early release.

About 10 genocide perpetrators convicted by ICTR have been granted early release by Meron over the years, according to IBUKA and the Rwandan government.

             

 

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