National Bank of Rwanda Quarterly Bulletin Third Quarter 2011

NATIONAL BANK OF RWANDA
QUARTERLY BULLETIN
THIRD QUARTER 2011
National Bank Of Rwanda......... Quarterly Bulletin
QUARTERLY BULLETIN
Third Quarter 2011
Page 2
Table of Contents
I. INTERNATIONAL ECONOMIC OUTLOOK..................................................... 4
I.1 Economic Growth............................................................................................................. 4
I.2 Inflation and Commodity prices....................................................................................... 5
I.3 Financial Markets ............................................................................................................. 7
II. NATIONAL ECONOMIC PERFORMANCE .................................................... 8
II.1 Economic Growth............................................................................................................ 8
II.2 INFLATION DEVELOPMENTS ......................................................................................... 19
II.3 EXTERNAL TRADE DEVELOPMENTS .............................................................................. 20
III. PUBLIC FINANCE AND DOMESTIC DEBT ................................................. 24
III.1 PUBLIC FINANCE ........................................................................................................... 24
IV. MONETARY SECTOR DEVELOPMENTS ................................................... 30
IV.1 Money supply and demand ......................................................................................... 30
IV.2 Domestic Markets and Interest rates developments .................................................. 32
V. EXCHANGE RATE AND FOREX MARKET DEVELOPMENTS ............................. 34
V.1 Exchange Rate Developments ...................................................................................... 34
V.2 Foreign Market Developments ..................................................................................... 35
VI. FINANCIAL SECTOR SOUNDNESS ......................................................... 36
VI.1 BANKING SYSTEM ........................................................................................................ 36
VI.2 MICROFINANCE SECTOR .............................................................................................. 38
VII. APPENDICES ................................................................................. 41
VII.1 TECHNICAL NOTES ON THE MONETARY STATISTICS .................................................. 42
VII.2 ANNEXES ..................................................................................................................... 46
Third Quarter 2011
Page 3
I. INTERNATIONAL ECONOMIC OUTLOOK

I.1 ECONOMIC GROWTH
The world economic recovery observed after the 2008-2009 global financial crisis is slowing down in
advanced economies due to renewed stress in the euro area and US caused by European sovereign
debts and US fiscal situation. The current European and USA Debt Crisis are expected to significantly
impact the rest of the world given their role in the global economy. The growth perspectives across
the world are also negatively impacted by the high oil and food international prices.
Considering these downside risks to the recovery in advanced economies and their negative impact
on the world economy, IMF has reviewed down the global economic growth projection in 2011,
from 4.4% to 4.3%.
In the euro area, due to moderation in global demand and following reduction in consumer and
business confidence but also on the back of sovereign debt crisis, annual real GDP growth in the
third quarter was estimated at 1.4% after 1.6% in the second quarter 2011. In the United Kingdom,
economic activity remained sluggish during the third quarter, where real GDP growth was estimated
at 0.4% down from 0.6% in the second quarter 2011 due to the weak household consumption.
Table 1: Real GDP growth in %
2009
2011
2010
Q4
Q1
Q2
Q3
Q4
Q1
Q2
United States (QoQ)
5.6
3.7
1.7
2.6
3.1
0.4
1.3
Q3 est.
2.5
Euro Zone (YoY)
0.1
0.8
2.0
2.0
2.0
2.4
1.6
1.4
United Kingdom (YoY)
-4.9
-0.4
1.5
2.5
1.5
1.6
0.6
0.4
Japan (QoQ)
-0.9
6.0
2.1
3.3
-1.0
-3.7
-2.1
6.0
Source: Bloomberg data base

*Year on Year (YoY) and (QOQ) refers to quarter on quarter
In Japan, economic growth rebounded by 6.0% in the third quarter after a recession (-2.1%) in the
previous quarter helped by gradual easing in supply constraints and increase in industrial production
index which rose to its pre-disaster level in July and August 2011. In addition real exports, on
monthly basis have slightly risen by 0.1% in August 2011.
In emerging and developing countries, drawn by increase in commodity prices, economic activity
was performing closely to forecasts despite some disparities across regions. In developing Asia,
economic activity decelerated a bit after supply chain disruptions and partly due to the destocking
to deal with uncertain demand from advanced economies while Sub-Saharan Africa continued to
grow at a high rate.
Third Quarter 2011
Page 4
I.2 INFLATION AND COMMODITY PRICES

World inflation pressures have remained upward in the third quarter 2011 especially in emerging
and developing countries led by high energy and food prices despite some easing for these last
months after high peaks in early 2011. In USA, annual inflation reached 3.9%, its highest level from
September 2008 reflecting the increase in the energy prices which rose by 18.4% in August 2011
compared to the previous year. Similarly, in the Euro zone, annual inflation rose to 3.0% in
September after 2.5% in August 2011. However, in Japan prices remained very low with a slight
increase of 0.4% in September 2011 against 0.8% in the previous month.
Table 2: Annual headline inflation developments in %
2009
2010
Dec.
Mar.
Jun.
Sept.
United States
1.4
2.3
1.8
1.1
Euro Zone
0.4
1.1
1.5
1.7
United Kingdom
2.0
3.4
3.2
3.0
Japan
-2.0
-1.2
-0.9
-0.8
Source: ECB, Monthly Bulletin, October 2011
2011
Dec.
1.3
2.0
3.7
0.1
Jan.
1.6
2.3
4.0
0.0
Mar.
2.7
2.6
4.1
0.0
Jun.
3.6
2.7
4.2
0.2
Sept.
3.9
3.0
5.2
0.4
According to the IMF forecasts, in the near future, inflation is expected to come down on the back of
food and energy whose prices are recently moderating after their peaks in early 2011. However,
inflation pressure may be further raised in emerging and developing economies. In advanced
economies, overall inflation is projected at 2.6% end 2011 after 1.6% in 2010 assuming that energy
and food prices evolve as market expectations. In emerging and developing economies, inflation
would attain 7.5% in 2011 from 6.1% in 2010.
In the EAC region, due to the increase in oil and food prices on international markets, and also
following the drought which hit some East African Countries, inflation continued to rise since the
second half of 2011. In September 2011, inflation hit 28.3% in Uganda, 17.3% in Kenya, 16.8% in
Tanzania and 11.7% in Burundi after 15.8%, 14.5%, 10.9% and 8.6% respectively in June 2011.
Inflation remained moderate in Rwanda coming down to 6.6% from 7.5% in August 2011.
Table 3: Annual headline inflation in EAC countries in %
2009
2010
2011
Dec.
Mar.
Jun.
Sept.
Dec.
Jan.
Mar.
Jun.
Sept.
Uganda
10.92
7.52
4.17
0.29
3.11
5.03
11.11
15.80
28.30
Kenya
11.85
3.97
3.49
3.20
4.51
5.42
9.19
14.49
17.32
Tanzania
12.24
9.04
7.20
2.72
5.58
6.40
8.00
10.90
16.80
Burundi
4.63
6.57
9.70
3.49
4.88
4.80
5.70
8.60
11.70
Rwanda
5.74
2.05
5.03
1.47
0.23
1.09
4.11
5.82
6.64
Source: EAC, Central Bank Websites
Third Quarter 2011
Page 5
With regard to commodity markets, oil prices have been increasing due to the ongoing political
concerns in Arab countries which impacted oil supply and following high demand in emerging
economies. However, in the third quarter 2011, crude oil prices fell by 3.95% standing at USD 112.47
per barrel after USD 117.10, while Western Texas Intermediate (WTI) was back to USD 89.73 per
barrel from USD 102.50 the previous quarter. The decline in oil prices reflected the intensification of
turbulences on international financial markets coupled with concerns about global economic
perspectives. According to the IMF forecasts of September, oil prices are expected to increase by
30.6% end 2011 after 27.9% in 2010.
Non-energy commodity prices declined, where agricultural commodity prices reduced by 1.4% in
September after a slight increase of 0.1% in August led by decline in beverages, fats and oils
especially coconut and palmkernel oils which dropped by 10% and 7% respectively on the weak
demand and following competition of other oils. Coffee prices fell by 6.1% and 7.4% respectively for
Arabica and Robusta due to high supply. Prices for maize and soybeans dropped respectively by
3.4% and 1.4% following favourable supply perspectives in the USA and South America. Contrary,
prices for rice significantly rose (respectively by 15.1% and 16.5% for Thai 5% and Thai 25%) after
Thailand guaranteed higher prices to its agriculture producers.
Table 4: Commodity price developments (quarterly average in % change)
2009
2010
Crude oil, Brent
Coffee, Arabica
Coffee, Robusta
Tea, Mombasa
auctions
Soybeans
Maize
Rice, Thailand, 5%
Rice, Thailand, 25%
Sorghum
Wheat, Canada
Wheat, US, HRW
Wheat, US SRW
Sugar, world
Aluminum
Gold
Tin
Zinc
2011
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
9.65
5.86
-2.28
0.52
2.25
3.51
-3.60
1.03
2.66
10.84
6.74
-16.48
-2.90
19.51
13.78
1.56
13.60
9.69
8.90
5.61
20.86
20.66
21.06
9.47
11.63
2.66
8.74
-5.10
-3.95
-6.10
-7.43
3.38
-3.30
10.93
0.60
4.84
17.56
4.50
-1.63
18.38
7.04
10.53
14.75
3.93
25.67
-5.09
-3.05
-1.28
3.07
-4.24
-1.56
-4.85
-1.06
3.05
8.02
0.66
13.47
3.40
-1.92
-3.06
-15.48
-16.32
-9.10
-6.50
-9.23
-3.42
-32.60
-3.10
7.83
3.76
-11.48
10.58
15.22
1.01
4.87
7.71
25.03
34.12
35.58
23.04
-0.32
2.58
15.08
-0.63
15.49
32.86
11.78
12.64
35.85
17.61
19.21
12.42
34.99
12.15
11.49
26.57
14.98
8.25
17.12
0.07
-1.29
22.33
17.06
16.52
12.6
8.08
6.73
1.23
14.81
3.36
-1.42
10.54
-3.54
-1.85
6.00
5.70
2.66
-5.89
-16.17
4.40
8.89
-3.38
-5.77
-1.44
-3.36
15.13
16.46
6.28
-9.44
-6.98
-10.40
15.53
-8.12
12.81
-14.32
-0.98
Source: World Bank Web site
Third Quarter 2011
Page 6
I.3 FINANCIAL MARKETS

For almost two decades, Central banks in developed countries have maintained their policy rates
unchanged and kept low enough to stimulate economic activities. In the USA, the Federal Reserve
decided at its meeting of September 21st 2011 to maintain its policy rate in the range between
0.0% and 0.25%. In Europe, the governing council maintained the ECB policy rate at 1.50% in its
meeting of Sept. 8th 2011 after respective increase of 25 basis points on 7th July 2011 and 7th April
2011. The Bank of Japan decided to maintain its target range between 0.0% and 0.1% on 7th
September 2011.
The three month rate rose to 0.37% in the third quarter from 0.25% in the second quarter 2011
while remained constant at 1.55% in the Euro Area. In Japan, the three-month rate reduced to
0.19% in the third quarter after 0.20% in the previous quarter. With regard to the ten year
government bonds, US interest rates dropped to 1.92% from 3.16% in the second quarter. Similarly,
in the Euro zone and Japan, ten-year bond rate declined to 1.89% and 1.03% in the third quarter
after 3.02% and 1.14% respectively in second quarter following expectations about inflation and
macroeconomic performances.
Table 5: Interest rates developments (in % per annum)
2009
Q4
USA
Policy Rate
0.25
Three-months rate
0.25
Ten-year interest rate
Policy Rate
Three-months rate
Japan
Policy Rate
Three-months rate
Source: ECB Monthly Bulletin, October 2011
Euro Area
4.17
1.00
0.71
3.76
0.10
0.28
1.42
Q1
0.25
0.29
Q2
0.25
0.53
2010
Q3
0.25
0.29
Q4
0.25
0.30
Q1
0.25
0.30
2011
Q2
0.25
0.25
Q3
0.25
0.37
3.83
1.00
0.63
3.09
0.10
0.24
1.40
2.93
1.00
0.77
2.58
0.10
0.24
1.09
2.51
1.00
0.89
2.28
0.10
0.22
0.94
3.30
1.00
1.01
2.96
0.10
0.19
1.13
3.47
1.00
1.24
3.35
0.10
0.20
1.26
3.16
1.25
1.55
3.02
0.10
0.20
1.14
1.92
1.50
1.55
1.89
0.10
0.19
1.03
With regard to exchange market, in the third quarter 2011, the US dollar appreciated against the
Euro (+7.6%) and the GBP (+3.1%) while depreciating against Japanese Yen (-4.3%). Foreign
exchange markets experienced high volatility due to renew concerns about debt crisis in Europe.
Table 6: Exchange rate development
2009
2010
Q4
Q1
Q2
Q3
USD/1EUR
1.43
1.35
1.22
1.36
USD/1GBP
1.61
1.52
1.49
1.57
YEN/1USD
93.14
93.47
88.43
83.53
Source: ECB, Monthly Bulletin, October 2011, Bloomberg Database
Third Quarter 2011
Q4
1.34
1.56
81.12
Q1
1.42
1.61
82.83
2011
Q2
1.45
1.61
80.56
Q3
1.34
1.56
77.06
Page 7
II. NATIONAL ECONOMIC PERFORMANCE

II.1 ECONOMIC GROWTH
Rwandas economy is projected to grow by 8.8% from 7.5% achieved in 2010, against 7% initially
projected. This performance is attributed to agriculture sector which is estimated to grow by 8.2%
led by food crops production (9%). This reflects the ongoing investments under the crop
intensification program (CIP) through the provision of fertilizers and seeds, land consolidation and
increase in irrigated areas. The industry sector is projected to grow by 15% led by construction
(22.3%) and manufacturing industries (6.8%). Construction activities which have begun to recover
through the improvement in credit markets are also expected to benefit from the ongoing and new
public infrastructure projects. The growth in services sector is projected at 7.2% led by wholesale &
retail trade (5%) as well as finance and insurance activities (10%) reflecting the increasing
monetisation of the economy and profitability of banking and insurance activities.
1. Agriculture production
Food Crop Production
Harvests for 2011 seasons A and B performed better (10.4%) than the harvest recorded in the same
seasons of last year (9.5%). The food crop production for 2011B season rose by 15.6% compared to
2010B harvests (7.6%), driven mainly by roots & tubers (+15.8%) which account for about 52% of the
total food crop production.
Table 7: Food crop production for 2007-2011 seasons A and B (in % change)
Weight
2007
Total Food Crop Production
100
-3.2
Cereals
7.6
-1.7
Sorghum
17.9
-11.0
Maize
61.9
11.6
Wheat
10.7
26.0
Paddy rice
9.5
-2.0
Legumes
3.8
21.3
Beans
78.6
16.8
Peas
8.5
17.3
Groundnuts
7.7
78.7
Soya
5.1
50.9
Roots & Tubers
51.6
-13.2
Irish potatoes
37.5
-40.1
Sweet potatoes
14.6
8.8
Taro
3.2
20.8
Cassava
44.6
4.6
Bananas
27.1
1.7
Fruits & Vegetables
10.0
5.3
Source: Ministry of Agriculture and Animal Resources (MINAGRI)
Third Quarter 2011
2008
19.2
29.7
-13.4
62.9
175.5
32.9
-3.1
-6.8
3.0
51.8
2.9
50.0
50.9
-2.2
-4.4
116.5
-3.5
6.4
2009
12.6
36.4
20.9
72.0
6.8
16.0
9.9
6.2
97.4
-37.3
28.7
11.8
11.0
-2.8
5.1
20.1
15.0
-1.2
2010
9.5
17.3
-7.6
50.7
6.5
-29.3
1.4
-0.1
23.7
60.4
-20.8
19.3
30.5
4.6
22.1
17.7
-4.2
7.6
2011
10.4
15.0
-5.9
21.6
17.5
19.8
-3.6
1.1
-14.2
32.4
-49.8
13.7
29.0
0.6
0.7
8.5
5.8
9.8
Page 8
Representing 51.6% of total production, the performance for roots and tubers was better compared
to other food crops. Their production increased by 13.7% mainly attributed to Irish potatoes and
cassava whose production increased by 29% and 8.5% respectively. This better performance was
due to the expansion in the land area under cultivation and the use of fertilizers and improved
seeds. Especially, cassava production benefited from the adopted new cassava trees (cultivars) that
are resistant to the cassava mosaic disease, and Irish potatoes have also increased by 29%.
Though harvest for cereals increased highly by 15% compared to other food crops, their percentage
share account for only 7.6% of the total food crop production. The high growth in cereals was
attributed mainly by sensitive increase in maize production (+21.6%), paddy rice (+19.8%), and
wheat (+17.5%), offsetting the decrease in sorghum (-5.9%).
Fig. 1: Food crop production (2005-2011, in thousand tons)
Source: BNR, Monetary Policy and Economic Analysis Department
The harvest for legumes was not favorable where most leguminous crops show a negative trend,
such as soya and peas whose harvests sensitively fell by 49.8% and 14.2% respectively, mainly due
to unfavorable weather conditions. However, the impact of this poor performance of leguminous on
total production was limited, as their contribution remains weak, accounting for less than 4%.
Despite non-productive banana plantations which were heavily infected by bacterial wilt were
uprooted, the production of bananas increased by 5.8% compared to a decline of 4.2% in the same
agriculture seasons of the year 2010. Bananas are the second largest food crops (27.1%) after roots
and tubers.
Third Quarter 2011
Page 9

2. Non agricultural Activities
The non agriculture activities have been significantly improving in 2011, as evidenced by the
Composite Indicator of Economic Activities (CIEA) by end September 2011. Business climate has
been improving as total turnovers registered by large companies in industry and services sectors
have been increasing significantly during the first nine months of 2011 compared to the
corresponding period of the previous year.
Composite Indicator of Economic Activities (CIEA)
The CIEA in nominal terms increased by 14.74% in September compared to 7.13% recorded in
September 2010, reflecting the continuing improvement in non agriculture economic activities in
2011. On average, the CIEA rose by 9.7% in the first nine months of 2011 compared to 6.9% in the
first nine months of 2010.
Table 8: Composite Indicator of Economic Activities (Base 2006: 100)
% change
Composite Index
Monthly
168.5
171.7
175.6
177.0
178.0
184.6
182.3
186.4
181.6
183.9
182.4
195.6
185.2
182.0
192.7
188.7
-6.2
1.9
2.3
0.8
0.6
3.7
-1.2
2.3
2.6
1.3
-0.8
7.2
-5.3
-1.8
5.9
-2.1
1.7
4.0
3.4
8.8
8.0
8.8
9.1
10.7
7.1
12.2
6.9
8.9
9.9
6.0
9.8
6.6
196.1
Jun.
202.0
Jul.
199.8
Aug.
208.4
Sept.
208.3
3.9
3.0
-1.1
4.3
-0.1
10.1
9.4
9.6
11.8
14.7
2010
2011
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
Annual
The credit to the private sector ranked first in contributing to the total CIEA, followed by value
added tax and turnovers respectively by 59.3%, 11.5%, and 8.4%, while the contribution of other
four remaining variables to the overall CIEA were less, of which breweries production (+6.4%),
imports (+6.1%), cement production (+4.7%) and exports (+3.7%).
Third Quarter 2011
Page 10

Fig. 2: Contribution of each variable to the total CIEA March 2011 (in %)
Production in volume for major selected Industries
Based on the latest economic situation survey on the industrial production with the aim of
evaluating the industrial sector performance, some industries during the first nine months of 2011
performed better though others performed poorly. Among the most industries which experienced
high growth are lime production (+62.4%), milk processing (+58.7%), paints (+49.8%), juice
production (+43.8%), metals (+33%), flour milling (+29.1%), modern beer (+21.7%), soft drinks
(+16.5%), water production (+15.9%), bakeries production (+15.6%), other chemical products
(+15.2%), mineral water production (+11.9%), bricks & tiles (+10%) and tea (+9.4%). However,
textiles fell by 30.3%, coffee (-23.1%), biscuits (-18.6%), plastic products (-18.5%), rice production (17.1%), cement (-11.0), tin (-7.6%) and sugar production (-3.9%).
Third Quarter 2011
Page 11

Table 9: Production for major selected industries
Q1
Q2
Q3
Q4
2010
Jan.- Sept.
Q1
2011
Q2
Q3
2011
Jan.- Sept.
Cement production (tons)
26 294
28 894
21 927
17 986
77 114
17 824
22 869
27 950
68 643
Bricks and tiles (tons)
20 777
7 924
10 426
9 017
39 127
15 621
14 319
13 094
43 033
Flour milling (tons)
9 714
9 567
7 488
8 572
26 770
8 342
13 088
13 142
34 572
Tea production (tons)
7 040
6 266
3 009
5 848
16 315
6 182
6 730
4 942
17 853
Animal feeds (tons)
4 005
4 471
3 667
3 637
12 144
3 971
5 546
3 403
12 919
385
3 736
10 329
3 732
14 449
358
2 028
8 726
11 112
Metals (tons)
1 556
2 469
3 086
2 915
7 111
2 733
2 633
4 093
9 460
Rice production (tons)
1 125
3 151
4 479
3 375
8 755
2 624
1 983
2 652
7 260
Sugar production (tons)
2 349
623
3 607
4 004
6 578
3 323
910
2 086
6 319
Soaps (tons)
1 365
1 335
1 384
1 473
4 084
1 297
1 518
1 511
4 327
Paints (tons)
862
917
1 016
1 295
2 794
1 207
1 397
1 581
4 186
1 205
1 437
1 971
659
4 613
1 093
1 432
1 737
4 262
Other chemical products (tons)
362
301
318
469
981
337
355
439
1 131
Biscuits production (tons)
729
685
579
361
1 992
454
575
593
1 621
UTEXIRWA (in 000's Yards)
670
481
375
267
1 526
410
285
369
1 064
Lime production (tons)
205
281
378
242
865
525
410
469
1 405
Plastic products (tons)
339
339
368
302
1 046
280
327
245
852
Bakeries production (tons)
211
227
195
91
633
193
264
274
732
Modern beer (HL)
219 189
222 560
291 563
274 548
733 312
283 601
305 036
303 444
892 081
Soft drinks (HL)
93 928
90 193
111 447
99 645
295 568
111 885
109 527
123 001
344 413
Domestic electricity, 000s khW
67 379
71 594
67 782
74 264
206 756
85 119
83 481
86 195
254 795
Water in 1000s cubic metres
5 977
6 572
7 657
7 721
20 207
7 468
7 607
8 338
23 413
Mineral water in 1000s litres
3 417
3 663
3 780
4 089
10 880
4 364
3 840
3 969
12 173
363
698
663
660
1 723
663
646
1 168
2 477
318
1 258
585
605
807
1 997
2010
Coffee production (tons)
Casseterite - tin (tons)
Juice production in 1000s litres

Milk Processing in 1000s litres
332
457
469
Source: BNR, Statistics Department
Food Processing Industries
Food processing industries have the highest share in manufacturing industries. They include rice
production, vegetable conservation, milk processing, milk products, yoghurt, animal feeds, bakeries,
biscuits, and flour milling.
Fig. 3: Food processing industries (% changes)
Third Quarter 2011
Page 12
Beverages and Tobacco
Beverages and tobacco industries commonly known as agro-industry include coffee, tea, modern
beer, soft drinks, sugar, juice, mineral water, traditional beer, and tobacco.
Fig. 4: Beverages and tobacco (% changes)
Textile and Clothing
Textile production decreased by 30.3%, from 1 526 thousand meters in the first nine months of 2010
to 1 064 thousand meters in the first nine months of 2011. This decline was mainly attributed to a
declining demand from some public institutions for uniforms and other textile materials. The firm
also faces strong competition with the imported products which are normally cheaper compared to
local products.
Fig. 5: Textile and clothing (% changes)
Wood, Paper and Printing
During the first nine months of 2011 wood products slightly rose by 0.9% while paper products
decreased by 10.3% compared to the same period of the previous year.
Third Quarter 2011
Page 13

Fig. 6: Wood, paper and printing (% changes)
Chemical, Rubber and Plastics
While remaining less diversified, chemical, rubber and plastic industrys main products are soaps,
cosmetics, paint, plastic products, plastic shoes, mattresses, pyrethrum, and other chemical
products. Prethrum highly increased by 193% during the first nine months of compared to the
corresponding period of the previous year. Paints, cosmetics, other chemical products and soaps
also rose by 49.8%, 17.4%, 15.2% and 5.9% respectively, while plastic products, declined by 18.5%.
Fig. 7: Chemical, rubber and plastics (% changes)
Non metallic minerals
The major non metallic mineral products are iron sheets, roofing nails, steel bars, barbed wires,
binding wires, wire nets, metal tubes, hoes, and metallic gutters for the local market. During the first
nine months of 2011, metals increased by 33% from 7 111 tons to 9 460 tons.
Third Quarter 2011
Page 14

Fig. 8: Non metallic minerals (% changes)
Construction and Public Works
The construction and public works industrys main products are cement, lime, clay bricks and tiles.
Lime production highly rose by 62.4% reaching 1 405 tons in the first nine months of 2011 from 865
tons in the corresponding period of 2010. Bricks and tiles also rose by 10% while cement decreased
by 11%. The increase in housing needs in both urban and rural areas provided the boost following
the reconstruction of war-damaged roads.
Fig. 9: Construction and public works (% changes)
Mining and Quarrying
The three main minerals are tin (cassiterite), coltan (colombo-tantalite) and wolfram. During the first
nine months of 2011, coltan production rose by 47.3%, reaching 582 tons from 409 metric tons in
the first nine months of 2010. However, tin did not follow the same trend since declined by 7.6%
lower than the production of 4 613 tons in the first nine months of 2010. Wolfram production
reached 855 tons in the first nine months of 2011, which was 240 tons higher than the first nine
months of 2010 production.
Third Quarter 2011
Page 15

Fig. 10: Mining and quarrying (% changes)
Electricity, Gas and Water
The production of electricity is generated by the following major power stations: Gihira, Gisenyi,
Jabana, Gatsata, Rental power II, Ntaruka, Mukungwa, Solar energy jail, KPI, Murunda, Rukarara and
Rugezi. Compared to the first nine months of 2010, the production of domestic electricity increased
by by 23.2% from 206 756 thousands of kWh to 254 795 thousands of kWh in the first nine months
of 2011.
The major water production stations are at Karenge, Gihira, Kimisagara, Nyabarongo, Kadahokwa,
Mutobo, Cyunyu, Gihima, Muhazi, Rwasabura, Nyamabuye, Gisuma, Nyagatare, Mpanga,
Kanyabusage and Shyogwe. The production of water increased by 15.9% from 20 207 thousands of
cubic meters in the first nine months of 2011 to 23 413 thousands of M3 in the corresponding
period of the previous year.
Fig. 11: Electricity, water and gas (% changes)
Third Quarter 2011
Page 16

Turnovers trend for industry and service sectors
In the first nine months of 2011, industry sector account for about 32% while service sector
represent 68% of the total turnovers. The overall turnover for the industry and service sectors rose
by 25.2% when compared to the first nine months of 2010, of which industry sector rose by 27.1%
while service sector grew by 24.4%.
Economic activities are significantly improving in the manufacturing, mining, construction, energy
sectors, petroleum companies, transport and storage, financial services, garage services, and trade
services. However, recovery is still moderate in post and telecommunication, as evidenced by
recorded turnovers of service sector.
Table 12: Annual % changes for the Industry and Services sectors total turnovers, 2009 - 2011
2009
2010
Jan.-Sept.
Jan.-Sept.
INDUSTRIES
0.9
37.5
Manufacturing
-0.9
22.3
Energy
31.3
14.6
Mining
-19.3
103.4
Construction
-0.8
66.5
SERVICES
5.1
24.0
Trade Services
5.5
16.5
Banks & Insurance
12.7
36.6
Transport and Storage
21.0
42.5
Garage Services
-5.6
-46.7
Petroleum Companies
-19.2
38.7
Posts & Telcom.
26.6
21.2
Other Services
26.5
18.0
TOTAL SALES
3.8
27.9
Source: RRA, Department of Large Tax Payers
2011
Jan.-Sept.
27.1
23.0
19.0
44.0
29.5
24.4
20.7
25.7
13.6
32.3
53.6
-2.2
20.3
25.2
Industry sector
The industry sector is dominated by manufacturing industries with a share of about 47% in the first
nine months of 2011. The increase in turnovers for the industry sector was driven by manufacturing
industries of which turnovers increased by 23.0%, mining industry (44.0%), construction (29.5%) and
energy sector (19.0%).
Fig.12: Monthly turnovers development in the industry sector (in millions of RWF)
Third Quarter 2011
Page 17
The manufacturing industries have registered a significant increase in their turnovers attributed
essentially to breweries (+25.2%), other manufacturing industries (+21.9%) as well as printing shops
(+20.5%). As a result, the overall turnovers of the manufacturing industries during the first nine
months of 2011 marked an increase of 23.0%.
The turnovers for the mining industry, dominated by three major minerals (tin, coltan and wolfram)
increased highly by 44.0%, as a result of the increase in the international prices of all minerals
mostly tin whose prices rose from an average of 9.53 USD/kg in the first nine months of 2010 to
15.11USD/Kg in the first nine months of 2011.
The total turnovers for construction sector significantly rose by 29.5% in the first nine months of
2011 compared to the corresponding period of the previous year. This was a result of road
rehabilitation work and construction of residential houses which nevertheless has been less or more
sustainable for a decade. The turnovers for the energy sector increased by 19.0% compared to the
same period of the previous year, experiencing a low increase with regard to other sectors.
Services sector
The performance of Services sector is mainly explained by high growth in petroleum companies
(+53.6%), banks and insurance companies (+25.7%), trade services (+20.7%), garage services
(+32.3%), and transport & storage services (+13.6%).
Fig. 13: Developments in turnovers of large enterprises providing services (in million of RWF)
Third Quarter 2011
Page 18
II.2 INFLATION DEVELOPMENTS

Despite an increasing trend from the low level of December 2010, inflation has risen rapidly during
the year due to higher global and regional food and fuel prices but was maintained at moderate
levels (one digit). On annual basis, headline inflation reached 6.64% in September from 5.82% in
June and 4.11% in March 2011, after 0.23% in December 2010. In terms of annual average, inflation
has almost remained stable at 3.7% in September from 2.5% in June and 2.2% in March 2011.
Table 11: Annual and monthly Inflation trend (% change in CPI, base 2009:100)
Headline Inflation
1. Food and non-alcoholic beverages
- Bread and cereals
- Meat
- Fish
- Vegetables
- Non-alcoholic beverages
2. Alcoholic beverages and tobacco
3. Clothing and footwear
4. Housing, water, electricity, gas and other fuels
5. Furnishing, household equipment and routine
6. Health
7. Transport
8. Communication
9. Recreation and culture
10. Education
11. Restaurants and hotels
12. Miscellaneous goods and services
Weights
10 000
3 538
733
274
83
1 200
160
240
377
2 204
457
163
1 189
288
256
331
558
400
Annual Headline Inflation

2010
2011
Dec.
Mar.
Jun.
Sept.
0.23
4.11
5.82
6.64
-2.69
4.22
7.16
6.30
-10.64
-3.66
16.55
23.62
5.00
7.56
7.44
10.67
9.39
15.38
16.04
17.16
-5.20
4.49
-2.81
-10.99
-0.26
0.78
2.89
6.74
4.06
-0.64
1.48
3.75
1.59
4.30
6.70
9.23
1.63
3.55
2.09
4.81
-2.37
0.14
0.45
4.65
-1.14
-0.68
-0.23
2.77
4.07
5.07
11.35
12.64
-0.44
2.01
0.88
-6.77
1.38
4.68
4.61
6.96
6.51
19.91
20.85
20.76
-0.44
-0.91
-0.22
2.46
2.38
6.98
7.46
7.16
Monthly Inflation
2011
Mar.
Jun.
Sept.
1.91
1.54
0.39
4.36
2.41
-0.44
5.15
6.12
-0.17
-0.03
0.34
1.57
0.31
3.39
2.05
9.85
1.79
-0.21
-0.18
0.25
1.86
-1.32
0.53
-1.31
-0.21
0.09
0.38
0.32
0.95
2.70
0.56
-0.06
0.38
0.56
0.89
0.12
1.18
3.08
0.04
0.63
-0.44
-5.72
2.24
-0.33
0.86
0.52
0.78
0.00
0.18
-0.01
1.59
1.92
1.89
0.80
The headline inflation was attributed primarily to education (+20.76%) due to the increase in private
school fees that were recorded at the beginning of the year, transport (+12.64%), food and non
alcoholic beverages (+6.30%), as well as miscellaneous goods and services (+7.16%).
During the first nine months of the year, energy prices have been rising due to the increasing
international oil prices, where since January fuel prices have increased by 12.7%, from a pump price
of RWF 887 to RWF 1000 per litre in September 2011.
By September 2011, the major contributors of annual headline inflation were food and non alcoholic
beverages (+2.23%), transport (+1.50%) and education (+0.69%) which account for about 70% of
September annual headline inflation.
Third Quarter 2011
Page 19

Fig 14: Inflation developments in % change
The annual average inflation rose to 3.7% in September from 2.5% in June and 2.2% in March 2011,
and the underlying inflation which excludes fresh foods and energy from the overall CPI, on annual
average, reached 3.7% in September up from 1.9% in June and 1.7% in March 2011. The underlying
inflation on annual change rose to 8.89% in September from 5.77% in June 2011.
On annual change, the price index for locally produced goods increased by 5.7% in September from
5.1% in June 2011, after a decline of 0.1% in December 2010, while prices for imported goods rose
from 8.7% in June to 10.7% in September 2011.
Table 12: Inflation by origin and category (% change in CPI, base 2009:100)
Annual Headline Inflation
2010
Weights
Monthly Inflation
2011
2011
Dec.
Mar.
Jun.
Sept.
Mar.
Jun.
Sept.
0.39
Overall inflation
10 000
0.23
4.11
5.82
6.64
1.91
1.54
Local Goods
7 947
-0.07
3.86
5.12
5.65
1.82
1.56
0.40
Imported Goods
2 053
1.45
5.10
8.65
10.66
2.26
1.46
0.39
Fresh Food Products
1 403
-1.06
10.69
6.51
-4.26
6.17
0.93
-1.69
767
3.61
4.95
4.99
7.27
2.17
0.94
2.20
7 829
0.15
2.78
5.77
8.95
1.05
1.73
0.62
Energy
Underlying inflation
Due to the better harvests for season 2011B, prices for fresh foods have started to decline, falling
by -4.3% in September from +6.5% in June and +10.7% in March 2011. Energy prices continue to
shotup, rising by 7.3% in September from 5.0% in June 2011, after 3.6% in December 2010.
II.3 EXTERNAL TRADE DEVELOPMENTS

Concerning formal external trade, during the first nine months of 2011 exports value increased by
51.4% compared to the same period of 2010, while its volume also rose by 42.1%. Imports value
increased by 21.0%, while its volume increased by 16.5%. Exports covered 23.1% of imports in the
first nine months of 2011 from 18.4% of the corresponding period of the previous year.
Third Quarter 2011
Page 20
Exports
Rwandan exports remained dominated by traditional products such as coffee, tea and minerals
constituting 75.2% of the total export earnings in the first nine months of 2011. Tea exports have
continued to perform better in both value and volume increasing by 14.3% and 6.9% respectively.
This performance was explained by mainly high international prices, from an average of 2.56 USD/kg
in the first nine months of 2010 to an average of 2.73 USD/Kg in the first nine months of 2011.
Coffee exports also performed well, increasing by 32.6% in value due to higher prices as the
exported volume declined by 18.5%.
The exports of mining sector continue to show good performance. The value of exported tin
increased by 184.7% and its volume rose by 79.6% due to the increase in international prices, from
an average of 9.5 USD/kg in the first nine months of 2010 to 15.1 USD/Kg in the first nine months of
2011. Coltan exports increased by 91.0% in value and 9.1% in volume, due mainly to high
international prices from 23.3USD/kg in the first nine months of 2010 to 40.8USD/kg in the first nine
months of 2011. For the wolfram exports also rose sharply by 114.6% in value and 1.2% in volume.
Pyrethrum exports increased significantly both in value and volume with respective increasing rates
of 184.2% and 165.6% in the first nine months of 2011. This performance resulted mainly from high
international prices where the unit price recorded an increase of 7%, from 222.1 USD/kg in the first
nine months of 2010 to 237.7 USD/kg in the first nine months of 2011.
Regarding non traditional exports, hides and skins increased by 103.3% in value and by 62.3% in
volume, while other products rose by 46.9% in volume and by 61.3 in value.
The value of reexports and other export products account for 21.5% of the total export earnings in
the first nine months of 2011. Other export products have increased in value by 46.9% while
earnings for re-exports have declined by 16.8%. Other export products are dominated by a set of
products including flowers, bananas, other fruits, gold, textiles, shoes, water tanks, cassava flour,
mineral water, animals, personal effect... and globally these products are exported to DRC and EAC
countries; except for minerals and hand crafts exported to UK, China, Hong Kong, USA, Belgium and
Japan. Other re-exported products include petroleum products and vehicles exported to DRC and
Burundi, and machines & engines are exported to EAC countries. Re-exported products are
dominated by cassiterite, exported to Switzerland as its value accounting for 60.7% of the total
export earnings of re-exported products in the first nine months of 2011. Its exported value
increased by 10% during the first nine months of 2011.
Third Quarter 2011
Page 21
Table 13: Export developments (Value in million of USD, Volume in tons)
EXPORTS
Coffee
Tea
Tin
Coltan
Wolfram
Hides and Skins
Pyrethrum
Re-exports
Other export products
Jan- Sept. 2010

Volume
Value
82 855
185.3
12 641
38.1
17 230
44.1
2 750
26.2
585
13.6
613
4.3
2 614
2.7
6
1.4
6 017
31.8
40 398
23.1
Jan Sept. 2011

Volume
Value
117 755
280.5
10 302
50.5
18 421
50.3
4 941
74.6
638
26.1
620
9.3
4 243
5.4
16
3.9
13 426
26.5
65 149
33.9
% change
Volume
Value
42.1
51.4
-18.5
32.6
6.9
14.3
79.6
184.7
9.1
91.0
1.2
114.6
62.3
103.3
165.6
184.2
123.1
-16.8
61.3
46.9
Imports
Imports are classified into four main categories, namely consumer goods, capital goods,
intermediary goods, and energy & lubricants. During the first nine months of 2011, imports
increased by 21.0% in value while their volume rose by 16.5%. This trend is mainly due to the
increase in value of imports of intermediary goods by 23.7%, accounting for 28.6% of the total value
of imports, while their volume increased by 38.3%. The imports of capital goods increased by 11.8%
in value and by 24.0% in volume, energy and lubricants which represent 18.6% of the total imports
value rose by 47.4% in value and 12.4% in volume, and imports of consumer goods increased by
13.3% in value while its volume declined by 3.1%.
The rise in intermediary goods was attributed to construction materials which increased by 16.1% in
value and by +41.0% in volume. This trend was mainly attributed to the cement and other similar
products as well as metallic construction materials, which respectively hiked by 42.8% & 25%, in
value and 50.8% & 9.8% in volume. For the industrial products, their value rose by 41% and 35.1% in
volume, and this increase in value is explained by various industries and chemical industries whose
importation hiked respectively by 48.9% and 36.2%. During the same period, imports of fertilizers
also sensitively increase in both value and volume by 39.8% and 41.0% respectively.
Imports of energy and lubricants, of which fuel accounts for about 96%, increased by 47.4% in value
and by 12.4% in volume due to price effect. Following high demand, the imported fuel in the first
nine months of 2011 rose by 50.4% in value and by 12.8% in volume.
Third Quarter 2011
Page 22

Table 14: Imports Developments (Value CIF in million of USD, Volume in tons)
IMPORTS
Consumer goods
Of which Food products
Health and care
Goods of domestic use
Capital goods
Of which Transport Materials
Machines, devices and tools
Intermediary goods
Of which Construction materials
Industrial products
Fertilizers
Energy and lubricants
Of which fuel
Jan.- Sept. 2010

Volume
Value
851 187
1 005.0
348 070
309.22
283 001
114.9
20 324
67.8
9 759
37.4
30 524
261.4
4 875
45.7
14 258
161.5
328 519
281.0
187 004
118.2
110 643
114.6
19 559
14.1
144 074
153.5
138 207
144.3
Jan.- Sept. 2011

Volume
Value
991 731
1 216.5
337 463
350.29
257 945
131.3
21 940
82.1
9.788
20.0
37 852
292.3
7 692
59.2
14 739
150.5
454 420
347.7
263 610
137.2
149 454
161.5
27 586
19.6
161 996
226.3
155 828
217.0
% change
Volume
Value
16.5
21.0
-3.1
13.3
-8.9
14.3
8.0
21.2
0.3
-46.6
24.0
11.8
57.8
29.7
3.4
-6.8
38.3
23.7
41.0
16.1
35.1
41.0
41.0
39.8
12.4
47.4
12.8
50.4
Trade with EAC countries
Rwandas total trade with EAC partner states recorded a significant expansion in both imports and
exports. From 2006 to 2010 the total trade value with EAC recorded a high increase more than
double from USD 278.2 to 567.5 million, driven mainly by imports clearly indicating that Rwanda is a
net importer in the EAC region. For the first nine months of 2011, total trade to EAC has totaled USD
386.1 million, which is 68% of the total trade to EAC recorded in 2010.
Table 15: Trade flow within EAC bloc: from 2006 to end June 2011 (Value in million of USD)
Exports to EAC
Imports from EAC
Trade balance
Total trade EAC
2006
2007
2008
2009
2010
36.5
241.7
-205.2
278.2
45.0
316.2
-271.1
361.2
46.3
461.1
-414.9
507.4
47.3
449.7
-402.3
497.0
54.2
513.4
-459.2
567.5
2011
(End Sept.)
56.7
329.4
-272.7
386.1
Informal cross-border trade
As evidenced by the results of a survey conducted by the Ministry of trade and industry, National
Bank of Rwanda and National Institute of Statistics, total exports in the first nine months of 2011
under cross border trade amounted to USD 50.96 millions from USD 37.08 millions in the same
period of 2010 and represent 18.2% of formal exports. During the same period, the informal imports
increased by 19.2% from USD 15.1 to 18.0 million, leading to improvement in Rwandas positive
trade balance with neighboring countries. These informal cross border exports and imports are
dominated by crop products and live animals and major trading partners are DRC and Uganda.
Third Quarter 2011
Page 23

Table 16: Rwanda informal cross border trade (in USD millions)
2009
2010
Exports
Imports
2011
Total
Q1
Q2
Q3
Q4
Total
Q1
Q2
Q3
46.59
12.56
12.09
12.43
14.64
51.74
13.51
17.46
19.99
23.52
4.70
4.80
5.61
5.47
20.57
4.41
8.09
5.48
7.86
7.29
6.82
9.03
31.17
9.10
9.37
14.51
23.07
Trade balance
III. PUBLIC FINANCE AND DOMESTIC DEBT

III.1 PUBLIC FINANCE
Compared to the third quarter 2010, Government finances marked by an increase in total revenues
and grants (+42.2%) with RWF 301.8 billion in the third quarter 2011 against RWF 212.2 billion in the
third quarter 2010. This increase reflects a rise in budget support disbursements. Thus, the overall
fiscal deficit including grants improved from RWF -14.8 billion to a surplus of RWF 51.3 billion in the
third quarter 2011.
Table 17: Government Financial Operations (in billions of RWF, unless otherwise indicated)
2010
2011
% change
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q3 11/Q3 10
Total revenues and grants
161.6
245.9
212.2
255.7
154.6
221.7
301.8
42.2
Total domestic revenues
104.6
99.7
108.3
118.2
123.7
121.5
148.3
36.9
Total tax revenues
101.3
94.4
103.6
113.3
117.1
115.0
123.9
19.6
Direct taxes
43.1
37.2
39.3
42.4
48.0
46.1
45.2
15.0
Taxes on goods and services
49.6
49.8
55.6
61.8
58.7
58.2
68.6
23.4
Taxes on international trade
8.6
7.4
8.8
9.1
10.4
10.7
10.1
16.1
Non tax revenues
3.3
5.3
4.7
4.9
6.6
6.5
24.4
419.1
57.0
146.2
103.9
137.5
30.9
100.2
153.5
47.1
Budgetary grants
29.7
118.9
69.8
57.5
5.5
75.7
107.4
53.9
Capital grants
27.3
27.3
34.1
80.0
25.4
24.5
46.1
35.2
Total Expenditure and net lending
191.7
209.1
227.0
250.8
253.5
256.8
250.5
10.4
Total Expenditure
Grants
186.9
209.7
207.6
246.1
263.9
250.2
271.8
30.9
Current expenditure
119.1
123.3
124.7
133.6
130.9
125.7
146.0
17.1
Wages and salaries
26.6
29.6
28.9
31.3
29.2
31.2
31.6
9.3
Purchase of goods and services
30.3
30.7
24.6
33.0
31.9
29.7
39.5
60.6
5.6
Interest payment on public debt
3.2
3.8
3.6
4.0
3.5
4.0
3.8
Transfers and subsidies
45.0
48.4
49.4
46.7
51.0
45.5
54.1
9.5
Exceptional social expenditure
14.0
10.8
18.2
18.6
15.3
15.3
17.0
-6.6
Capital expenditure
67.8
86.4
82.9
112.5
133.0
124.5
125.8
51.7
Net lending
4.8
-0.6
19.4
4.7
-10.4
6.6
-21.3
-209.8
-14.5
-23.6
-16.4
-15.4
-7.2
-4.2
2.3
-114.0
-446.6
Current deficit
Overall deficit (payment order) basis)
Including grants
-30.1
33.2
-14.8
4.9
-98.9
-35.1
51.3
Excluding grants
-87.1
-111.6
-118.7
-132.6
-129.8
-135.3
-102.2
-13.9
Change in arrears
17.8
-23.8
5.3
-12.5
-2.0
-2.0
-2.0
-137.7
Overall deficit (cash basis)
-12.3
9.4
-9.5
-7.6
-100.7
-37.1
49.2
-618.9
Financing
12.3
-9.4
9.5
7.6
37.1
-49.2
-618.9
Foreign financing (net)
4.5
9.9
5.1
12.8
100.7
43.5
20.4
16.1
215.7
Domestic financing
7.8
-19.3
4.4
-5.2
57.4
16.7
-65.3
-1 589.9
Banking system (monetary survey)
21.4
-6.9
-6.7
1.2
55.7
8.1
-64.8
867.2
Non bank (net)
-7.5
-1.0
-1.2
-2.4
1.5
7.7
-0.5
-58.9
Errors & Omissions/adjustment
-6.1
-11.3
12.3
-4.0
Source: Ministry of Finance and Economic Planning (MINECOFIN)
Third Quarter 2011
Page 24

Government Revenues and Grants
Domestic revenues
The total domestic revenues amounted to RWF 148.3 in the third quarter 2011 against RWF 108.3
billion recorded in the corresponding period of the previous year, which is an increase of 36.9%. Tax
revenues stood at RWF 123.9 billion in the third quarter 2011 against RWF 103.6 billion in the
corresponding period of 2010, which is an increase of 19.6%. The Rwanda Revenue Authority (RRA)
took various measures to broaden tax base and improve efficiency in its operations, and established
measures in fighting tax evasion and avoidance with a much emphasis on activities of informal
sector. In addition, RRA focused efforts in fighting forged invoices and monitoring international
transit. Special attention was paid to operations aimed at fighting smugglers of some sensitive
products such as liquors and wines, VAT evaders and users of forged documents.
Direct taxes increased by 15%, from RWF 39.3 to RWF 45.2 billion in the third quarter 2011 due to
the high increase in property tax as a result of more tax collection from new taxpayers and due to
enforcement of tax arrears that led to a recovery. Indeed, taxes on international trade sensitively
rose by 23.4%, and this was a result of volume and value for goods originating from EAC States.
Non tax revenues highly rose by 419.1% in the third quarter 2011 compared to the corresponding
period of the previous year, following the registration fees paid by registered candidates for national
examination, fees from sale of maps, school books fees, fees from issuance of passports and fees on
driving license, BNR dividends, ID cards receipts, strategic stock for petroleum products, fees from
systematic land registration and other dividends.
Fig. 15: Tax and non tax revenues, in billions of RWF
Third Quarter 2011
Page 25

Grants
In the third quarter 2011, total grants sensitively increased by 47.7%, compared to the third quarter
2010, from RWF 103.9 to RWF 153.5 billion, and this was due to external budget support
disbursements mainly from the World Bank and European Union. Current (budgetary) grants totaled
RWF 107.4 billion (70% of total grants) while capital grants account for 30% of the total grants (RWF
46.1 billion).
Fig. 16: Total grants, in billions of RWF
Government Expenditure and net lending
The overall thrust of Governments expenditure was to strengthen the fundamentals of the
economy and increase private sectors resilience and make it the engine of growth. In managing
expenditure, emphasis was put on enhancing efficiency and cost effectiveness. In the third quarter
2011, total government expenditure and net lending rose by 10.4%, from RWF 227.0 to RWF 250.5
billion. Spending outlays were dominated by capacity building and infrastructural development
projects as the main spending priorities highlighted in the economic development and poverty
reduction.
Current expenditure
Comprising wages and salaries, purchases of goods and services, interest payments on public debt,
transfers and subsidies, and exceptional social expenditures, current expenditures amounted to
RWF 146.0 billion in the third quarter 2011 against RWF 124.7 billion recorded in the corresponding
period of 2010, which is an increase of 17.1%. The purchase of goods and services, which were the
second largest component of current expenditure (27.1%) after transfers and subsidies (37.1%), rose
highly by 60.6%. Indeed, transfers and subsidies, wages and salaries increased respectively by 9.5%
and 9.3%. Here, more spending concentrated on education particularly training teachers,
Third Quarter 2011
Page 26
construction nine year basic education classrooms, extension of electricity and water, and
construction of various roads, among others.
Capital expenditure
Capital expenditure amounted to RWF 125.8 billion in the third quarter 2011 as compared to RWF
82.9 billion recorded in the third quarter 2010, which is a rise of 51.7%. The focus of development
expenditure was to enhance longer-term productivity and competitiveness, while supporting further
economic activity. The net lending expenses, which are composed of loans to public enterprises
minus their reimbursements, stood at RWF -21.3 billion in the third quarter 2011 reducing from 19.4
billion recorded in the third quarter 2010.
Fig. 17: Current and Capital expenditure, in billions of RWF
Budget deficit and its financing

Budget deficit
In line with tax collection efforts and external assistance, the Government financial transactions
registered an overall budget surplus (payment order basis) including grants of RWF 51.3 billion in
the third quarter 2011 against a deficit of RWF 14.8 billion in the third quarter 2010, and this
improvement was mainly due to external support disbursements. The overall deficit excluding
grants reached RWF 102.2 billion in the third quarter 2011 from RWF 118.7 billion in the third
quarter 2010. The current balance improved from a deficit of RWF 16.4 billion to a surplus of RWF
2.3 billion in the third quarter 2011.
Deficit financing
In the third quarter 2011, a total overall surplus of RWF 49.3 billion (cash basis) was mainly
domestically financed, where domestic financing from the banking sector was RWF -64.8 billion
against RWF 4.4 billion in the third quarter 2010. Similarly, external resources in-form of project
Third Quarter 2011
Page 27
loans amounted to RWF 18.9 billion in the third quarter 2011 against RWF 6.4 billion in the third
quarter 2010.
Table 18: Deficit financing (in billions of RWF)
Third Quarter 2010
9.5
5.1
6.4
6.4
-1.3
4.4
-6.7
-1.2
12.3
Financing
Foreign financing net
Drawings
Budgetary loans
Project loans
Amortization (paid)
Domestic financing (net)
Banking system (monetary survey)
Non bank (net)
Errors & Omissions/adjustment
Source: Ministry of Finance and Economic Planning
Third Quarter 2011

-49.2
16.1
18.9
18.9
-2.8
-65.3
-64.8
-0.5
0
% Change
-618.8
215.7
195.3
195.3
115.4
-1 589.9
867.2
-58.9
-
III.2 DOMESTIC DEBT
The total domestic debt stock of the government end September 2011 declined by 2.01%, from RWF
302.26 billion end December 2010 to RWF 296.18 billion end September 2011. Liquidity problems
were observed in the first half of the year as result of the government budget constraints due to the
delay of external support disbursements, leading to the high increase in Central Bank overdraft to
the treasury by 80.7%, from RWF 18.50 billion end December 2010 to RWF 33.44 billion end June
2011.
Table 19: Development of domestic public debt (in billions of RWF)
2010
2011
% change
Sept. 11/ Dec. 10
Sept.
Dec.
Jan.
Mar.
Jun.
104.86
127.29
84.25
125.99
161.02
120.09
39.35
39.35
39.35
39.35
38.73
38.73
-1.57
0.0
18.50
5.46
32.56
33.44
0.0
-100.0
65.51
69.44
39.44
54.09
88.86
81.36
17.17
Banking Sector
Old development bonds
(including PRE 1994 Debt)
New Development bonds
69.07
101.69
99.74
101.73
116.97
107.67
5.88
0.99
0.63
0.63
0.63
0.63
0.65
3.23
10.64
13.64
13.64
11.63
11.63
11.63
-14.71
Bonds issued MINECOFIN
6.47
5.58
5.53
4.65
4.40
3.77
-32.41
Treasury bills (issued at BNR for treasury issues)
44.10
74.63
72.21
80.0
95.31
87.82
17.67
Other accounts payable (Banks)
6.88
7.22
7.73
4.81
4.99
3.80
-47.31
-6.62
BNR
Consolidated debt
Overdraft and advances
BNR monetary policy instruments
(T-Bills + REPO)
Non Banking Sector
Sept.
-5.66
74.49
73.27
73.46
72.71
68.39
68.42
Old development bonds
0.94
0.93
0.93
0.93
0.93
0.91
-2.20
New development bonds
0.86
1.36
1.36
0.87
0.87
0.87
-36.22
Consolidated debt to Rwanda Social Security Fund
53.90
53.90
53.90
53.90
49.90
49.90
-7.42
Bonds issued at MINECOFIN
0.34
0.34
0.34
0.34
0.0
0.0
-100.0
1.03
Treasury bills (issued at BNR for treasury issues)
2.54
0.83
1.02
0.76
0.79
0.84
Other bonds for old arrears
15.90
15.90
15.90
15.90
15.90
15.90
0.0
248.42
302.26
257.45
300.43
346.39
296.18
-2.01
TOTAL DOMESTIC DEBT STOCK
Third Quarter 2011
Page 28
The profile of domestic debt by holder category shows that the National Bank of Rwanda (BNR) is
the leading creditor to the government holding +40.5% of the total domestic debt stock followed by
the banking sector (+36.4%) of which treasury bills take the lions share with 81.6% in the banking
sector. The third creditor is the non banking sector composed of non-bank financial institutions with
23.1% of the total domestic debt stock.
Fig. 18: Composition of domestic debt (% share)
Third Quarter 2011
Page 29
IV. MONETARY SECTOR DEVELOPMENTS

IV.1 MONEY SUPPLY AND DEMAND
Between end December 2010 and end September 2011, broad money increased by 16.0% against
8.5% for the same period last year 2010 while the annual monetary program is 15.7%. Broadly, the
Net foreign assets increased slightly by 0.4% compared to December 2010 contributing positively to
the change in broad money by 11.7% and net Domestic Assets contributed negatively by 9.3%. The
developments in net foreign assets was totally observed in the Central Banks balance sheet, where
foreign disbursements were enhanced by the payment of USD 32.6 million of a license fee by Airtel;
net foreign of commercial banks slightly declined over the period under review.
Table 20: Monetary Developments (RWF billion)
2010
Net foreign assets

NBR
Commercial Banks
Net domestic assets
Domestic credit
Central government (net)
Autonomous Agences
Public enterprises
Private sector
Other items net (Assets: +)
Broad money M3
Currency in circulation
Deposits
of which: demand deposits
time deposits
foreign currency deposits
Dec
518.9
414.8
104.0
97.0
268.2
-131.3
-0.8
3.2
397.1
-171.2
615.9
90.5
525.5
240.1
186.1
99.2
2011
Mar
464.4
353.5
110.9
162.0
323.4
-98.6
-0.6
1.1
421.4
-161.4
626.5
83.9
542.5
239.1
187.6
115.8
June
485.3
377.6
107.7
227.3
400.9
-48.2
-0.6
2.6
447.0
-173.5
712.7
101.5
611.1
272.7
226.2
112.3
Sept.
521.0
424.2
96.9
193.2
379.2
-114.6
-0.8
4.4
490.1
-185.9
714.2
93.4
620.8
262.8
234.8
123.1
Mar-11/
Dec 10
-10.5
-14.8
6.6
67.1
20.6
-24.9
-25.3
-64.3
6.1
-5.8
1.7
-7.2
3.3
-0.4
0.8
16.7
% change
June-11/
Dec 10
-6.5
-9.0
3.5
134.4
49.5
-63.3
-22.5
-17.7
12.6
1.4
15.7
12.2
16.3
13.6
21.5
13.1
Sept-11/
Dec 10
0.4
2.2
-6.9
99.3
41.4
-12.7
5.8
38.0
23.4
8.6
16.0
3.2
18.1
9.5
26.2
24.1
Compared to December 2010, outstanding credit to the private sector in 2011 significantly increased
by 23.4% by end September from 12.6% registered by end June and 6.1% by end March. The sectors
with the largest share of private sector credit during the nine months of 2011 were Commerce and
Hotels (33.6%) followed by Mortgage industries (27.7%), Transport and warehousing (10.2%) and
Manufacturing (9.6%). Altogether, these productive sectors had an average contribution of 81% to
total outstanding private sector credit.
In terms of annual growth rate of the main components of M3; the currency in circulation recorded
14.2% by end September 2011 from 21.6% by end June, and 22.7% by end March, while it was
17.5% by end December 2010. The current trend of currency in circulation is mainly driven by
economic activities boosted by a number of Government projects injecting money in rural area, a
Third Quarter 2011
Page 30
booming private sector economic activities requiring the use of cash, namely the coffee season and
the informal cross border trade. Furthermore, Deposits with the banking sector increased
significantly by 26.9% by end September 2011 on annual basis from 17.4% by end December 2010.
Table 21: Annual change in monetary aggregates in (%)
Dec-10
17.2
18.9
23.6
7.1
6.7
11.2
26.4
17.0
17.5
17.4
26.3
14.6
2.2
Net foreign assets

Net domestic assets
Domestic credit
Central government (net)
Public enterprises
Private sector
Other items net
Broad money M3
Deposits
of which: demand deposits
time deposits
foreign currency deposits
Mar-11
13.9
70.0
31.0
17.8
-58.9
15.1
6.3
24.6
22.7
24.9
33.3
17.1
22.2
Jun-11
2.3
182.4
64.3
61.7
-9.1
20.4
6.1
28.4
21.6
29.6
31.6
31.9
20.9
Sept-11
7.5
124.5
55.4
-13.5
-81.4
57.9
29.7
25.1
14.2
26.9
24.0
35.7
18.1
On annual basis, domestic credit of the banking sector expanded by 55.4% in September 2011
driven by the credit to the private sector which increased by 57.9% following the recovery process in
credit markets observed since 2010. The credit to the Government also increased sharply, by 41.4%
by end September 2011 compared to December 2010.
With regard to new authorized loans by the banking system to the private sector, they have been
significantly increasing over the year 2011 to respond to higher demand for credit in the context of
improving economic activities. During the third quarter 2011, new authorized loans stood at RWF
101.59 billion against RWF 76.86 billion authorized during the previous quarter and exceeding RWF
70.8 billion authorized in the third quarter of the last year 2010.
Table 22: New authorized loans to the private sector (RWF billion)
ACTIVITY
AGRICULTURE, ANIMAL, HUSBANDARY&FISHING
2009
Q1
Q2
2010
Q3
Q4
Total
Q1
2011
Q2
Q3
3.74
0.88
1.58
0.97
1.62
5.05
3.82
1.97
4.20
MINING INDUSTRIES
0.06
0.00
0.05
0.00
0.00
0.05
0.00
0.00
0.00
MANUFACTURING INDUSTRIES
20.10
7.02
5.61
7.21
6.97
26.81
2.54
7.80
3.40
ENERGY AND WATER
3.24
0.02
0.37
0.52
0.51
1.42
0.02
0.11
0.01
PUBLIC WORKS AND BUILDING & INDUSTRY
36.66
7.52
8.60
14.70
14.30
45.10
14.30
20.71
26.69
COMMERCE, RESTAURANT & HOTELS
73.00
19.90
37.11
28.40
26.40
111.80
20.80
29.47
35.47
TRANSPORT, WAREHOUSING & COMMUNICATIONS
31.85
9.01
3.79
3.46
6.40
22.66
2.59
3.22
7.64
O.F.I, INSURANCES AND OTHE R NON FINANCIAL SERVICES
7.47
1.47
1.45
4.23
1.34
8.49
6.96
1.33
8.21
SERVICES PROVIDED TO THE COMMUNITY
4.67
1.29
3.40
2.30
2.78
9.77
1.64
2.15
1.27
ACTIVITIES NOT CLASSFIED ELSEWHERE
17.63
5.45
7.38
9.00
9.06
30.89
8.28
10.09
14.71
198.43
52.60
69.33
70.80
69.30
262.00
60.90
76.86
101.59
TOTAL
Source: BNR, Financial Stability Directorate
Third Quarter 2011
Page 31
Banks loans continued to be granted mainly to Commerce, Restaurants and Hotels, public works
and building & industry, and activities not classified elsewhere with 34.9%, 26.3% and 14.5%
respectively. Agriculture received only 4.1% of new authorized loans from 2.6% in the previous
quarter 2011.
During the first 9 months of 2011, banks authorized new loans amounting to RWF 239.35 billion
versus RWF 192.7 billion during the 9 first months of 2010.
For the year 2011 the coffee season financing has been significantly increasing following much high
prices compared to 2010, while the produced volume was lower. From January to end September
2011, coffee season financing amounted for RWF 17.9 billion against RWF 8.3 billion last year.
IV.2 DOMESTIC MARKETS AND INTEREST RATES DEVELOPMENTS

NBR conducted open market operations to mop up excess liquidity in the banking system. In the
context of monetary policy implementation, repo operations continued to be the most used
instrument to absorb the liquidity. To this end, the outstanding amount by end September 2011 is
around RWF 71.4.0 billion versus RWF 11.2 billion of T-bills for monetary purpose.
Fig 19: Outstanding amount of Net borrowing by NBR and Government (RWF billion)
Considering developments in short-term interest rates, repo rate remained at its maximum level
(6.0%) since the starting of this year, as a result of the NBR higher demand for mopping up excess
liquidity to achieve the monetary targets. However the remaining short-term interest rates were
kept relatively low in comparison with the two previous quarters. This pushed commercial banks,
the major player on money market, to rush towards repo securities.
Regarding commercial banks rates, deposit rates have been declining in the third quarter standing
in average at 6.49% in September from 6.83% in July after 8.03% in August 2011. Lending interest
Third Quarter 2011
Page 32
rate has been slightly fluctuating with a increasing trend, standing in average at 17.01% in
September from 16.58% in July 2011.
Table 23: Interest rates (in percentage)
2011
Dec
Key Repo Rate
6.00
Discount Rate
10.00
Repo rate
5.47
Treasury Bills Rate
7.32
Interbank rate
6.84
Deposit Rate
7.10
Lending Rate
16.94
Third Quarter 2011
Jan
6.00
10.00
5.95
7.19
6.71
7.51
15.63
Feb
6.00
10.00
6.00
7.02
6.74
7.50
16.91
Mar
6.00
10.00
6.00
7.22
6.74
7.49
16.59
Apr
6.00
10.00
6.00
7.11
6.86
8.65
16.21
2011
May
6.00
10.00
6.00
7.11
6.92
7.93
16.89
Jun
6.00
10.00
6.00
6.78
7.00
8.03
16.97
Jul
6.00
10.00
6.00
6.80
6.93
6.83
16.58
Aug
6.00
10.00
6.00
6.74
6.87
6.59
16.98
Sep
6.00
10.00
6.00
6.71
6.93
6.49
17.01
Page 33
V. EXCHANGE RATE AND FOREX MARKET DEVELOPMENTS

V.1 EXCHANGE RATE DEVELOPMENTS
During the third quarter 2011, the RWF remained quite stable versus USD, the most used foreign
currency in Rwanda external transactions, as it stood at RWF 599.98/1USD end September, 2011
from 602.24/1USD by end June 2011, which is a slight appreciation of 0.37%. However, RWF
significantly appreciated against both EUR and GBP by 6.03% and 2.75% respectively during the
same period.
Fig. 20: Exchange rate of RWF against major foreign currencies
Source: BNR, Financial Markets Department
Furthermore, against regional currencies, RWF appreciated by 12.7%, 4.6% and 2.1% versus
Ugandan, Kenyan and Tanzania shillings respectively, while depreciating by 1.4% vis--vis Burundi
franc between end June and end September, 2011.
With regards to Real Effective Exchange Rate trend in 2011, it appreciated by 4.4% during the third
quarter after a depreciating trend during the first 2 quarters of the Year. In overall, from December
2010 to September 2011, it appreciated by 4.1%. This trend was consistent with the trend of
Rwandan Franc against regional currencies.
Third Quarter 2011
Page 34

Fig.21: Real effective exchange rate as at end July 2011
V.2 FOREIGN MARKET DEVELOPMENTS

From January to September 2011, the domestic foreign exchange market has been characterized by
a significant demand compared with the same period of last year 2010. The total sales to banks
amounted USD 224.6 million against USD 165.3 million.
From January to September 2011, interbank foreign exchange market has been active with a volume
of USD 55.1 against 28.8 million under the same period of last year 2010.
Fig. 22: NBR forex sales to banks and interbank transactions (in USD millions)
Source: BNR, Financial Markets Department
Third Quarter 2011
Page 35
VI. FINANCIAL SECTOR SOUNDNESS

VI.1 BANKING SYSTEM
During the third quarter of 2011, the Rwandan banking sector remained stable with strong asset
growth; increased competition in deposits mobilization; adequate capitalization as well as steady
profitability.
As at end September 2011, the commercial banks total assets expanded to RWF 821.5 billion
compared to RWF 643.9 billion as at end September 2010 i.e. an annual growth rate of 27.6%. The
loan & advances portfolio increased to RWF 426.9 billion from Rwf 332.3 in September 2010; thus
an annual growth rate of 28.3%.
The total deposits of commercial banks increased from RWF 480.6 billion end September 2010 to
RWF 598.5 billion end September 2011, registering an increase of 24.5%.
The commercial banking industry remains well capitalized with a Solvency ratio of 22.2% which is
above 15% regulatory capital requirement. The total paid-up capital of commercial banks amounted
to RWF 63.5billion.
For the banking system, the profitability significantly with a consolidated Net Profit After Tax
boosted from RWF 7.7 billion in September 2010 to RWF 12.2 billion in September 2011, recording
growth of 58.1%. Similarly, as at end September 2011, commercial banks return on assets (RoA) and
return on equity (RoE) stood respectively at 2.0% and 12.8%; improving from 1.6% and 12.2% as at
end September 2010. The major source of income remained interest income from loans, which
accounted for 45.0% of total income.
As evidenced by the financial soundness indicators in the table below; commercial banks continued
to clean up their loan books and recorded a continuous reduction in NPLs ratio during the year
under review. Both Gross and Net NPLs ratios reduced respectively from 12.4% and 10.7% in
September 2010 to 9.4% and 7.4% in September 2011.
The Liquidity level in the banking sector continued to improve; with a ratio of liquid assets to total
assets standing at 50.3% (for commercial banks) well above the required minimum ratio of 20% of
deposits on a weekly average basis.
Third Quarter 2011
Page 36
The National Bank of Rwanda has continued to exercise its supervision role to ensure that banks are
well capitalized and their growth is sustained with sufficient liquidity.
Table 24: Financial Soundness Indicators
Financial Soundness Indicators
Sep-10
Mar-11
Jun-11
Sept. -11
20.3%
19.9%
19.5%
22.2%
203.1%
209.7%
246.1%
211.6%
8.7%
6.7%
5.7%
4.8%
80.0%
78.5%
59.9%
51.9%
NPLs / Gross Loans
12.4%
10.2%
9.6%
9.4%
NPLS net/Net loans
10.7%
8.7%
8.0%
7.4%
Provisions / NPLs
57.0%
50.5%
49.7%
49.2%
Earning Assets / Total Asset
77.6%
79.2%
80.1%
68.4%
Large Exposures / Gross Loans
17.4%
17.8%
13.5%
13.2%
Return on Average Assets
1.6%
2.5%
2.4%
2.0%
Return on Average Equity
12.2%
17.2%
16.6%
12.8%
Net Interest Margin
8.8%
8.6%
8.6%
9.2%
Cost of Deposits
2.6%
2.3%
2.2%
2.2%
Cost to Income
86.2%
79.1%
77.5%
81.6%
Overhead to income
53.8%
61.4%
56.0%
58.5%
Short term Gap
17.4%
14.5%
29.9%
26.8%
Liquid Assets / Total Deposits
47.9%
52.1%
56.0%
50.3%
Interbank Borrowings / Total Deposits
9.0%
8.7%
6.8%
6.6%
BNR Borrowings / Total Deposits
0.0%
0.3%
0.0%
0.4%
69.3%
68.7%
65.6%
71.3%
Forex Exposure / Core Capital
2.4%
7.2%
7.0%
3.8%
Forex Loans / Forex Deposits
2.1%
1.0%
5.5%
7.4%
103.9%
106.7%
112.8%
101.1%
Capital adequacy
Solvency ratio
Off balance sheet items/Total qualifying capital
Insider loans/Core capital
Large exposure/core capital
Asset quality
Profitability and earnings
Liquidity
Gross loans/Total deposits

Market sensitivity
Forex Assets / Forex Liabilities

Source: BNR, Banking Supervision Department
Third Quarter 2011
Page 37
VI.2 MICROFINANCE SECTOR

VI.2.1 License of MFIs and SACCOs
The licensing activity continued during the third quarter of 2011 for SACCOs established in line with
UMURENGE SACCO Program. Out of 416 UMURENGE SACCOs, 393 SACCOs are licensed to grant
loans while 11 of them are fully licensed as per September 30, 2011.
Table 25: Licensing Progress of UMURENGE SACCOs as per September 30, 2011
UMURENGE SACCOs
Nr of U. SACCOs
% of Total SACCOs
416
100.0%
11
2.6%
382
91.8%
UMURENGE SACCOs fully licensed

UMURENGE SACCOs Licensed for loan
granting
Source: BNR, Microfinance Supervision Department
The provisional license of granting allows UMURENGE SACCOs to grant loans to their members up to
20% of the deposits collected. The full license allows them to extend gradually the loan ceil to the
regulatory norm. Some of UMURENGE SACCOs have not applied for loan granting authorization
because they have not yet fulfilled the minimum the requirements.
VI.2.2 MFIs consolidated financial situation
Some changes were registered in Microfinance Sector since the two MFIs namely UNGUKA IMF and
CFE AGASEKE moved to microfinance bank status and since CAPECs merged with UMURENGE
SACCOs.
In the table below MFIs which changed their legal status are isolated to allow observance of the
remaining MFIs. From December 2010 to September 2011, loans, deposits and equity have
increased respectively by 41.3%, 31.8%, and 34.2%. The Non Performing Loans ratio of 11.1%
remains higher than the maximum ratio tolerated in the microfinance best practices but it is
stabilized compared to its level end December 2010.
Third Quarter 2011
Page 38

Table 26: Financial Data of MFIs. (In Rwf million)
31-Dec-09
Total Assets
Cash and Cash Equivalent
Loans (Gross)
Non Performing
Provisions
Loans (Net of Provisions)
Deposits
Equity
NPL Rate
Liquidity Rate
Capital adequacy
26,367.85
6,602.13
18,135.52
2,354.86
1,182.78
16,952.74
13,690.65
8,842.16
13.00%
77.20%
33.50%
31-Dec-10
31,621.75
6,448.82
24,012.58
2,813.81
1,657.15
22,355.43
17,043.36
10,562.66
11.70%
59.00%
33.40%
30-Sep-11
44,035.78
8,264.94
33,923.19
3,771.52
2,231.42
4,476.38
22,470.04
14,174.14
11.10%
57.20%
32.20%
Change from
Dec. 2010
39.3%
28.2%
41.3%
34.0%
34.7%
-80.0%
31.8%
34.2%
Regarding the income performance, an upward trend was observed in Microfinance sector.
Consolidated accounts show that the profitability of Microfinance Institutions is sustaining.
Table 27: Income Statement of MFIs. (In Rwf million)
Financial Revenue
Financial Expenses
Net Financial Income before Provisions
Net Provision Expenses/Gains
Financial Revenue (After Net Provisions)
Operating Expenses
Personnel Expenses
Net Operating Income
Net Non-Operating Income/Expense
Net Income (Before Taxes& Donations)
Income Tax (Tax on Profits)
Net Income (After Taxes & Before
Donations)
Donations
Net Income after Taxes and Donations
31-Dec-09
12,752.99
1,624.70
11,128.29
1,487.00
9,641.30
7,827.74
4,041.41
1,813.56
(48.69)
1,764.87
-
30-Sep-10
11,510.54
1,629.98
9,880.56
1,461.07
8,419.49
6,085.85
3,242.47
2,339.30
66.50
2,405.41
-
31-Dec-10
9,007.99
730.16
8,277.83
927.54
7,350.29
6,613.84
3,390.42
736.45
261.11
997.56
2.63
30-Sep-11
6,636.48
463.03
6,173.46
749.20
5,424.26
4,612.55
2,451.65
811.70
57.32
869.02
5.89
1,764.87
894.56
2,659.43
2,405.41
290.20
2,680.25
994.93
246.41
1,241.78
863.13
258.71
1,121.85
Third Quarter 2011
Page 39
From December 2010 to September 2011, key performance indicators of the implementation of
UMURENGE SACCO Program showed an increase.
Table 28: Figures of UMURENGE SACCO Program
Nr of accounts opened
Capital paid (Million Rwf)
Deposits (Million Rwf)
Loans granted (Million Rwf)
31-Dec-10
471,036
2,111.83
6,322.27
813.72
30-Jun-11
723,188
2,789.15
14,647.90
1,765.13
31-Jul-11
699,641
2,856.49
16,789.41
2,418.17
31-Aug-11
799,392
3,027.66
17,198.10
2,954.68
30-Sep-11
832,070
3,139.01
19,476.53
3,368.42
Fig 23: Capital, Deposits and Loans by UMURENGE SACCOs (Million Rwf)
Third Quarter 2011
Page 40
VII. APPENDICES
Third Quarter 2011
Page 41
VII.1 TECHNICAL NOTES ON THE MONETARY STATISTICS

The data of the money sector published in this bulletin are established in accordance with
methodology of the Monetary and Financial Statistics Manual published in 2000 by the International
Monetary Fund.
Assets and liabilities are presented by types of financial instruments; then a breakdown of the
position of each financial instrument in its principal sectors of the economy is made.
The purpose of the monetary statistics is to build the monetary aggregates of the national
economy.
DEFINITIONS
1. FINANCIAL INSTRUMENTS
1.1 Financial assets

1.1.1 Monetary Gold: gold held by the central bank as part of official reserves. The gold which
does not form part of the official reserves is classified like non-financial asset.
1.1.2 SDR: international reserves assets issued by the IMF and allocated to members to supplement
existing official reserves. SDR holdings represent unconditional rights to obtain foreign exchange or
other reserve assets from other IMF members.
1.1.3 Currency: notes and coins of a fixed nominal value, issued by the central banks or
governments, and having legal tender within the national economy.
1.1.4 Foreign currency: notes and coins issued by non-residents and representing liabilities of
central banks or governments in other countries.
1.1.5 Transferable Deposits: include all deposits that are (1) exchangeable on demand at par and
without penalties or restrictions and (2) directly usable to make payments by check, draft, giro
order, direct credit/debit or other direct payment facility.
1.1.6 Other deposits: comprise all claims other than transferable deposits, which are represented
by evidence of the deposits.
This is the case for sight deposits that permit immediate cash withdrawals but not of direct thirdparty transfers, savings and fixed-term deposits, non transferable deposits denominated in foreign
currency, shares or the similar titles issued financial corporations, shares of money-market mutual
funds that have restrictions on transferability.
1.1.7 Securities other than shares: negotiable instruments serving as evidence that units have
obligations to settle by means of providing cash, a financial instrument or some other item of
economic value. Some common types of securities are government treasury bills, the government
Third Quarter 2011
Page 42

bonds, corporate bonds and debentures, commercial paper and certificates of deposits issued by
depository corporations.
1.1.8 Loans: financial assets that are created when (1) a creditor lends funds directly to a debtor
and (2) are evidenced by non-negotiable documents.
The valuation of loans and deposits is an exception to the valuation principle based on market price
or fair value. Loans and deposit values are hence based on creditors outstanding claims without
adjustments for expected loan or deposit losses.
I.1.9 Shares and other equity: instruments and records acknowledging, after the claims of all
creditors have been met, claims on residual value of a corporation. This category includes
proprietors nets equity in quasi-corporations, as well as shares and equity in corporations.
1.2 Liabilities
1.2.1 Currency: see definition in 1.1.3
1.2.2 Deposits included in broad money: transferable deposits and other deposits issued by
resident depository corporations and included in the national definition of the broad money.
1.2.3 Deposits excluded from broad money: transferable deposits and other deposits which are
not included in the national definition of broad money. This category includes all deposits of the
central government, depository corporations and non residents.
1.2.4 Securities other than shares included in broad money: negotiable instruments included in
the national definition of broad money, and held by sectors designated as holders of the currency.
1.2.5 Securities other than shares excluded from broad money: negotiable instruments which
are not included in the national definition of broad money. This category includes securities other
than shares held by central government, depository corporations and non residents, as well as
securities other than shares held by other sectors and which are not included in broad money.
1.2.6 Loans: comprise credits and advances granted by various sectors
1.2.7 Shares and other equity: category including:
.Funds Contributed by owners: total amount from initial and any subsequent issuance of shares,
stocks or other form of ownership of corporations and quasi-corporation.
.Retained earnings: after tax profits that have not been distributed to the shareholders or
appropriated as general or special reserves.
. Results of the period: cumulated profits or losses, if these benefits or losses are not taken into
account in the retained earnings.
.General and special reserves: appropriations of retained earnings.
. SDR allocation: counterpart of the SDR provided by the IMF to the central banks.
.Valuations adjustments: net counterpart to changes in value of assets and liabilities on the
balance sheets of financial corporations, excluding those changes in value that are recorded in net
profit or loss for the period.
Third Quarter 2011
Page 43

2. SECTORS OF THE ECONOMY
The main sectors of the domestic economy are the financial corporations, non-financial
corporations, government units, households, non-profit-institutions.
Financial corporations: comprise the central bank, deposit money banks, non bank depository
institutions, other financial corporations, insurance companies and pension funds, other financial
intermediaries and financial auxiliaries.
Non-financial corporations: include public and private non-financial corporations.
General government: are legal entities that are established by political process and have
legislative, judicial or executive authority over other institutional units within a specific area. They
include central government, local governments and the social security funds.
Households: consist of individuals, families, or other groups of persons who share the same living
accommodation, pool some or all of their income and wealth, and consume some goods and
services collectively.
Non profit institutions: legal or social entities, created for the purpose of producing goods and
services, whose status does not permit them to be a source of income, profit, or other financial
gain for the units that establish, control or finance them.
For the presentation of the monetary statistics, households and non-profit institutions are
combined to make the position "other resident sectors".
3. BROAD MONEY LIABILITIES AND THEIR COUNTERPARTS

3.1 Broad money liabilities
Broad money liabilities comprise currency out of depository corporations, transferable deposits and
the other deposits held by other domestic sector with the monetary system, excluding those held
by central government. The definition of each component is in section I.
3.2 Counterparts of broad money

These are claims corresponding to broad money. Four types of them exist:
3.2.1 Net foreign assets: total amount of foreign assets less foreign liabilities of the money sector.
Third Quarter 2011
Page 44

3.2.2 Net credit to government: total assets of the central government less its liabilities towards
the banking sector.
3.2.3 Claims on other sectors: total assets held by the banking system corresponding to the
liabilities of domestic sectors other than the central government and other depository
corporations. They form the main component of broad money counterparts.
3.2.4 Other items net: denotes a residual category for other liabilities less other assets, where
other liabilities includes all liabilities not included in broad money.
4. Rates
4.1. Lending rate: is the interest rate charged by the banking sector on the loans they grant to the
customers.
4.2. Deposit rate: is the interest rate paid by the banking sector on deposits or funds collected
from the depositors/lenders.
4.3. Interbank rate: is the interest rate charged by the banks to their colleagues, and negotiated
freely on the interbank market (one of the compartments of the money market).
4.4. Rate of the money market: is the interest rate charged or paid by the central bank during its
operations of open market.
4.5. Discount rate: is the interest rate at which the central bank lends its money to commercial
banks facing short term needs of cash.
4.6. Rate on the market of the Treasury bills: is a weighted average resulting from the
operations of tender on the Treasury bills market over a given period.
4.7. The central banks rate: is the maximum interest rate that the Central Bank is ready to pay
for its seven days mop ups of cash or the minimum interest rate it is ready to accept for cash loans
to commercial banks if the banking system falls illiquid.
4.8. A repurchase agreement (Repo): is the agreement in which the Central Bank absorbs liquidity
from the market by selling eligible securities to commercial banks with the agreement to
repurchase them at a specified price on a given future date. REPOs transactions help to withdraw
liquidity from the banking system.
4.9. Reverse REPOs is an agreement in which the Central Bank injects short term liquidity to the
market by purchasing eligible securities from commercial banks, with the agreement to resell them
at a specified price on a given future date.
4.10 .Key Repo Rate (KRR) or Policy Interest Rate: KRR is a rate at which the Central Bank lends
or borrows money to or from commercial banks in order to increase or decrease the liquidity in the
banking system. It is set by the Central Bank and allows the interbank rate to fluctuate in the
corridor defined by the Central Bank.
Third Quarter 2011
Page 45
VII.2 ANNEXES
Third Quarter 2011
Page 46
I. MONNAIE ET CREDIT/MONEY AND CREDIT
TABLE I.1. CENTRAL BANK SURVEY

(In million RWF)
Jan-11
Net foreign assets
Febr-11
March-11
April-11
May-11
June-11
July-11
August-11
September-11
387,073.11
376,783.55
353,518.93
420,890.65
391,979.86
377,565.13
379,750.19
406,676.17
424,152.58
467,969.09
447,258.18
424,549.31
493,867.22
463,879.86
450,920.50
451,822.47
479,595.08
495,740.72
80,858.31
70,436.96
70,992.71
72,976.57
71,900.00
73,355.37
72,072.28
72,918.91
71,588.14
(256,061.89)
(246,368.09)
(222,897.71)
(285,533.78)
(265,682.03)
(232,772.17)
(223,931.16)
(257,023.16)
(273,410.64)
(192,636.20)
(195,705.23)
(167,849.96)
(238,448.78)
(208,982.03)
(178,913.47)
(175,431.16)
(205,610.33)
(221,511.94)
(168,358.71)
(164,858.48)
(132,257.15)
(190,007.66)
(128,966.26)
(102,766.26)
(122,211.59)
(133,986.99)
(147,987.69)
44,806.70
64,286.70
71,906.30
39,346.46
55,110.54
72,166.09
38,731.27
38,731.27
45,546.97
5,461.00
24,941.00
32,560.60
15,764.08
33,644.31
213,165.41
229,145.18
204,163.45
229,354.12
184,076.80
174,932.35
160,942.86
172,718.26
193,534.66
1,620.49
3,597.26
2,136.56
32,967.70
2,470.05
2,189.69
4,335.42
13,053.52
2,114.03
Line ministries
213,165.41
229,145.18
204,163.45
196,386.42
181,606.75
172,742.66
156,607.44
159,664.74
191,420.63
Autonomous agencies
-574.59
-603.75
-603.75
Nongovernment credit
(23,702.90)
(30,243.00)
(34,989.06)
5,116.48
5,104.20
5,184.53
Foreign assets
Foreign liabilities (adjusted)
Net domestic assets (adjusted)

Domestic credit
Government(net)
Claims
O/W: overdraft
Deposits
Treasury (including RRA)
Private
Public enterprises
6,815.64
(534.61)
(581.43)
(585.82)
(824.54)
(805.68)
(799.04)
(47,906.51)
(79,434.34)
(75,561.39)
(52,395.03)
(70,817.66)
(72,725.21)
5,176.93
5,232.10
5,239.56
5,285.35
5,383.98
5,594.05
0.00
0.00
0.00
0.00
0.00
1,633.37
1,579.86
1,552.94
1,552.94
1,977.00
1,921.52
(80,240.78)
0.00
0.00
0.00
Other financial institutions
1,686.45
1,659.97
1,633.37
Commercial banks (net)
(30,505.83)
(37,007.17)
(41,806.96)
(54,716.81)
(86,246.30)
(82,353.89)
(59,233.32)
(78,178.64)
O/w Refinancing Facility
8,000.00
5,000.00
5,600.00
5,100.00
6,100.00
5,100.00
3,500.00
2,400.00
Other items net
(63,425.69)
(50,662.86)
(55,047.75)
(47,085.00)
(56,700.00)
(53,858.70)
(48,500.00)
(51,412.83)
(51,898.70)
135,459.28
126,304.54
144,822.86
155,718.94
149,616.15
150,704.27
104,772.01
107,816.98
115,051.25
116,418.94
113,935.50
110,232.47
Reserve money
Currency
Commercial banks deposits (CSS included)
Other nonbank deposits
Source : BNR, Statistics Department
131,011.22
100,795.35
130,356.19
98,797.00
130,649.72
98,074.22
0.00
600.00
83,719.15
82,676.80
83,946.22
89,607.17
89,715.83
101,533.51
100,857.38
95,284.08
93,401.65
29,299.16
30,629.54
31,583.14
29,892.57
16,187.56
28,600.78
37,900.00
34,543.93
38,743.27
916.71
929.65
992.36
794.70
2,300.00
1,170.83
1,400.00
1,136.72
1,728.53
TABLE I.2. OTHER DEPOSITORY INSTITUTIONS SURVEY

(BK, BCR, BPR-SA, FINA BANK, ECOBANK, ACCESS BANK , COGEBANQUE, UOMB, KCB, CCP,CSS, UNGUKA*, AGASEKE*)
(in million RWF)

Jan-11
Febr-11
March-11
April-11
May-11
June-11
July-11
August-11
September-11
112,496.82
116,429.93
110,915.61
107,391.95
107,836.98
107,722.01
79,331.38
97,505.44
96,853.29
142,115.87
148,925.17
131,661.90
131,341.93
134,127.33
134,127.60
117,647.75
122,139.69
128,287.07
29,619.05
32,495.24
20,746.29
23,949.99
26,290.34
26,405.60
38,316.37
24,634.25
31,433.78
46,375.36
46,750.10
45,711.14
45,057.41
34,288.71
42,118.52
53,461.56
53,195.35
55,574.09
29,299.16
30,629.54
31,583.14
29,892.57
16,187.56
28,600.78
37,900.00
34,543.93
38,743.27
28,123.16
29,662.25
29,754.38
30,387.90
31,055.86
32,066.94
32,977.61
34,353.29
33,763.41
1,176.00
967.29
1,828.76
(14,868.30)
(3,466.16)
4,922.39
190.64
4,979.86
17,076.20
16,120.56
14,128.00
15,164.84
18,101.15
13,517.74
15,561.56
18,651.42
16,830.82
30,505.95
37,007.17
41,806.96
54,716.81
86,246.30
82,353.89
59,233.32
76,651.64
80,240.78
8,680.17
5,740.87
6,252.15
5,873.01
6,083.87
6,376.28
4,546.84
4,578.51
1,402.36
39,186.12
42,748.04
48,059.11
60,589.82
92,330.17
88,730.17
63,780.16
81,230.15
81,643.14
448,354.16
453,336.21
446,116.68
473,198.45
475,172.41
497,439.77
525,363.82
525,088.12
520,452.13
45,819.09
41,927.05
30,455.27
43,154.48
38,510.28
54,589.66
56,883.01
45,122.47
33,396.43
Credit
85,909.42
84,333.18
81,803.60
86,738.56
89,329.06
103,149.18
99,737.37
94,262.78
83,686.61
Deposits
40,090.33
42,406.13
51,348.33
43,584.07
50,818.78
48,559.52
42,854.35
49,140.31
50,290.18
14,740.00
14,740.00
17,097.42
17,097.42
19,200.00
19,205.07
19,205.37
20,205.37
21,205.37
3,409.92
2,500.54
1,145.65
956.51
1,492.09
2,645.87
4,092.00
3,537.84
4,433.72
399,125.15
408,908.62
414,515.76
429,087.46
435,170.03
440,204.24
464,388.80
476,427.81
482,621.98
(117,767.13)
(103,478.32)
(122,848.77)
(125,444.26)
(119,687.27)
(115,514.42)
(121,632.44)
(134,039.75)
Net foreign assets

Foreign assets
Foreign liabilities
Reserves
NBR deposits
Required reserves
Excess reserves
Billets et pices
Net Credit from NBR (rediscount - liability)
Credit from NBR
Credit to NBR
Domestic credit
Government (net)
O/w Gvt long term deposit facility

Public enterprises
Private sector
(112,288.54)
(495.33)
Deposits
525,443.75
535,756.28
541,072.07
557,515.85
578,100.13
609,946.93
601,875.65
630,808.11
619,080.54
Private
454,245.59
464,996.22
470,676.53
484,003.36
499,805.01
527,835.99
518,677.04
540,992.46
525,471.80
71,198.16
70,760.06
70,395.54
73,512.49
78,295.12
82,110.94
83,198.61
89,815.65
93,608.74
Public (nongovernment)
Since december 2009,we notice change due to incolporation of CSS in monetary survey.
*since September 2011, we include UNGUKA and AGASEKE into monetary survey.
TABLE I. 3. MONETARY SURVEY

(BNR,BK, BCR, BPR, FINA BANK, ECOBANK, ACCESS BANK, COGEBANK, BHR, UOMB, K.C.B, CCP)
(In million Rwf)
Jan-11
Febr-11
March-11
Net foreign assets
498,071.14
493,213.48
464,434.55
528,282.59
499,816.84
485,287.14
459,081.57
504,181.60
521,005.87
Net domestic assets
112,176.44
126,313.10
161,509.04
119,532.72
170,292.41
227,334.22
245,151.55
224,611.16
193,242.52
Domestic credit
286,221.57
294,639.93
320,074.47
289,466.48
352,436.68
400,880.19
409,165.98
397,656.43
379,180.97
-122,513.39
-122,962.00
-101,840.62
(146,853.18)
(90,455.98)
(48,176.60)
(65,328.58)
(88,864.52)
(114,591.26)
-603.00
-572.81
-564.22
(534.61)
(581.43)
(585.82)
(824.54)
(805.68)
(799.04)
3,409.92
2,500.54
1,145.65
956.51
1,492.09
2,645.87
4,092.00
3,537.84
4,433.72
405,928.04
415,674.20
421,333.66
435,897.76
441,981.99
446,996.74
471,227.09
483,788.79
490,137.55
-174,045.14
-168,326.84
-158,565.43
(169,933.77)
(182,144.26)
(173,545.97)
(164,014.42)
(173,045.27)
(185,938.45)
Broad money (M3)
610,247.59
619,526.58
625,943.62
647,917.72
670,115.97
712,651.26
704,133.03
727,228.90
714,210.72
Broad money (M2)
501,810.13
500,689.71
510,122.64
537,139.59
558,572.84
600,384.98
595,358.02
610,635.43
591,090.08
Narrow money (M1)
317,883.73
311,645.97
322,534.88
345,044.73
354,292.23
374,212.93
361,590.46
361,741.50
356,246.47
83,719.15
82,676.79
83,946.22
89,607.17
89,715.83
101,533.51
100,857.38
95,284.08
93,401.65
Deposits
526,528.44
536,849.78
541,997.40
558,310.55
580,400.13
611,117.75
603,275.65
631,944.83
620,809.07
of which: Transferable deposits in Rfw
234,164.58
228,969.18
238,588.66
255,437.56
264,576.40
272,679.42
260,733.08
266,457.43
262,844.82
Nontransferable deposits Rfw
183,926.39
189,043.74
187,587.76
192,094.87
204,280.61
226,172.05
233,767.55
248,893.93
234,843.61
Foreign currency deposits
108,437.46
118,836.87
115,820.98
110,778.13
111,543.13
112,266.28
108,775.02
116,593.48
123,120.64
Government (net)
Autonomous Agences
Public enterprises
Private sector
Since december 2009,we notice change due to incorporation of CSS in monetary survey.
since September 2011,we include UNGUKA and AGASEKE into monetary survey.
April-11
May-11
June-11
July-11
August-11
September-11
Table I. 4 : QUARTERLY EVOLUTION OF THE INTEREST RATE
CATEGORIES
2010
December
2011
January
February
March
April
May
June
July
August
September
Deposit rate
7.10
7.51
7.50
7.49
8.65
7.93
8.03
6.83
6.59
6.49
Lending rate
16.94
15.63
16.91
16.59
16.21
16.89
16.97
16.58
16.98
17.01
* -Mop-up
-Injection
5.47
5.95
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
Interbank Market Rate
6.84
6.71
6.74
6.74
6.86
6.92
7.00
6.93
6.87
6.93
Weight average rate on T-bill market :
7.32
7.19
7.02
7.22
7.11
7.04
6.78
6.80
6.74
6.71
28 days
6.29
6.13
6.23
6.40
6.35
6.21
6.11
6.15
6.10
6.27
91 days
6.76
6.38
6.44
6.90
6.84
6.69
6.47
6.35
6.21
6.48
182 days
7.22
7.20
7.14
7.39
7.24
7.18
6.92
7.21
7.16
6.85
364 days
7.68
7.70
7.34
7.58
7.38
7.33
7.21
7.06
7.05
6.98
Tbond 2 yrs
Tbond 3 yrs
10.43
Tbond 5 yrs
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
Money market rate
REPO Rate
Discount rate
T-Bonds market
3 to 12 months BNR liquidity facility
Key Repo Rate
Reverse Repo

* replaced by Repo since september 2008
TABLE I.5.
AVERAGE FOREIGN EXCHANGE RATES FOR MAJOR FOREIGN CURRENCIES (End of period)
CURRENCIES
PERIOD
1USD 1GBP
2006
2007
2008
2009
548.65 1075.69
544.22 1088.33
558.90 810.18
571.24 905.53
2006
January
554.66 980.25
February
554.01 964.54
March
552.91 962.50
April
552.43 988.85
May
551.70 1033.49
June
552.01 1002.67
July
552.50 1027.75
August
551.52 1048.44
September
549.85 1033.78
October
550.70 1047.11
November
550.67 1073.76
December
548.65 1075.69
2007
January
549.40 1079.62
February
547.74 1076.15
March
546.47 1073.60
April
546.10 1091.44
May
545.14 1078.88
547.87 1096.99
June
July
549.06 1111.36
547.86 1099.33
August
September
546.76 1106.70
October
545.86 1127.20
November
545.29 1124.76
December
544.22 1088.33
2008
January
542.92 1082.54
February
544.23 1078.27
March
544.10 1079.72
April
543.60 1073.23
May
542.85 1072.56
June
543.60 1079.92
July
545.67 1080.32
August
548.80 1007.11
September
550.88 1013.62
October
552.19 910.45
November
553.54 848.80
December
558.90 810.18
2009
January
566.04 811.02
February
567.38 808.86
March
569.12 806.16
April
568.07 839.27
May
567.11 905.16
June
568.66 568.66
July
569.07 938.34
August
568.11 927.43
September
568.67 907.88
October
569.30 937.19
November
569.87 945.36
December
571.24 905.53
2010
572.98 930.74
January
February
572.39 876.10
March
573.57 865.22
April
576.38 878.06
May
580.77 846.76
June
588.58 886.05
July
588.83 921.23
August
587.19 908.50
September
589.95 931.89
October
591.31 938.95
November
593.02 924.52
December
594.45 915.22
2011
January
599.38 954.45
February
598.50 963.35
March
600.53 963.97
April
601.74 1002.20
May
598.31 981.94
June
602.42 964.95
July
599.25 978.10
August
599.87 978.87
September
599.98 938.44
1JPY
1DTS
1EURO
1KES
1TZS 1UGS 1ZAR
1BIF 1CMD 1CFA
4.62
4.82
6.19
6.19
824.71
859.04
865.07
892.27
721.59
800.22
792.01
818.41
7.92
8.56
7.20
7.55
0.43
0.48
0.43
0.44
0.32
0.32
0.29
0.30
78.21
80.03
58.89
77.35
0.55
0.48
0.49
0.46
548.65
544.22
558.90
571.24
1.10
1.22
1.21
1.25
4.72
4.77
4.71
4.84
4.91
4.79
4.82
4.71
4.68
4.69
4.74
4.62
800.82
794.29
797.07
809.86
822.47
811.67
818.58
819.84
813.59
816.22
829.31
824.71
670.70
656.73
668.36
688.82
707.82
692.99
702.17
707.00
699.25
700.82
724.63
721.59
7.74
7.63
7.64
7.74
7.60
7.45
7.46
7.58
7.57
7.65
7.84
7.92
0.47
0.47
0.45
0.45
0.44
0.44
0.43
0.42
0.45
0.43
0.42
0.43
0.31
0.30
0.30
0.30
0.30
0.30
0.30
0.30
0.30
0.30
0.30
0.32
90.05
90.26
88.81
90.11
83.94
76.06
80.02
77.48
71.83
73.39
77.29
78.21
0.57
0.57
0.57
0.57
0.56
0.56
0.56
0.56
0.53
0.53
0.53
0.55
554.66
554.01
552.91
552.43
551.70
552.01
552.50
551.52
549.85
550.70
550.67
548.65
1.02
1.00
1.02
1.05
1.08
1.06
1.07
1.08
1.07
1.07
1.10
1.10
4.51
4.59
4.65
4.57
4.55
4.46
4.64
4.75
4.73
4.76
4.96
4.82
819.51
824.57
826.94
833.21
827.08
829.66
840.49
838.60
849.84
856.37
866.87
859.04
711.86
723.89
729.32
744.72
734.95
737.48
750.51
745.69
773.89
785.60
803.48
800.22
7.79
7.90
7.95
7.99
8.13
8.23
8.13
8.18
8.17
8.22
8.58
8.56
0.42
0.43
0.44
0.43
0.44
0.44
0.43
0.43
0.45
0.48
0.46
0.48
0.31
0.31
0.32
0.32
0.32
0.34
0.33
0.31
0.31
0.31
0.32
0.32
76.67
77.42
74.71
78.17
78.32
77.06
78.69
75.42
79.70
82.89
78.39
80.03
0.53
0.53
0.53
0.53
0.51
0.51
0.50
0.50
0.49
0.48
0.48
0.48
549.40
547.74
546.47
546.10
545.14
547.87
549.06
547.86
546.76
545.86
545.29
544.22
1.09
1.10
1.11
1.14
1.12
1.12
1.14
1.14
1.18
1.20
1.22
1.22
5.08
5.11
5.22
5.22
5.16
5.11
5.06
5.03
5.23
5.60
5.80
6.19
864.14
872.16
876.71
883.64
881.26
886.03
884.23
862.66
865.31
830.18
827.06
865.07
804.40
821.40
827.03
846.66
844.62
856.01
850.42
810.75
803.51
721.71
716.78
792.01
7.43
8.04
8.15
8.73
8.75
8.40
8.10
7.97
7.47
6.94
7.11
7.20
0.47
0.47
0.47
0.45
0.45
0.46
0.47
0.47
0.47
0.43
0.44
0.43
0.32
0.32
0.32
0.32
0.33
0.33
0.33
0.34
0.33
0.28
0.28
0.29
74.94
72.37
70.47
71.81
71.05
68.59
73.84
71.13
67.47
55.89
55.58
58.89
0.48
0.48
0.48
0.48
0.48
0.48
0.48
0.48
0.48
0.48
0.49
0.49
542.92
544.23
544.35
543.60
542.85
543.60
545.67
548.80
550.88
552.19
553.54
558.90
1.23
1.25
1.26
1.29
1.29
1.30
1.30
1.24
1.22
1.10
1.09
1.21
6.31
5.80
5.88
5.86
5.85
5.96
5.98
6.05
6.32
6.27
6.38
6.19
851.73
835.58
848.04
851.17
870.60
881.59
882.67
888.47
897.11
902.57
911.17
892.27
743.15
725.06
749.48
752.58
787.26
798.96
800.46
815.46
827.81
835.91
849.38
818.41
7.13
7.12
7.07
7.23
7.26
7.38
7.43
7.45
7.54
7.57
7.62
7.55
0.44
0.43
0.43
0.43
0.43
0.44
0.43
0.44
0.44
0.44
0.43
0.44
0.28
0.29
0.26
0.26
0.25
0.27
0.27
0.28
0.29
0.30
0.30
0.30
57.18
57.02
58.49
66.44
68.44
72.90
71.84
73.16
76.64
72.76
75.92
77.35
0.50
0.50
0.46
0.47
0.47
0.47
0.46
0.46
0.46
0.46
0.47
0.46
566.04
567.38
569.12
568.07
567.11
568.66
569.07
568.11
568.67
569.30
569.87
571.24
1.14
1.11
1.14
1.15
1.20
1.22
1.22
1.24
1.26
1.27
1.29
1.25
6.35
6.40
6.20
6.13
6.37
6.63
6.78
6.93
7.05
7.27
7.05
7.24
891.88
875.39
871.56
869.38
856.24
868.24
896.00
886.15
915.77
928.10
908.13
911.40
801.94
772.50
772.99
763.41
720.79
717.54
770.43
744.91
802.51
818.97
780.83
780.10
7.51
7.44
7.42
7.44
7.28
7.20
7.30
7.27
7.29
7.33
7.39
7.37
0.43
0.43
0.43
0.43
0.42
0.43
0.43
0.40
0.40
0.40
0.40
0.41
0.29
0.28
0.28
0.29
0.26
0.26
0.26
0.26
0.26
0.26
0.26
0.26
75.74
73.38
77.98
78.42
76.47
77.19
80.44
80.38
84.76
84.41
83.02
89.05
0.46
0.47
0.47
0.47
0.47
0.48
0.48
0.48
0.48
0.48
0.48
0.48
572.98
572.39
573.57
576.38
580.77
588.58
588.83
587.19
589.95
591.31
593.02
594.45
1.22
1.18
1.18
1.16
1.10
1.09
1.17
1.14
1.22
1.25
1.19
1.19
7.29
7.31
7.22
7.37
7.38
7.43
7.71
7.80
7.82
936.31
938.02
946.39
971.84
951.43
960.87
960.08
966.03
942.76
822.35
825.03
846.08
891.48
850.91
869.23
856.63
866.04
816.82
7.40
7.31
7.16
7.17
6.92
6.62
6.64
6.48
6.32
0.40
0.40
0.40
0.40
0.39
0.38
0.38
0.38
0.37
0.26
0.26
0.25
0.25
0.25
0.24
0.23
0.21
0.21
84.40
85.70
87.68
90.56
86.29
87.92
89.71
84.79
76.58
0.49
0.49
0.49
0.49
0.49
0.49
0.49
0.49
0.49
599.38
598.50
600.53
601.74
598.31
602.42
599.25
599.87
599.98
1.25
1.26
1.29
1.36
1.30
1.33
1.31
1.32
1.25
TABLE I. 5(Cont.)
AVERAGE FOREIGN EXCHANGE RATES FOR MAJOR FOREIGN CURRENCIES (Simple average)
CURRENCIES 1USD
1GBP
1JPY
1DTS
1EURO
1KES
1TZS
1UGS
1ZAR
1BIF
1CMD
1CFA
PERIOD
2006
January
February
March
April
May
June
July
August
September
October
November
December
554.33
553.39
552.89
552.41
551.93
552.13
551.63
551.68
550.77
550.01
550.25
549.57
977.02
966.73
964.61
974.42
1030.28
1019.17
1016.51
1043.61
1039.81
1030.53
1050.09
1078.92
4.80
4.69
4.72
4.72
4.94
4.82
4.77
4.77
4.70
4.64
4.69
4.69
801.51
794.26
795.67
801.19
821.26
816.43
814.96
820.35
816.25
810.44
818.68
828.69
669.98
660.66
664.21
676.19
703.86
699.54
699.59
706.71
701.70
693.85
707.01
725.53
7.65
7.72
7.63
7.75
7.68
7.55
7.50
7.56
7.56
7.61
7.72
7.89
0.47
0.47
0.46
0.45
0.45
0.44
0.44
0.43
0.42
0.44
0.42
0.43
0.31
0.30
0.30
0.30
0.30
0.30
0.30
0.30
0.30
0.30
0.30
0.31
90.78
90.35
88.89
90.90
87.70
79.59
77.75
79.52
74.51
71.78
75.72
78.04
0.57
0.57
0.57
0.57
0.56
0.56
0.56
0.56
0.54
0.52
0.53
0.54
554.33
553.39
552.89
552.41
551.93
552.13
551.63
551.68
550.77
550.01
550.24
549.57
1.02
1.01
1.01
1.03
1.07
1.07
1.07
1.08
1.07
1.06
1.08
1.11
January
February
March
April
May
June
July
August
September
October
November
December
549.21
548.18
546.93
546.50
546.04
546.03
548.87
548.43
547.28
546.21
545.29
544.22
1075.84
1073.46
1065.50
1085.57
1083.32
1083.27
1115.75
1102.57
1103.40
1115.49
1130.66
1102.54
4.57
4.54
4.66
4.60
4.53
4.46
4.51
4.70
4.75
4.71
4.91
4.86
821.27
820.63
824.53
830.39
828.92
825.14
839.05
838.86
844.20
851.04
865.05
858.88
714.59
716.16
724.15
737.46
738.05
732.25
752.39
747.01
759.03
776.61
799.69
794.22
7.88
7.88
7.89
7.96
8.10
8.20
8.19
8.20
8.16
8.18
8.33
8.61
0.43
0.42
0.43
0.43
0.43
0.43
0.43
0.43
0.44
0.47
0.48
0.47
0.31
0.31
0.31
0.32
0.32
0.33
0.33
0.32
0.31
0.31
0.32
0.32
76.86
76.59
74.56
76.76
78.08
76.14
78.86
76.08
76.74
80.65
81.90
79.90
0.55
0.53
0.53
0.53
0.52
0.51
0.50
0.50
0.50
0.49
0.48
0.48
549.21
548.18
546.93
546.50
546.04
546.03
548.87
548.43
547.28
546.21
545.56
544.81
1.09
1.09
1.10
1.12
1.13
1.12
1.15
1.14
1.16
1.18
1.22
1.21
January
February
March
April
May
June
July
August
September
October
November
December
543.84
543.59
544.25
543.92
543.08
543.06
544.37
547.50
549.54
551.35
552.73
554.97
1071.68
1066.91
1089.83
1077.74
1067.36
1066.08
1083.04
1038.83
988.71
937.42
850.86
827.52
5.03
5.07
5.39
5.32
5.21
5.08
5.10
5.01
5.14
5.50
5.70
6.07
861.20
861.53
887.52
890.66
881.94
878.93
888.18
869.30
855.52
836.82
819.75
842.20
800.29
800.81
843.66
857.98
845.05
843.87
859.64
822.49
790.90
737.90
704.27
743.87
8.07
7.83
8.42
8.73
8.76
8.54
8.16
8.08
7.69
7.22
7.08
7.11
0.47
0.47
0.46
0.45
0.45
0.46
0.47
0.47
0.47
0.45
0.44
0.43
0.32
0.32
0.32
0.32
0.33
0.34
0.33
0.34
0.34
0.31
0.30
0.28
78.13
71.06
68.44
69.62
71.30
68.60
71.34
71.73
68.53
57.58
54.75
55.46
0.48
0.48
0.48
0.48
0.47
0.48
0.48
0.48
0.48
0.48
0.49
0.49
543.84
543.58
544.25
543.92
543.08
543.06
544.37
547.50
549.54
551.35
552.73
554.97
1.22
1.22
1.29
1.31
1.29
1.29
1.31
1.25
1.21
1.13
1.07
1.13
January
February
March
April
May
June
July
August
September
October
November
December
564.19
566.80
568.53
568.50
567.21
567.97
569.28
568.04
568.80
569.44
569.87
570.59
818.69
819.40
806.32
833.80
872.06
911.11
930.39
940.25
929.48
920.91
945.36
927.33
6.24
6.16
5.82
5.76
5.86
5.88
6.03
5.98
6.21
6.32
6.38
6.38
811.25
843.40
842.58
847.85
861.30
877.37
883.50
885.99
896.70
905.09
911.17
903.76
751.34
726.52
739.97
749.48
771.60
796.07
801.88
809.75
826.78
843.29
849.38
835.43
7.14
7.13
7.08
7.13
7.29
7.29
7.42
7.44
7.52
7.57
7.62
7.57
0.42
0.43
0.43
0.43
0.43
0.44
0.43
0.44
0.44
0.44
0.43
0.43
0.29
0.30
0.28
0.26
0.25
0.26
0.28
0.27
0.29
0.30
0.30
0.30
57.19
56.78
56.93
62.96
67.60
70.52
71.68
71.52
75.49
76.28
75.92
76.24
0.52
0.50
0.47
0.46
0.47
0.47
0.47
0.46
0.46
0.46
0.47
0.46
564.19
566.98
568.38
568.50
567.21
567.97
569.28
568.04
568.15
569.44
569.87
570.44
1.15
1.11
1.13
1.14
1.18
1.21
1.22
1.23
1.26
1.29
1.29
1.27
January
February
March
April
May
June
July
August
September
October
November
December
572.14
572.78
572.62
574.00
578.63
584.38
589.39
588.97
588.35
590.17
592.37
593.78
925.31
894.64
861.87
879.63
850.49
861.02
900.23
920.83
915.29
935.82
947.54
926.05
6.26
6.35
6.33
6.13
6.27
6.42
6.73
6.88
6.97
7.20
7.20
7.12
895.74
880.64
874.94
870.93
857.15
857.80
886.12
893.13
897.49
925.91
925.46
911.33
818.10
783.17
777.53
770.38
729.81
713.67
752.66
759.07
767.91
819.28
812.37
784.12
7.55
7.46
7.45
7.42
7.38
7.23
7.23
7.33
7.27
7.30
7.37
7.37
0.43
0.43
0.43
0.43
0.43
0.42
0.43
0.41
0.40
0.40
0.40
0.41
0.30
0.29
0.27
0.28
0.27
0.26
0.26
0.26
0.26
0.26
0.26
0.26
76.91
74.97
77.20
77.99
75.82
76.56
77.98
80.70
82.47
85.45
84.99
86.63
0.46
0.47
0.47
0.47
0.47
0.47
0.48
0.48
0.48
0.48
0.48
0.48
572.14
572.78
572.62
574.00
578.63
584.38
589.39
588.97
588.35
591.09
592.37
593.78
1.25
1.19
1.19
1.17
1.11
1.09
1.15
1.16
1.17
1.25
1.24
1.20
January
596.75
February
600.24
March
599.53
April
601.27
May
599.28
June
600.00
July
600.35
August
599.75
September
599.84
939.46
967.47
969.66
982.15
979.81
974.24
969.56
981.83
949.47
7.23
7.27
7.34
7.22
7.39
7.45
7.57
7.78
7.81
921.62
936.07
945.49
957.07
956.14
958.23
957.75
963.57
948.30
796.76
818.70
838.94
867.09
860.98
863.18
857.12
860.21
828.69
7.37
7.38
7.13
7.17
7.03
6.77
6.66
6.57
6.40
0.41
0.40
0.40
0.40
0.40
0.38
0.38
0.38
0.37
0.26
0.26
0.25
0.25
0.25
0.25
0.24
0.22
0.22
86.49
83.17
86.37
88.91
87.23
88.17
88.24
85.27
80.31
0.49
0.49
0.49
0.49
0.49
0.49
0.49
0.50
0.49
596.75
600.24
599.53
601.27
599.28
600.00
608.26
609.20
599.84
1.21
1.25
1.28
1.32
1.31
1.32
1.31
1.31
1.26
2007
2008
2009
2010
2011
II. FINANCES PUBLIQUES/PUBLIC FINANCE
TABLE II.1: Operations of the Central Government (in RWF million )

Denomination
January-11 February-11 March-11
Revenue and grants

Total revenue
Tax revenue
Direct Taxes
Tax on goods and sevices
Tax on International Trade
Non -Tax revenue
Total Grants
Budgetary grants
Capital Grants
Total expenditure and net lending
Current Expenditures
Wages and salaries
Civil
Defense
Purchases of goods and services
Civil
Defense
Interests payment
Domestic interests ( paid)
External interest ( paid)
Transfers
Exceptional Social Exependiture
Of which: Assistance to victimes of genocide
Demobilisation / Reintegration
Peace keeping operations
Capital expenditure
Domestic
Foreign revenue
Net lending
40,372.3
40,372.3
38,839.3
12,880.6
21,822.2
4,136.5
1,533.0
0.0
0.0
0.0
64,438.9
56,695.4
12,666.4
9,926.7
2,739.8
10,898.8
9,966.7
932.1
730.6
295.0
435.6
25,683.1
6,716.5
1,763.7
98.0
2,727.3
22,111.3
22,111.3
0.0
-14,367.8
37,643.1
32,462.8
31,636.7
10,114.1
19,162.6
2,360.0
826.1
5,180.4
5,180.4
0.0
45,758.4
32,663.1
6,599.8
3,890.9
2,708.9
8,173.3
7,276.0
897.3
613.6
603.5
10.1
11,817.0
5,459.4
1,826.9
60.6
3,499.1
11,667.2
11,667.2
0.0
1,428.2
77,967.2
51,692.2
49,993.2
25,939.8
19,557.6
4,495.8
1,699.1
26,274.9
825.9
25,449.0
132,035.7
32,521.7
9,922.5
7,212.7
2,709.8
6,360.2
5,668.1
692.0
1,872.0
944.9
927.2
12,446.3
1,920.8
14.5
122.2
1,623.1
95,749.9
16,764.1
78,985.8
3,764.1
Primary deficit ( including exceptional expenditures)
-37,703.8
-11,253.9
4,278.4
Primary deficit ( excluding exceptional expenditures)

Overal deficit(Payment order) : Including grants
Excluding grants
Change in arrears ( net reduction)
Domestic
External
Deficit ( cash basis)
Financing
Foreign Financing (net)
Drawings
Budgetary loans
Project loans
Amortization (due)
Domestic Financing
Banking system ( monetary survey)
Non Bank ( Net)
Government Securities ( Net)
Non Bank T/Bills
Non Bank T/Bonds
Non Bank Sector Debt Repayment
-31,717.9
-24,066.6
-24,066.6
27,045.4
27,045.4
-6,408.1
-8,115.3
-13,295.7
254.9
254.9
4,327.2
-54,068.5
-80,343.5
-2,412.1
-2,412.1
2,978.8
-2,978.8
-1,158.8
0.0
0.0
0.0
-1,158.8
-1,820.0
8,800.0
-1,770.7
189.8
189.8
0.0
-1,960.5
-8,849.3
-7,860.5
7,860.5
-101.1
0.0
0.0
0.0
-101.1
7,961.6
-500.0
-6,934.8
242.0
-251.9
493.9
-7,176.8
15,396.4
-56,480.6
56,480.6
19,235.1
19,836.2
0.0
19,836.2
-601.1
37,245.5
24,400.0
-849.7
-13.5
-13.5
0.0
-836.2
13,695.2
Errors and ommisions/ Adjustment-Deposit drawdown

Footnote: Quarter 3 - 2011
1. Capital grants figures and foreign financed expenditures are estimates.
2. Errors and ommisions/ Adjustment-Deposit drawdown are estimates pending reconciliation of fiscal and monetary numbers
Source: MINECOFIN
Quarter 1 - 2011
April-11
155,982.6 105,600.7
124,527.3 37,733.0
120,469.1 36,662.5
48,934.5 13,154.3
60,542.3 20,508.9
10,992.3
2,999.3
4,058.1
1,070.6
31,455.3 67,867.7
6,006.3 67,867.7
25,449.0
0.0
242,233.0 86,553.4
121,880.3 62,315.8
29,188.7 14,683.3
21,030.2 11,940.2
8,158.4
2,743.2
25,432.3 17,885.4
22,910.8 15,917.8
2,521.4
1,967.6
3,216.2
1,767.7
1,843.4
1,434.4
1,372.9
333.3
49,946.5 21,964.0
14,096.7
6,015.4
3,605.1
2,677.0
280.7
161.4
7,849.5
1,753.6
129,528.3 22,312.0
50,542.5 22,312.0
78,985.8
0.0
-9,175.5
1,925.6
May-11
June-11
Quarter 2 - 2011
July-11
August-11 September-11 Quarter 3 - 2011
43,087.9
42,271.1
40,415.7
15,050.5
22,770.3
2,594.9
1,855.4
816.8
816.8
0.0
94,541.7
61,270.8
10,442.6
7,852.5
2,590.1
18,222.9
16,843.7
1,379.2
426.5
262.1
164.5
21,649.0
10,529.8
542.0
0.0
4,776.2
33,052.9
33,052.9
0.0
218.0
90,474.5
52,966.0
48,833.6
21,799.8
23,725.4
3,308.4
4,132.4
37,508.5
13,057.5
24,451.0
83,437.8
25,435.2
7,347.9
6,343.4
1,004.5
7,028.4
5,121.4
1,907.0
2,455.5
1,993.1
462.4
8,208.4
395.1
16.0
0.0
299.5
57,496.1
5,190.7
52,305.4
506.5
239,163.0
132,970.1
125,911.7
50,004.5
67,004.6
8,902.6
7,058.4
106,192.9
81,741.9
24,451.0
264,532.9
149,021.8
32,473.8
26,136.1
6,337.7
43,136.7
37,883.0
5,253.7
4,649.7
3,689.5
960.2
51,821.3
16,940.3
3,235.0
161.4
6,829.3
112,861.0
60,555.6
52,305.4
2,650.1
76,624.3
36,166.1
35,183.9
11,608.5
20,964.7
2,610.7
982.2
40,458.2
40,458.2
0.0
53,995.8
43,389.1
12,260.2
9,381.4
2,878.8
9,920.6
8,782.2
1,138.4
565.1
10.0
555.1
13,804.9
6,838.3
82,803.2
43,228.6
41,680.9
13,510.9
23,661.8
4,508.2
1,547.7
39,574.6
39,574.6
0.0
87,810.2
64,634.5
11,184.9
8,549.6
2,635.3
25,550.9
24,180.0
1,370.9
69.3
9.3
60.0
22,119.2
5,710.2
123,533.8
65,558.1
46,946.8
20,044.8
23,949.2
2,952.8
18,611.3
57,975.7
29,575.7
28,400.0
78,437.3
37,421.7
9,577.2
6,504.3
3,072.9
11,482.7
9,938.7
1,544.0
901.4
386.0
515.4
11,237.5
4,222.9
8,207.2
8,207.2
0.0
2,399.5
19,797.1
19,797.1
0.0
3,378.6
66,698.1
19,398.1
47,300.0
-25,682.5
282,961.3
144,952.8
123,811.6
45,164.2
68,575.7
10,071.7
21,141.2
138,008.5
109,608.5
28,400.0
220,243.3
145,445.3
33,022.3
24,435.3
8,587.0
46,954.2
42,900.9
4,053.3
1,535.8
405.3
1,130.5
47,161.6
16,771.4
0.0
0.0
0.0
94,702.4
47,402.4
47,300.0
-19,904.4
-45,127.1
-51,626.1
24,795.6
-71,957.6
-14,865.1
-41,133.7
9,639.7
-46,359.1
-33,798.8 -40,879.4
-86,250.5 19,047.3
-117,705.8 -48,820.4
24,888.2 16,939.4
24,888.2 16,939.4
0.0
-61,362.3 35,986.7
61,362.3 -35,986.7
17,975.2
-155.4
19,836.2
0.0
0.0
0.0
19,836.2
0.0
-1,861.0
-155.4
43,387.1 -35,831.3
32,700.0 -51,200.0
-9,555.3
-3,601.2
418.3
398.8
-75.6
398.8
493.9
0.0
-9,973.6
-4,000.0
20,242.3 18,969.9
-41,522.8
-51,453.9
-52,270.6
308.0
308.0
22,735.2
7,036.6
-30,471.8
-46,825.3
-46,825.3
-8,591.9
22,628.5
-17,829.7
-854.5
-854.5
-35,492.8
-5,007.0
-44,581.6
27,566.5
27,566.5
12,961.2
45,096.5
-12,879.2
-27,370.0
-27,370.0
-51,145.9
51,145.9
20,975.8
21,355.4
21,355.4
0.0
-379.5
30,170.1
59,600.0
-734.4
-342.2
-342.2
0.0
-392.2
-28,695.5
-39,788.7
39,788.7
11,376.8
13,678.3
0.0
13,678.3
-2,301.5
28,411.8
42,200.0
-1,105.5
4.0
4.0
0.0
-1,109.5
-12,682.7
-59,667.0
-25,369.9
-131,562.8
-29,578.0
-29,578.0
0.0
-54,947.9
54,947.9
32,197.3
35,033.7
21,355.4
13,678.3
-2,836.4
22,750.6
50,600.0
-5,441.1
60.6
60.6
0.0
-5,501.7
-22,408.3
21,774.0
-21,774.0
-1,058.3
0.0
0.0
0.0
-1,058.3
-20,715.6
-17,100.0
84.5
133.5
133.5
0.0
-49.0
-3,700.1
22,559.5
-22,559.5
-168.2
0.0
0.0
0.0
-168.2
-22,391.3
-23,600.0
-109.1
-59.4
-79.9
20.5
-49.7
1,317.8
17,726.5
-17,726.5
18,524.1
18,900.0
0.0
18,900.0
-375.9
-36,250.6
-25,700.0
472.3
472.3
472.3
0.0
0.0
-11,022.9
-31,123.5
62,718.0
-75,290.5
-658.0
-658.0
0.0
62,060.0
-62,060.0
17,297.6
18,900.0
0.0
18,900.0
-1,602.4
-79,357.5
-66,400.0
447.7
546.4
525.9
20.5
-98.7
-13,405.2
-44,679.3
TABLE II.2: Development of current revenue of the Government Budget

( in Rwf million )
FISCAL REVENUE
PERIOD
Taxes on Incomes Property taxes*
Taxes on goods
and services
Taxes on
International
Trade
Non Tax revenue
Total Revenue
2001
23,900.5
612.5
41,045.3
13,956.5
6,691.2
86,206.0
2002
29,499.8
748.8
47,852.1
16,705.1
6,595.2
101,401.0
2003
34,402.8
675.4
57,460.2
22,113.1
7,690.9
122,342.5
2004
37,427.0
665.3
71,430.4
25,601.7
12,320.9
147,445.3
2005
50,688.2
749.3
82,905.7
28,205.5
17,732.6
180,281.3
2006
64,536.1
828.1
95,536.7
30,284.6
14,564.9
205,750.4
2007
85,754.7
121,143.6
31,047.6
14,228.3
252,174.2
2008
123,073.3
161,697.6
43,923.6
52,284.4
380,978.9
2009
136,456.9
183,697.7
42,662.4
16,544.3
379,361.3
2010
162,027.4
216,802.5
33,958.8
18,122.8
430,911.6
1st Quarter
31,431.4
46,163.2
13,533.9
2,948.5
94,077.0
2009
January
8,304.1
15,978.4
3,767.5
1,269.7
29,319.7
February
8,040.1
16,263.3
4,687.8
959.8
29,951.0
March
15,087.2
13,921.5
5,078.6
719.0
2nd Quarter
36,534.7
42,808.0
13,084.9
7,195.2
34,806.3
99,622.8
April
8,524.1
14,378.9
4,419.8
1,844.9
29,167.7
May
9,523.8
13,683.2
3,899.3
2,605.8
29,712.1
June
18,486.8
14,745.9
4,765.8
2,744.5
40,743.0
3rd Quarter
32,310.1
46,286.3
7,626.1
3,353.9
89,576.4
July
8,480.2
15,043.3
2,985.6
748.8
27,257.9
August
8,616.3
15,857.3
2,649.4
670.6
27,793.6
September
15,213.6
15,385.7
1,991.1
1,934.5
34,524.9
36,180.7
48,440.2
8,417.5
3,046.7
96,085.1
4th Quarter
October
8,362.4
15,346.2
2,941.0
624.7
27,274.3
November
9,810.5
16,407.5
3,163.5
1,084.7
30,466.2
December
18,007.8
16,686.5
2,313.0
1,337.3
38,344.6
Total Annual
136,456.9
183,697.7
42,662.4
16,544.3
379,361.3
1st Quarter
43,081.0
49,580.2
8,617.1
3,297.4
104,575.7
2010
January
9,752.4
16,554.8
2,800.7
657.0
29,764.9
February
9,741.0
15,553.7
2,222.0
692.2
28,208.9
March
23,587.6
17,471.7
3,594.4
1,948.1
2nd Quarter
37,182.1
49,756.9
7,476.4
5,319.2
46,601.8
99,734.6
April
10,657.1
16,358.3
2,575.8
1,284.1
30,875.3
May
10,450.2
15,688.1
2,134.7
2,910.3
31,183.3
June
3rd Quarter
16,074.8
39,357.4
17,710.5
55,654.4
2,765.9
8,755.8
1,124.9
4,653.6
37,676.1
108,421.2
July
10,807.9
17,634.3
2,683.4
740.8
August
12,054.1
19,058.6
2,846.4
2,293.5
36,252.6
September
16,495.4
18,961.5
3,226.0
1,619.3
40,302.2
4th Quarter
42,406.9
61,811.0
9,109.5
4,852.6
31,866.4
118,180.0
October
11,353.4
19,161.0
2,300.9
1,573.7
34,389.0
November
11,421.5
20,310.8
3,477.5
2,119.3
37,329.1
December
19,632.0
22,339.2
3,331.1
1,159.6
46,461.9
Total Annual
162,027.4
216,802.5
33,958.8
18,122.8
430,911.6
1st Quarter
48,934.5
60,542.3
10,992.3
4,058.1
124,527.3
2011
January
12,880.6
21,822.2
4,136.5
1,533.0
40,372.3
February
10,114.1
19,162.6
2,360.0
826.1
32,462.8
March
25,939.8
19,557.6
4,495.8
1,699.1
2nd Quarter
50,004.5
67,004.6
8,902.6
7,058.4
51,692.2
132,970.1
April
13,154.3
20,508.9
2,999.3
1,070.6
37,733.0
May
15,050.5
22,770.3
2,594.9
1,855.4
42,271.1
June
3rd Quarter
21,799.8
45,164.2
23,725.4
68,575.7
3,308.4
10,071.7
4,132.4
21,141.2
52,966.0
144,952.8
July
11,608.5
20,964.7
2,610.7
982.2
36,166.1
August
13,510.9
23,661.8
4,508.2
1,547.7
43,228.6
September
20,044.8
23,949.2
2,952.8
18,611.3
65,558.1
Property taxes*: Decentralised since 2007
Source : MINECOFIN
TABLE II.3: Development of current expenditure of the government Budget

(in RWF million )
Types of Expenditure
Period
Goods and
services
Wages and
salaries
Interests
payment
Transfers
Exceptional
Expenditure
Total
Expenditure
2001
30,620.5
39,266.4
6,300.0
15,205.7
15,100.0
106,492.6
2002
35,157.3
40,822.3
7,769.5
20,368.2
28,565.9
132,683.2
2003
45,304.6
44,011.4
10,178.1
22,010.1
41,612.6
163,116.8
2004
50,329.0
52,414.1
11,909.8
40,660.2
19,534.9
174,848.0
2005
64,466.6
51,205.1
10,537.5
53,538.7
35,381.3
215,129.2
2006
71,634.9
62,194.5
11,439.6
72,564.4
33,474.9
251,308.3
2007
77,982.1
73,720.6
10,980.8
103,595.3
46,948.6
313,227.4
2008
80,326.9
84,178.7
12,612.3
130,445.8
60,937.8
368,501.4
2009
104,806.5
97,402.3
11,412.2
162,440.2
48,311.8
424,372.9
2010
118,660.1
116,374.3
14,675.3
189,526.1
61,730.0
500,965.7
1st Quarter
27,449.9
22,918.1
1,755.9
41,853.6
14,965.9
108,943.3
January
11,639.9
9,426.5
328.0
15,508.6
2,927.1
39,830.0
February
7,293.7
6,140.6
48.0
10,249.5
3,214.8
26,946.6
March
8,516.3
7,351.1
1,379.8
16,095.5
8,824.0
42,166.7
2nd Quarter
31,236.1
23,832.7
2,891.0
33,300.3
6,703.6
97,963.7
April
11,402.5
9,929.9
671.7
18,675.7
5,400.3
46,080.1
2009
May
9,995.8
6,845.7
89.4
9,867.4
885.5
27,683.9
June
9,837.8
7,057.1
2,129.8
4,757.3
417.8
24,199.8
3rd Quarter
22,479.7
25,051.8
3,198.7
41,198.4
15,444.4
107,372.9
July
9,090.2
10,289.0
796.5
16,087.9
2,546.1
38,809.7
August
8,815.3
7,629.8
1,315.6
14,455.3
2,821.2
35,037.3
September
4,574.1
7,133.0
1,086.6
10,655.2
10,077.1
33,526.0
4th Quarter
23,640.8
25,599.7
3,566.6
46,087.9
11,197.9
110,092.9
51,814.7
October
9,306.4
11,075.3
1,723.7
24,022.2
5,687.0
November
8,240.9
7,241.9
1,413.8
11,948.8
2,499.8
31,345.1
December
6,093.5
7,282.5
429.1
10,116.9
3,011.2
26,933.1
Annual total
104,806.5
97,402.3
11,412.2
162,440.2
48,311.8
424,372.9
119,153.0
2010
1st Quarter
30,350.4
26,558.4
3,237.8
44,964.6
14,041.9
January
10,967.4
10,797.6
603.2
19,583.1
9,381.4
51,332.8
February
7,230.9
5,559.1
447.9
9,158.7
3,683.4
26,080.0
March
12,152.1
10,201.7
2,186.7
16,222.7
977.1
41,740.2
2nd Quarter
30,728.8
29,631.1
3,776.8
48,443.1
10,837.8
123,417.6
April
9,362.6
11,001.0
1,117.8
20,389.4
1,399.6
43,270.5
May
16,880.7
8,222.4
316.5
17,304.6
5,658.0
48,382.3
June
4,485.5
10,407.7
2,342.5
10,749.1
3,780.1
31,764.9
3rd Quarter
24,620.1
28,869.2
3,646.4
49,370.3
18,206.7
124,712.7
July
5,747.9
10,117.9
876.0
13,429.8
4,116.5
34,288.1
August
10,293.1
9,834.6
1,334.3
18,046.8
10,588.7
50,097.5
September
8,579.2
8,916.6
1,436.1
17,893.8
3,501.5
40,327.1
4th Quarter
32,960.8
31,315.7
4,014.3
46,748.1
18,643.6
133,682.4
52,639.4
October
13,053.2
12,676.7
1,033.6
17,889.8
7,986.2
November
11,618.6
9,361.3
1,366.4
16,191.2
5,016.8
43,554.3
December
8,289.0
9,277.7
1,614.3
12,667.1
5,640.6
37,488.7
Annual total
118,660.1
116,374.3
14,675.3
189,526.1
61,730.0
500,965.7
121,880.3
2011
1st Quarter
25,432.3
29,188.7
3,216.2
49,946.5
14,096.7
January
10,898.8
12,666.4
730.6
25,683.1
6,716.5
56,695.4
February
8,173.3
6,599.8
613.6
11,817.0
5,459.4
32,663.1
March
6,360.2
9,922.5
1,872.0
12,446.3
1,920.8
32,521.7
2nd Quarter
43,136.7
32,473.8
4,649.7
51,821.3
16,940.3
149,021.8
April
17,885.4
14,683.3
1,767.7
21,964.0
6,015.4
62,315.8
May
18,222.9
10,442.6
426.5
21,649.0
10,529.8
61,270.8
June
7,028.4
7,347.9
2,455.5
8,208.4
395.1
25,435.2
3rd Quarter
46,954.2
33,022.3
1,535.8
47,161.6
16,771.4
145,445.3
July
9,920.6
12,260.2
565.1
13,804.9
6,838.3
43,389.1
August
25,550.9
11,184.9
69.3
22,119.2
5,710.2
64,634.5
11,482.7
9,577.2
901.4
11,237.5
4,222.9
37,421.7
September
Source: MINECOFIN
Table II.4 : Monthly Situation of the Treasury Bills and Government bonds * ( in Rwf million )
Dec-10
Denomination
Treasury
Outstanding of Treasury Bills(end of period)
Banks (Recapitalisation included)
Non Banks
Government Bonds / BNR
Banks
Non Banks
Government Bonds / MINECOFIN
Banks
Non Banks
Old Government Bonds / Restructured
Banks
Non Banks
CONSOLIDATED DEBT (CSR restructured debt)
* Old bonds for arrears excluded

Source: 1. BNR-Financial Markets Department
2. MINECOFIN
54,462.0
Jan-11
BNR
Treasury
1,538.0
54,121.40
1,500.00
340.60
38.00
15,000.0
0.0
13,636.34
1,363.66
53,331.2
Feb-11
BNR
Treasury
3,538.0
52,800.80
3,500.00
530.40
38.00
15,000.0
0.0
13,636.34
1,363.66
57,531.2
Mar-11
BNR
Treasury
5,538.0
57,252.70
5,500.00
278.50
38.00
12,500.0
0.0
11,630.30
869.70
71,762.0
Apr-11
BNR
Treasury
1,788.0
71,497.00
1,728.60
265.00
59.40
12,500.0
0.0
11,630.30
869.70
72,104.5
May-11
BNR
Treasury
1,758.0
71,440.70
1,728.60
663.80
29.40
12,500.0
0.0
11,630.30
869.70
72,104.5
Jun-11
BNR
Treasury
1,758.0
71,782.90
1,728.60
321.60
29.40
12,500.0
0.0
11,630.30
869.70
75,102.7
Jul-11
BNR
Treasury
1,758.0
74,807.10
1,728.60
295.60
29.40
12,500.0
0.0
11,630.30
869.70
81,910.7
Aug-11
BNR
Treasury
1,758.0
81,481.60
1,728.60
429.10
29.40
12,500.0
0.0
11,630.30
869.70
79,660.8
Sep-11
BNR
Treasury
1,758.0
79,311.60
1,728.60
349.20
29.40
12,500.0
0.0
11,630.30
869.70
64,719.9
BNR
11,748.7
63,898.40
11,702.30
821.50
46.40
12,500.0
0.0
11,630.30
869.70
5,922.3
0.0
5,877.1
0.0
5,151.7
0.0
4,998.0
0.0
4,950.6
0.0
4,558.0
0.0
4,402.1
0.0
3,820.4
0.0
3,769.7
0.0
3,611.9
0.0
5,577.33
0.00
5,532.12
0.00
4,806.77
0.00
4,653.06
0.00
4,605.68
0.00
4,557.96
0.00
4,402.08
0.00
3,820.35
0.00
3,769.66
0.00
3,611.86
0.00
0.00
344.93
0.00
344.93
0.00
344.93
0.00
344.93
0.00
344.93
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,564.9
0.0
1,564.9
0.0
1,564.9
0.0
1,564.9
0.0
1,564.9
0.0
1,564.9
0.0
1,564.9
0.0
1,564.9
0.0
1,564.9
0.0
1,564.9
0.0
633.59
0.00
633.59
0.00
633.59
0.00
633.59
0.00
633.59
0.00
633.59
0.00
633.59
0.00
633.59
0.00
654.07
0.00
654.07
0.00
931.34
0.00
931.34
0.00
931.34
0.00
931.34
0.00
931.34
0.00
931.34
0.00
931.34
0.00
931.34
0.00
910.87
0.00
910.87
0.00
53,900.0
0.0
53,900.0
0.0
53,900.0
0.0
53,900.0
0.0
49,900.0
0.0
49,900.0
0.0
49,900.0
0.0
49,900.0
0.0
49,900.0
0.0
49,900.0
0.0
III. PRIX ET PRODUCTION/PRICE AND PRODUCTION
TABLE III.1
MONTHLY EVOLUTION OF CONSUMER PRICE INDEX

(For the general index and the divisions index)
Base 100 : February 2009
2009
Weights
2011
2010
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
3,538
97.4
100.0
102.0
101.5
99.4
98.1
98.9
101.2
105.4
107.4
109.1
106.2
103.8
102.1
103.1
104.0
104.5
104.6
102.5
102.7
106.1
104.4
105.8
103.3
101.8
103.0
107.5
110.5
109.4
112.1
113.4
113.3
112.8
114.4
- Bread and cereals
733
99.3
100.0
101.7
99.0
98.1
97.6
98.3
96.6
95.3
95.9
98.6
100.9
102.5
100.4
99.8
97.6
96.4
94.6
90.8
87.5
87.4
85.8
89.0
90.2
90.3
91.4
96.1
100.2
103.9
110.2
108.6
108.2
108.0
107.7
- Meat
274
98.7
100.0
99.2
99.9
99.7
95.6
96.4
92.8
93.6
94.5
95.3
95.4
94.5
95.2
93.8
94.8
94.7
94.8
95.1
95.5
96.4
99.0
99.2
100.2
100.6
101.0
100.9
102.3
101.5
101.9
102.3
105.1
106.7
108.5
- Fish
83
98.8
100.0
101.0
100.4
101.4
101.1
99.7
97.5
102.4
105.6
102.3
104.2
102.5
103.8
102.9
105.8
108.3
111.8
115.4
111.6
113.5
112.7
114.9
114.0
113.1
118.3
118.7
120.6
127.1
129.7
126.2
128.6
132.9
134.4
1,200
95.3
100.0
104.4
104.8
100.9
99.5
102.0
111.3
123.3
124.9
126.5
113.7
105.1
103.5
108.4
112.0
114.7
115.5
116.7
117.8
127.2
120.3
118.8
107.8
101.5
103.1
113.2
116.9
110.3
112.3
114.4
113.5
113.2
117.5
160
98.3
100.0
99.4
98.6
98.4
98.7
97.8
98.7
98.0
98.6
98.5
96.9
98.1
99.0
98.2
99.3
98.2
98.3
97.7
99.7
97.8
97.0
98.9
97.5
99.6
99.1
98.9
98.8
99.3
101.2
103.7
104.1
104.4
103.5
02. Alcoholic beverages and tobacco
240
99.8
100.0
103.7
103.4
103.8
103.6
103.6
103.4
103.8
106.5
106.3
108.1
109.1
108.5
112.2
112.4
112.7
111.1
110.2
111.8
111.4
111.9
112.8
112.5
111.2
113.0
111.5
111.8
112.2
112.8
113.4
117.1
115.5
115.1
03. Clothing and footwear
377
99.3
100.0
100.2
100.3
99.6
98.1
99.2
100.2
100.7
100.4
99.6
101.0
100.9
100.8
100.9
101.0
100.7
100.7
101.3
101.3
101.3
101.7
102.1
102.6
104.1
105.4
105.2
105.5
107.3
107.4
108.2
110.2
110.7
110.6
2,204
99.8
100.0
100.4
100.7
100.8
100.7
100.2
100.5
100.7
101.5
101.6
100.2
100.4
99.3
99.2
100.2
101.2
102.9
102.2
102.3
103.1
103.5
103.0
101.9
101.9
102.3
102.7
103.3
104.0
105.0
104.4
105.2
108.1
108.8
01. Food and non-alcoholic beverages
- Vegetables
- Non-alcoholic beverages
04. Housing, water, electricity, gas and other fuels
05. Furnishing, household equipment and

household maintenance
457
99.6
100.0
100.2
100.2
100.2
99.9
100.0
99.9
100.1
99.1
99.3
99.0
98.6
99.1
98.2
98.9
98.8
98.7
97.8
97.4
97.1
96.4
97.2
96.7
98.0
97.8
98.4
99.0
99.2
99.2
99.6
101.2
101.6
102.2
163
98.8
100.0
100.3
100.6
99.6
99.5
100.3
100.3
100.6
100.8
101.5
101.2
102.0
102.2
102.3
102.7
102.1
102.3
101.0
100.5
100.4
100.6
100.4
100.0
101.4
101.0
101.6
101.2
101.2
102.1
102.9
103.0
103.1
102.6
1,189
100.1
100.0
100.1
99.5
99.1
99.4
107.0
108.6
109.7
110.3
111.0
111.5
111.4
112.0
112.2
112.4
112.8
112.7
112.8
112.6
113.0
113.3
115.2
116.0
115.9
116.5
117.9
120.7
121.8
125.5
126.2
127.2
127.3
126.8
08. Communication
288
101.2
100.0
99.5
100.1
96.9
97.5
99.7
99.9
99.7
99.4
99.0
98.1
98.5
99.5
99.4
99.7
99.4
99.9
100.1
99.9
100.5
99.2
97.4
97.7
97.7
100.8
101.4
100.0
101.3
100.8
100.8
99.4
93.7
93.3
09. Recreation and culture
256
98.5
100.0
100.6
102.5
102.6
100.9
99.7
99.6
98.7
98.5
99.8
99.6
101.2
101.0
100.7
101.7
101.9
101.1
100.5
100.4
99.9
101.4
101.7
100.9
101.8
103.1
105.4
105.7
106.1
105.7
104.4
105.9
106.8
106.5
10. Education
331
93.3
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
106.9
106.4
106.4
106.4
106.4
106.4
106.5
106.5
106.5
106.5
106.5
119.2
126.9
127.6
127.6
127.6
128.6
128.6
128.6
128.6
128.6
11. Restaurants and hotels
558
100.0
100.0
100.2
99.5
99.7
100.3
100.2
100.0
100.2
100.4
100.3
101.2
101.5
102.4
103.2
101.9
103.7
103.5
103.9
103.5
102.1
102.1
101.8
100.8
102.3
102.1
102.3
102.0
103.3
103.3
103.3
103.0
104.6
104.2
103.3
103.2
103.3
104.1
104.8
06. Health
07. Transport
12. Miscellaneous goods and services
routine
400
98.1
100.0
97.7
97.7
97.6
98.4
97.3
98.0
98.7
96.5
96.3
96.3
96.4
96.0
95.6
95.7
95.8
96.2
97.4
97.7
97.1
10,000
98.5
100.0
100.8
100.7
99.8
99.3
100.4
101.5
103.3
104.1
104.8
103.7
102.9
102.5
102.9
103.4
104.0
104.3
103.5
103.5
104.8
Monthly changes
0.4
1.6
0.8
-0.2
-0.9
-0.5
1.1
1.1
1.7
0.8
0.7
-1.1
-0.7
-0.5
0.4
0.5
0.5
0.3
-0.8
0.1
1.2
-0.5
0.7
Changes over 12 months
20.4
19.9
16.7
13.1
12.3
9.5
7.2
5.6
6.1
5.7
5.9
5.7
4.5
2.5
2.1
2.7
4.2
5.0
3.0
2.0
1.5
0.2
0.2
GENERAL INDEX
96.8
98.6
99.9
100.3
102.2
101.7
101.4
104.0
105.1
107.1
108.6
108.7
110.4
110.8
111.3
111.8
112.4
-1.1
0.1
1.0
1.9
1.4
0.1
1.5
0.4
0.4
0.4
0.6
0.2
1.1
2.6
4.1
5.0
4.5
5.8
7.1
7.5
6.6
7.8
98.6
104.31 105.04 103.90
TABLE III.2.
EVOLUTION OF EXPORT CROPS PRODUCTION

(From January 2007 to September 2011)
PERIOD
2007
2008
2009
2010
MARKET COFFEE
DRY TEA
RAW PYRETHRUM EXTRACTION
Quantity (in tons)
Quantity (in tons)
Quantity (in tons)
14,682.79
19,794.40
14,467.73
18,181.88
20,394.61
19,899.70
20,507.41
22,163.06
13.87
12.71
6.82
793.02
207.30
350.40
214.38
667.92
1,059.60
2,269.80
2,921.78
2,266.02
1,762.92
1,452.54
717.12
2,111.33
1,873.64
1,895.42
1,979.63
2,081.05
1,657.60
1,378.56
1,220.00
1,199.21
1,665.27
1,553.02
1,779.88
3.12
2.50
2.25
1.18
2.38
1.40
1.04
-
402.00
444.00
320.40
853.20
1,418.70
2,172.00
3,062.60
3,303.20
3,215.80
2,717.00
1,224.40
661.10
1,896.68
1,554.31
1,617.57
2,079.96
2,108.09
1,623.95
1,332.69
1,048.92
1,274.95
1,631.77
1,711.11
2,019.70
1.10
3.73
0.84
1.22
-
567.48
134.18
232.80
715.92
779.64
1,584.60
2,986.02
3,265.32
1,742.10
977.31
942.90
539.46
1,801.31
1,479.43
1,892.80
2,025.67
2,010.89
2,035.40
1,381.11
951.39
1,146.94
1,616.98
2,034.94
2,130.54
4.34
3.78
2.00
1.40
1.20
99.00
170.40
115.20
318.54
1,467.30
1,949.90
3,683.40
3,859.32
2,786.34
1,892.10
1,297.14
543.24
2,315.41
2,176.81
2,548.14
2,159.34
2,196.76
1,909.48
1,267.53
867.62
873.92
1,595.73
2,215.47
2,036.86
1.73
0.93
1.69
0.35
2.13
2007
January
February
March
April
May
June
July
August
September
October
November
December
2008
January
February
March
April
May
June
July
August
September
October
November
December
2009
January
February
March
April
May
June
July
August
September
October
November
December
2010
January
February
March
April
May
June
July
August
September
October
November
December
2011
January
February
March
April
May
June
July
August
September
Source : NATIONAL AGRICULTURAL
152.16
2,169.19
83.52
1,917.48
51.72
2,095.06
252.90
2,156.61
363.20
2,391.50
1,412.10
2,181.59
2,434.26
1,686.24
3,581.10
1,503.65
2,710.54
1,751.63
EXPORTS BOARD(NAEB), SOPYRWA
2.21
2.20
4.05
1.80
0.40
3.08
-
IV. COMMERCE EXTERIEUR / EXTERNAL TRADE
TABLE IV-1
TRADE BALANCE (2006- (in Millions of RWF)
PERIOD
Imports fob
Exports
Exchange volume
Trade balance
227,713
78,658
306,371
-149,055
2006
Cover rate of imports

by the exports
35
2007
331,309
96,669
427,978
-234,640
29
2008
539,670
146,472
686,142
-393,198
27
2009
632,774
109,603
742,377
-523,172
17
2010
685,224
148,744
833,968
-536,479
22
2006
January
14,651
3,505
18,156
-11,147
24
February
14,217
3,644
17,861
-10,572
26
March
15,334
3,915
19,249
-11,419
April
20,965
5,447
26,412
-15,518
26
May
17,339
9,379
26,718
-7,960
54
June
23,557
11,811
35,368
-11,746
50
July
18,431
8,790
27,220
-9,641
48
August
20,805
6,667
27,472
-14,138
32
September
19,278
4,236
23,514
-15,042
22
26
October
21,206
8,462
29,668
-12,744
40
November
21,970
5,635
27,604
-16,335
26
December
19,961
7,168
27,129
-12,793
36
January
21,147
5,855
27,002
-15,292
28
February
19,402
5,596
24,998
-13,806
29
2007
March
28,456
-17,199
25
April
22,464
4,561
27,025
-17,903
20
May
28,856
22,828
9,221
5,629
38,076
-19,635
32
June
26,511
10,739
37,250
-15,772
41
July
27,686
10,010
37,696
-17,676
36
August
30,860
8,983
39,843
-21,878
29
September
26,734
9,981
36,715
-16,753
37
October
28,543
7,607
36,150
-20,937
27
November
35,809
10,160
45,968
-25,649
28
December
40,471
8,329
48,800
-32,142
21
36
2008
January
26,691
9,740
36,431
-16,951
February
30,329
10,232
40,560
-20,097
34
March
36,011
7,273
43,284
-28,738
20
April
-39,670
22
May
41,854
13,220
55,074
-28,634
32
June
42,988
50,695
15,315
11,025
58,303
61,720
-27,674
36
July
49,045
12,850
61,895
-36,195
26
August
51,242
11,899
63,141
-39,343
23
September
55,819
13,513
69,332
-42,306
24
October
55,703
17,476
73,179
-38,227
31
November
43,693
12,717
56,410
-30,976
29
December
55,601
11,213
66,814
-44,388
20
January
50,473
6,383
56,856
-44,090
13
February
54,188
8,379
62,567
-45,809
15
March
57,116
10,337
67,453
-46,779
18
April
49,284
5,948
55,232
-43,336
12
May
49,684
8,213
57,897
-41,471
17
June
54,538
9,268
63,805
-45,270
17
July
51,851
10,118
61,969
-41,734
20
August
46,323
13,151
59,474
-33,172
28
September
64,806
9,631
74,437
-55,175
15
October
47,063
9,692
56,755
-37,371
21
November
53,239
8,069
61,308
-45,170
15
December
54,210
10,415
64,624
-43,795
19
2009
2010
January
42,700
8,719
51,419
-33,982
20
February
53,580
9,433
63,013
-44,147
18
March
61,431
9,305
70,737
-52,126
15
April
53,464
9,914
63,378
-43,551
19
May
50,549
11,110
61,659
-39,438
22
June
52,894
12,556
65,450
-40,337
24
July
47,553
14,715
62,267
-32,838
31
August
58,579
16,911
75,490
-41,668
29
September
71,900
15,453
87,353
-56,448
21
17
October
66,670
11,294
77,965
-55,376
November
61,195
13,890
75,085
-47,306
23
December
64,708
15,445
80,153
-49,264
24
2011
January
58,249
11,928
70,177
-46,321
20
February
57,879
15,382
73,261
-42,497
27
March
71,003
21,634
92,637
-49,369
30
April
59,186
9,314
68,500
-49,872
16
May
67,005
15,942
82,947
-51,064
24
June
71,015
19,792
90,807
-51,223
28
July
73,422
22,195
95,618
-51,227
30
August
85,942
26,333
112,274
-59,609
31
September
87,895
25,723
113,618
-62,171
29
Source : BNR, Statistics Departement
TABLE IV. 2
MONTHS
DESIGNATION
STRUCTURE OF THE MONTHLY EXPORTS OF 2011 QUARTER I

Quantity in tons
FOB in millions of RWF
January
Qty
February
Value
Qty
March
Value
Qty
Q. I
Value
Qty
Value
PRIMARY GOODS
3,268
6,153
3,047
7,943
5,018
12,749
11,332
26,845
of animal origin
723
445
604
503
703
465
2,030
1,412
raw skins
485
256
383
323
414
255
1,282
835
Live animals (Bovines, Sheep and goats)
238
188
221
179
289
210
747
578
2,074
954
1,859
1,043
3,251
343
7,183
2,340
475
854
756
970
41
122
1,272
1,947
1,416
91
902
64
2,936
206
5,254
361
0.27
0.247
41
47
other
178
200
233
610
25
of mineral origin
470
4,754
584
6,397
1,065
11,941
2,119
23,092
cassiterite
317
2,867
402
4,093
620
5,951
1,339
12,911
wolfram
30
187
80
547
114
825
224
1,559
coltan
65
1,236
54
1,327
218
4,160
337
6,724
other
58
464
49
430
113
1,004
219
1,898
MANUFACTURED GOODS
4,987
4,402
5,685
5,954
5,333
4,372
9,740
13,637
of food origin
2,199
3,620
2,809
4,824
1,961
3,317
6,969
11,762
Tea
of plant origin
coffee
Edible Vegetables, roots and tubers
Edible Fruits and nuts
2,132
3,595
2,792
4,816
1,927
3,286
6,851
11,697
Preparation of vegetables, fruits and nuts

(Juices of vegetables and fruits)
52
23
16
75
36
other
14
27
24
43
29
2,788
782
2,876
1,129
3,372
1,055
2,771
1,876
740
27
1,222
25
518
53
2,479
105
20
63
19
59
31
15
70
136
2.10
275
4.4
603
2.30
348
8.80
1,227
27
58
29
53
34
79
90
189
12
10
various Industries
Cement, earth and stone;=, plastering
materials
Textiles
Phyretrium products
Essential oils and reinoids, perfumery,
cosmetic or toilet preparations
Soap, organic surface, active agents,
washing preparation
35
55
37
73
41
82
112
209
Products of the milling industry (Maize flour,

wheat flour & Cassava flour)
462
458
1,078
112
1,998
120
Beverages, spirits and vinegar ( Mineral

Water and Beer)
861
234
654
180
814
230
2,329
644
27
42
10
19
23
32
59
93
585
16
393
110
753
97
1,730
222
21
50
78
149
12
artcrafts
0.460
statuary and sculptural products
0.46
0.43
OTHER GOODS
309
613
325
824
276
324
909
1,760
RE-EXPORTS
843
675
650
688
1,399
4,184
2,892
5,547
9,408
11,844
9,707
15,410
12,025
21,633
24,874
47,797
Footwear
Plastics and articles thereof ( Reservoirs

tanks)
Iron and steel & Scrapts iron
Other
OVERAL TOTAL
TABLE IV. 2 (2)
STRUCTURE OF THE MONTHLY EXPORTS OF 2011 QUARTER II

Quantity in tons
MONTHS
DESIGNATION
April
Qty
May
Value
Qty
June
Value
Qty
Q. II
Value
Qty
Value
PRIMARY GOODS
5,073
4,192
5,786
8,723
4,927
13,015
15,786
25,931
of animal origin
734
587
730
599
863
635
2,327
1,821
raw skins
450
359
428
357
525
364
1,402
1,080
284
229
302
241
338
271
925
741
4,038
624
4,393
1,256
3,125
1,827
11,556
3,706
178
394
274
882
524
1,654
976
2,930
3,774
220
4,023
368
1,505
114
9,302
703
57
55.60
4.300
37
149
13
of plant origin
coffee
plants and products of the floriculture
other
29
40
1,060
56
1,129
60
of mineral origin
302
2,981
664
6,869
939
10,554
1,904
20,404
cassiterite
242
2,333
588
5,923
783
6,841
1,613
15,098
12
74
18
127
49
619
79
821
15
390
105
3,091
120
3,481
43
429
93
1,005
wolfram
coltan
other
48
574
MANUFACTURED GOODS
5,858
3,818
7,391
5,239
8,758
4,542
11,371
11,681
of food origin
1,891
2,776
2,716
4,172
2,051
3,235
6,658
10,183
Tea
1,816
2,729
2,688
4,160
1,977
3,196
6,481
10,084
75
47
28
12
74
39
177
99
3,967
1,043
4,676
1,066
6,707
1,307
4,713
1,498
660
47
1,648
51
2,098
136
4,407
233
2.30
336
2.7
405
35
70
60
97
32
35
23
12
40
84
32
55
1,120
164
988
961
254
860
Preparation of vegetables, fruits and nuts ( Juices of vegetables and fruits)

various Industries
Cement; earth and stone; plastering materials
Textiles
Phyretrium products
Essential oils and reinoids; perfumery, cosmetic or toilet preparations
Soap, organic surface, active agents, washing preparation
Footwear
Products of the milling industry ( Maize flour , wheat flour & Cassava flour)
Beverages, spirits and vinegar ( Mineral Water and Beer)
Plastics and articles thereof ( Reservoirs tanks)
Other
5.00
742
70
127
237
12
50
38
51
104
123
244
61
2,322
323
4,430
548
243
1,366
366
3,187
863
22
34
48
73
49
61
119
167
1,046
38
880
34
658
208
2,584
280
75
13
122
21
118
26
315
60
91
artcrafts
OTHER GOODS
RE-EXPORTS
OVERAL TOTAL
84
0.08
0.170
2.60
91
823
395
192
407
278
466
1,292
1,267
1,116
922
1,795
1,565
1,436
1,684
4,347
4,171
12,870
9,327
15,164
15,934
15,398
19,707
32,805
43,141
TABLE IV. 2 (3)
STRUCTURE OF THE MONTHLY EXPORTS OF 2011 QUARTER III

Quantity in tons
MONTHS
DESIGNATION
July
Qty
August
Value
Qty
September
Value
Qty
Q. III
Value
Qty
Value
PRIMARY GOODS
5,095
15,990
5,048
18,622
5,557
19,534
15,700
54,147
of animal origin
764
671
1,039
834
930
735
2,733
2,240
raw skins
383
367
649
527
526
427
1,558
1,320
381
304
390
308
404
308
1,175
920
of plant origin
3,446
6,288
3,202
8,997
3,756
10,369
10,404
25,654
coffee
1,886
6,079
2,769
8,969
3,382
10,331
8,037
25,379
760
167
354
21
261
26
1,375
214
0.20
0.114
other
798
42
79
112
10
988
60
of mineral origin
885
9,032
807
8,791
871
8,431
2,562
26,253
cassiterite
715
6,156
586
4,782
688
5,814
1,989
16,752
wolfram
48
462
116
1,239
152
1,509
316
3,211
coltan
72
1,881
81
2,438
29
1,104
181
5,422
other
50
533
24
332
76
868
MANUFACTURED GOODS
6,550
4,362
6,640
4,611
7,430
4,308
8,707
9,711
of food origin
1,726
2,760
1,808
3,041
1,681
2,673
5,214
8,473
Tea
1,656
2,730
1,795
3,033
1,638
2,641
5,089
8,405
70
29
13
43
32
125
69
1,238
plants and products of the floriculture


other
various Industries
Cement; earth and stone; plastering materials
Textiles
Phyretrium products
Footwear
Other
artcrafts
4,824
1,603
4,833
1,570
5,748
1,635
3,493
909
88
1,094
56
1,128
77
3,132
221
44
35
80
10
33
89
114
0.27
216
0.3
108
0.25
37
0.79
361
27
53
48
98
30
68
105
218
11
13
10
12
22
26
53
115
65
115
27
69
145
299
1,479
351
1,754
486
2,445
652
5,677
1,489
942
329
979
380
864
334
2,785
1,042
46
64
45
78
47
77
139
220
1,102
262
717
75
1,013
154
2,833
490
222
123
84
82
173
124
479
329
22
1.500
15
29
66
22
1.50
14.800
3.70
29
66
pictures, posters, paintings and drawings

OTHER GOODS
RE-EXPORTS
OVERAL TOTAL
355
247
186
182
233
388
773
816
1,387
1,637
3,224
2,980
1,576
1,540
6,186
6,157
13,388
22,258
15,099
26,409
14,799
25,799
31,373
70,896
TABLE IV.3
EXPORTS OF COFFEE AND TEA : 2006 - 2011

Volume in Tons
FOB value in millions of Rwf
COFFEE
PERIOD
TEA
Quantity
Value
Quantity
Value
2006
26,533
29,799
16,522
17,715
2006
January
444
437
1,937
1,812
February
379
270
1,442
1,571
March
561
712
829
856
April
1,290
1,444
1,432
1,649
May
3,914
4,478
1,549
1,779
June
6,313
7,042
1,628
1,846
July
4,492
4,994
1,321
1,585
August
1,733
1,766
1,037
1,240
September
906
960
1,074
1,149
October
2,803
3,015
2,019
1,913
November
1,236
1,434
1,291
1,349
December
2,462
3,249
963
966
2007
January
461
442
1,304
1,345
February
451
661
1,865
1,744
March
229
252
976
951
April
294
360
1,100
1,033
May
837
1,065
3,149
2,665
June
1,382
1,663
1,771
1,604
July
3,433
4,332
1,638
1,586
August
1,052
1,390
1,324
1,191
September
1,681
4,330
1,141
1,123
October
830
1,096
1,471
1,454
November
1,574
2,021
1,597
1,571
December
1,449
1,903
1,062
1,002
January
869
1,063
1,914
2,118
February
472
646
1,536
1,776
March
299
396
1,328
1,396
April
617
884
2,089
2,360
May
1,073
1,454
1,616
1,744
June
1,587
2,102
2,433
2,867
July
3,004
4,180
1,760
2,182
August
2,396
3,630
1,342
1,724
September
1,936
2,916
1,022
1,229
October
3,336
5,098
1,248
1,354
November
1,850
2,414
1,142
1,232
December
754
987
2,113
2,210
2008
2009
January
868
1,096
1,420
1,680
February
216
294
1,420
1,812
March
474
488
2,327
2,999
April
560
766
1,286
1,686
May
985
1,187
1,843
2,543
June
1,172
1,557
2,328
3,354
July
2,149
3,109
1,547
2,477
August
3,163
4,774
1,194
1,973
September
2,088
3,136
1,237
2,164
October
1,556
2,333
968
1,539
November
1,316
1,848
1,300
2,116
December
447
609
1,819
3,073
2010
January
157
February
326
507
2,396
3,737
March
93
115
1,933
3,180
April
306
437
1,651
2,469
197
1,912
3,038
May
1,116
1,664
2,670
3,667
June
1,553
2,413
2,248
2,904
July
3,078
5,493
1,674
2,165
August
3,329
6,206
1,550
2,495
September
2,682
5,308
1,195
October
2,018
4,012
1,076
1,648
November
1,102
2,170
1,577
2,473
December
2,476
4,480
1,645
2,777
1,858
2011
January
513
February
733
941
2,792
4,816
March
41
122
1,927
3,286
April
146
295
1,816
2,729
May
936
2,132
3,595
289
889
2,688
4,160
June
543
1,731
1,977
3,196
July
1,886
6,079
1,656
August
2,769
8,969
1,795
3,033
September
3,382
10,331
1,638
2,641
2,730
TABLE. IV.4 : MONTHLY EXPORTS (Q1.2011)

FOB Value in USD and RFW
Document used : - Sales declaration for tea, Contracts sale for coffee
- Customs declarations for other products
PRODUCT/PERIOD
JANUARY
FEBRUARY
MARCH
JANUARY - MARCH
I. Principal Exports
Coffee
- Value in USD
- Value in RFW
- Volume in KG
-Price USD/KG
Tea
- Value in USD
- Value in RFW
- Volume in KG
-Price USD/KG
Cassiterite
- Value in USD
- Value in RFW
- Volume in KG
-Price USD/KG
Coltan
- Value in USD
- Value in RFW
- Volume in KG
- Price USD/KG
Wolfram
- Value in USD
- Value in RFW
- Volume in KG
- Price USD/KG
Hides and Skin
- Value in USD
- Value in RFW
- Volume in KG
- Price USD/KG
Pyrethrum
- Value in USD
- Value in RFW
- Volume in KG
-Price USD/KG
1,431,564
1,616,459
203,850
3,251,873
854,358,684
970,385,213
122,214,223
1,946,958,120
474,660
756,000
41,460
1,272,120
3.02
2.14
4.92
2.56
6,023,345
8,023,162
5,480,996
19,527,503
3,594,737,669
4,816,426,680
3,286,022,414
11,697,186,763
2,132,292
2,791,597
1,926,848
6,850,738
2.82
2.87
2.84
2.85
4,803,568
6,817,803
9,926,724
21,548,096
2,866,773,621
4,092,831,276
5,951,370,633
12,910,975,531
316,894.00
401,927.00
620,144.00
1,338,965.00
15.15827961
16.96279022
16.0071279
16.09309845
2,071,216
2,211,212
6,939,262
11,221,690
1,236,103,590.83
1,327,424,077.96
4,160,296,934.38
6,723,824,603.17
65,403
53,824
217,669
336,896
32
41
32
33
314,062.04
910,791.94
1,376,238.22
2,601,092.20
187,432,510
546,762,282
825,096,321
1,559,291,114
30,034
80,016
114,244
224,294
10
11
12
12
429,535
538,731
425,484
1,393,749
256,346,642
323,408,235
255,090,609
834,845,486
485,094
383,297
414,054
1,282,445
0.89
1.41
1.03
1.09
461,459
1,005,229
580,345
2,047,034
275,399,231
603,454,503
347,934,375
1,226,788,109
2,105
4,460
2,385
8,950
219.22
225.39
243.33
228.72
Sub Total Principal Exports

- Value in USD
15,534,749
21,123,389
24,932,900
61,591,037
- Value in RFW
9,271,151,948
12,680,692,266
14,948,025,510
36,899,869,725
- Volume in KG
3,506,482
4,471,121
3,336,804
11,314,408
II. Other Exports

Other minerals
- Value in USD
- Value in RFW
- Volume in KG
Live animals ( Bovines, sheep & goats)
- Value in USD
- Value in RFW
- Volume in KG
- Value in USD
- Value in RFW
- Volume in KG
- Value in USD
- Value in RFW
- Volume in KG
Cereals
- Value in USD
- Value in RFW
- Volume in KG
Products of the milling industry (Maize flour,
wheat flour & Cassava flour)
- Value in USD
- Value in RFW
- Volume in KG
Animal or Vegetable fats and oils and their
cleavage products
- Value in USD
- Value in RFW
- Volume in KG
777,823.09
716,299.56
1,674,771.71
3,168,894.36
464,205,520.58
430,005,542.78
1,004,076,150.69
1,898,287,214.05
58,213
48,532
112,643
219,388
315,816.38
298,610.47
350,357.69
964,784.54
188,479,500.00
179,260,418.74
210,050,000.00
577,789,918.74
238,300
220,520
288,600
747,420
152,685.44
106,561.34
343,674.81
602,921.60
91,122,809
63,970,398
206,043,415
361,136,622
1,416,410
902,180
2,935,850
5,254,440
1,815.85
412.13
10,154.11
12,382.09
1,083,701
247,408
6,087,695
7,418,805
5,586
276
40,851
46,713
12,505.51
14,638.89
15,318.66
42,463.06
7,463,300
8,787,946
9,184,000
25,435,246
177,550
200,350
232,550
610,450
5,689.33
8,118.54
186,227.24
200,035.12
3395400
4873681.298
111648850
119917931.3
462,340
457,970
1,077,501
1,997,811
4,825.73
3,017.66
40,554.54
48,397.93
2,880,000
1,811,548
24,313,669
29,005,216
14,400
2,000
27,000
43,400

PRODUCT/PERIOD
Preparation of vegetables, fruits and nuts (Juices
of vegetables and fruits)
- Value in USD
- Value in RFW
- Volume in KG
Beverages, spirits and vinegar (Mineral Water and
Beer)
- Value in USD
- Value in RFW
- Volume in KG
Salt, sulphur, earth and stone, plastering
materials, lime and cement
- Value in USD
- Value in RFW
- Volume in KG
Essential oils and reinoids, perfumery, cosmetic
or toilet preparations
- Value in USD
- Value in RFW
- Volume in KG
Soap, organic surface, active agents, washing
preparation
- Value in USD
- Value in RFW
- Volume in KG
Plastics and articles thereof (Reservoirs tanks)
- Value in USD
- Value in RFW
- Volume in KG
Wood and articles of wood
- Value in USD
- Value in RFW
- Volume in KG
Paper and paperboard, articles of paper pulp of
paper or of paperboard
- Value in USD
- Value in RFW
- Volume in KG
Textils and textile articles
- Value in USD
- Value in RFW
- Volume in KG
Footwear
- Value in USD
- Value in RFW
- Volume in KG
Handscrafts
- Value in USD
- Value in RFW
- Volume in KG
Scrapts Iron
- Value in USD
- Value in RFW
- Volume in KG
Iron and steel
- Value in USD
- Value in RFW
- Volume in KG
Other
- Value in USD
- Value in RFW
- Volume in KG
JANUARY
FEBRUARY
MARCH
JANUARY - MARCH
37,829.43
10,209.81
12,141.56
60,180.79
22,576,636
6,129,103
7,279,232
35,984,971
52,330
15,816
6,785
74,931
16
392,231.51
299,512.28
383,147.55
1,074,891.34
234,084,116
179,801,785
229,708,514
643,594,415
861,101
653,850
813,863
2,328,814
45,898.01
41,463.33
88,074.07
175,435.41
27,391,973
24,891,071
52,803,060
105,086,104
739,600
1,221,840
517,780
2,479,220
96,413.20
87,496.30
131,492.75
315,402.25
57,539,485
52,525,361
78,833,868
188,898,715
27,096
29,221
33,737
90,054
11,688.10
1,056.79
4,337.28
17,082.17
6,975,466
634,408
2,600,331
10,210,206
8,623
798
2,220
11,641
71,070.96
31,144.08
52,671.24
154,886.28
42,415,212
18,696,266
31,577,997
92,689,475
26,550
10,083
22,776
59,409
2,012.48
4,182.29
9,904.52
16,099.29
1,201,049
2,510,693
5,938,060
9,649,803
20,500
42,500
77,000
140,000
1,190.05
1,219.44
2,385.90
4,795.39
710,225
732,046
1,430,421
2,872,692
990
7,286
1,060
9,336
105,297.38
97,803.00
24,366.97
227,467.35
62,841,571
58,712,632
14,608,734
136,162,937
20,255
18,886
30,506
69,647
91,412.12
122,105.89
136,167.89
349,685.90
54,554,834
73,302,029
81,636,755
209,493,618
34,665
36,607
41,025
112,297
4,535.53
3,154.62
6,337.46
14,027.61
2,706,810
1,893,765
3,799,500
8,400,075
788
463
438
1,689
26,315.31
9,333.10
39,414.20
75,062.60
15,705,000
5,602,800
23,630,000
44,937,800
585,000
246,000
739,000
1,570,000
173,834.96
122,100.15
295,935.11
104,355,776
73,202,722
177,558,498
146,600
13,725
160,325
1,026,467.54
1,372,378.10
540,264.67
2,939,110.32
612,596,754
823,859,490
323,904,965
1,760,361,210
308,682
324,652
275,931
909,265
Sub Total Other Exports

- Value in USD
3,183,523
3,228,718
4,051,765
10,464,005
- Value in RFW
1,899,929,362
1,938,248,392
2,429,155,217
6,267,332,972
- Volume in KG
5,058,979
4,439,830
7,277,116
16,775,925

PRODUCT/PERIOD
JANUARY
FEBRUARY
MARCH
JANUARY - MARCH
III. REEXPORTS
Cassiterite
- Value in USD
- Value in RFW
- Volume in KG
Wolfram
- Value in USD
- Value in RFW
- Volume in KG
Petroleum products
- Value in USD
- Value in RFW
- Volume in KG
Machines et engins
- Value in USD
- Value in RFW
- Volume in KG
Vehicules
- Value in USD
- Value in RFW
- Volume in KG
Other reexports
- Value in USD
- Value in RFW
- Volume in KG
15,955
5,604,071
5,620,026
9,577,892
3,359,809,840
3,369,387,732
1,000
385,542
386,542
114,689
110,767
225,456
68,446,529
66,494,835
134,941,364
10,547
9,446
756,294
491,289
876,932
2,124,515
451,356,690
294,928,472
525,747,246
1,272,032,408
742,752.00
507,091.00
859,945.00
2,109,788.00
55,198
132,123
35,384
222,705
32,941,979
79,315,577
21,213,855
133,471,411
11,835.00
58,688.00
2,933.00
73,456.00
19,993
121,251
361,297
388,431
870,979
72,362,649
216,892,302
232,876,177
522,131,128
9,802.00
34,070.00
39,006.00
82,878.00
82,989
35,011
73,940
191,939
49,527,670
21,017,454
44,329,185
114,874,309
68,404.00
39,891.00
111,275.00
219,570.00
Sub Total Reexports

- Value in USD
1,130,420
1,146,442
6,978,759
9,255,620
- Value in RFW
674,635,517
688,226,532
4,183,976,304
5,546,838,353
- Volume in KG
843,340.00
650,186.00
1,398,701.00
2,892,227.00
TOTAL GENERAL
- Value in USD
19,848,691
25,498,548
35,963,423
81,310,663
- Value in RFW
11,845,716,828
15,307,167,191
21,561,157,031
48,714,041,050
- Volume in KG
9,408,801.40
9,561,137.30
12,012,621.00
30,982,559.70
596.8009
600.31524
599.530161
Average exchange rate $

TABLE. IV.4 (2): MONTHLY EXPORTS (QII.2011)

Product/Period
April-11
May-11
June-11
April-June 11
Coffee
- Value in USD
- Value in RFW
- Volume in KG
-Price USD/KG
654,746
393,677,932
178,440
3.67
1,472,496
882,431,648
273,600
5.38
2,756,340
1,653,817,564
523,500
5.27
4,883,582
2,929,927,144
975,540
5.01
Tea
- Value in USD
- Value in RFW
- Volume in KG
-Price USD/KG
4,538,028
2,728,571,827
1,815,804
2.50
6,941,851
4,160,085,566
2,687,652
2.58
5,326,376
3,195,851,517
1,977,139
2.69
16,806,255
10,084,508,911
6,480,594
2.59
Cassiterite
- Value in USD
- Value in RFW
- Volume in KG
-Price USD/KG
3,880,530
2,333,239,413
241,868.00
16.04
9,884,168
5,923,345,798
588,180.00
16.80
11,401,741
6,841,100,758
783,010.00
14.56
25,166,440
15,097,685,969
1,613,058
15.60
650,114
5,151,646
389,597,760.82 3,091,013,079.16
14,695
105,150
44.24
48.99
5,801,760
3,480,610,840
119,845
48.41
Coltan
- Value in USD
- Value in RFW
- Volume in KG
- Price USD/KG
Wolfram
- Value in USD
- Value in RFW
- Volume in KG
- Price USD/KG
123,728.17
74,393,809
12,180
10.16
212,050.78
127,076,961
17,652
12.01
1,032,456.51
619,478,988
49,392
20.90
1,368,235.46
820,949,758.67
79,224.00
17.27
Hides and Skin

- Value in USD
- Value in RFW
- Volume in KG
- Price USD/KG
596,314
358,544,650
449,656
1.33
596,314
357,356,744
427,708
1.39
606,660
363,999,034
524,783
1.16
1,799,288
1,079,900,428
1,402,147
1.28
Pyrethrum
- Value in USD
- Value in RFW
- Volume in KG
-Price USD/KG
559,555
336,442,890
2,371
236.00
676,185
405,221,360
2,763
244.73
10,352,902
6,224,870,521
2,700,319
20,433,179
12,245,115,838
4,012,250

- Value in USD
- Value in RFW
- Volume in KG
1,235,740
741,664,250
5,134
240.70
26,275,219
15,765,260,941
3,962,974
57,061,301
34,235,247,301
10,675,542

Product/Period
April-11
May-11
June-11
April-June 11
954,493.03
573,906,283
47,726
715,795.71
428,959,255
43,370
3,444.02
2,066,428
1,670
1,673,733
1,004,931,966
92,766
380,163.14
228,580,000.00
284,300
402,702.53
241,330,000.00
302,000
452,212.96
271,330,000.00
338,260
1,235,079
741,240,000
924,560
366,693.58
220,481,182
3,773,948
614,646.51
368,342,961
4,023,320
190,761.12
114,457,608
1,502,250
1,172,101
703,281,751
9,299,518

- Value in USD
- Value in RFW
- Volume in KG
9,210.85
5,538,192
56,638
7,251.35
4,345,558
55,652
5,129.57
3,077,766
36,573
16
21,592
12,961,516
148,863
Cereals
- Value in USD
- Value in RFW
- Volume in KG
6,772.35
4,072,000
29,000
1,667.61
999,360
40,000
92,570.10
55,542,516
1,059,950
101,010
60,613,876
1,128,950
272,315.84
163,734,848.40
1,120,408
102,207.25
61,250,360.50
987,820
538,696.10
323,220,313.41
2,322,990
913,219
548,205,522
4,431,218
78,354.76
47,112,225
75,202
20,786.63
12,456,928
27,924
65,177.87
39,107,043
74,044
164,319
98,676,196
177,170
421,899.88
253,674,970
961,358
405,707.61
243,130,870
859,792
610,195.04
366,120,026
1,366,095
1,437,803
862,925,866
3,187,245
Salt, sulphur; earth and stone; plastering materials, lime and cement
- Value in USD
- Value in RFW
- Volume in KG
77,348.19
46,507,005
660,135
85,524.52
51,252,799
1,648,399
226,208.46
135,726,190
2,098,346
389,081
233,485,994
4,406,880

- Value in USD
- Value in RFW
- Volume in KG
115,970.77
69,729,531
35,364
162,571.18
97,425,021
59,726
116,579.25
69,948,122
31,547
395,121
237,102,674
126,637
5,291.41
3,181,554
4,038
38,605.80
23,135,534
34,514
19,661.70
11,797,117
11,802
63,559
38,114,205
50,354

- Value in USD
- Value in RFW
- Volume in KG
56,975.98
34,257,844
22,218
121,227.36
72,648,656
48,374
100,876.12
60,526,166
48,947
279,079
167,432,665
119,539

- Value in USD
- Value in RFW
- Volume in KG
20,163.13
12,123,449
67,244
28,277.60
16,946,087
113,442
41,791.02
25,074,817
118,100
90,232
54,144,352
298,786
II. Other Exports

Other minerals
- Value in USD
- Value in RFW
- Volume in KG
- Value in USD
- Value in RFW
- Volume in KG
- Value in USD
- Value in RFW
- Volume in KG
- Value in USD
- Value in RFW
- Volume in KG
Animal or Vegetable fats and oils and their cleavage products
- Value in USD
- Value in RFW
- Volume in KG
- Value in USD
- Value in RFW
- Volume in KG
- Value in USD
- Value in RFW
- Volume in KG

- Value in USD
- Value in RFW
- Volume in KG

Product/Period
April-11
May-11
June-11
April-June 11
Paper and paperboard, articles of paper pulp of paper or of paperboard

- Value in USD
- Value in RFW
- Volume in KG
1,706.70
1,026,184
8,211
7,387.25
4,427,000
8,125
959.99
576,000
100
10,054
6,029,184
16,436
4,520.21
2,708,854
1,106
3,524.90
2,114,960
410
8,045
4,823,814
1,516

- Value in USD
- Value in RFW
- Volume in KG
Footwear
- Value in USD
- Value in RFW
- Volume in KG
140,084.79
84,228,529
40,258
91,779.34
55,001,162
31,821
174,061.20
104,437,575
51,298
405,925
243,667,265
123,377
Handscrafts
- Value in USD
- Value in RFW
- Volume in KG
140,239.19
84,321,359
6,009
283.10
169,656
79
11,669.84
7,001,959
2,635
152,192
91,492,974
8,723
Scrapts Iron
- Value in USD
- Value in RFW
- Volume in KG
62,105.12
37,341,833
1,043,000
50,195.27
30,080,824
877,000
31,005.66
18,603,547
549,000
143,306
86,026,203
2,469,000
Iron and steel

- Value in USD
- Value in RFW
- Volume in KG
1,577.18
948,306
2,574
6,167.22
3,695,869
3,498
316,091.07
189,656,197
108,965
323,835
194,300,372
115,037
Other
- Value in USD
- Value in RFW
- Volume in KG
656,432.08
394,691,720
823,109
678,741.05
406,753,283
191,762
776,263.14
465,761,703
277,570
2,111,436
1,267,206,706
1,292,441
3,767,798
2,265,457,012
9,060,740
3,546,045
2,125,060,039
9,357,724
3,776,879
2,266,146,052
10,000,552
11,090,722
6,656,663,103
28,419,016
990,585
595,607,429
988,371.00
1,623,531
972,943,024
1,498,822.00
1,355,376
813,232,440
1,257,685.00
3,969,492
2,381,782,893
3,744,878
199,567
119,595,680
140,027.00
9,955
5,973,150
3,238.00
209,522
125,568,830
143,265
423,941
254,902,436
34,000.00
702,090
420,745,668
74,527.00
1,372,440
823,471,044
109,028.00
2,498,472
1,499,119,148
217,555
118,911
71,497,122
93,725.00
86,694
51,953,927
81,656.00
68,478
41,087,033
65,812.00
274,083
164,538,082
241,193
1,533,437
922,006,987
1,116,096
2,611,882
1,565,238,299
1,795,032
2,806,250
1,683,763,667
1,435,763
6,951,569
4,171,008,953
4,346,891
15,654,137
9,412,334,520
12,877,155
26,591,106
15,935,414,176
15,165,006
32,858,348
19,715,170,661
15,399,289
75,103,592
45,062,919,356
43,441,449

- Value in USD
- Value in RFW
- Volume in KG
III. REEXPORTS
Cassiterite
- Value in USD
- Value in RFW
- Volume in KG
Wolfram
- Value in USD
- Value in RFW
- Volume in KG
Petroleum products
- Value in USD
- Value in RFW
- Volume in KG
Machines et engins
- Value in USD
- Value in RFW
- Volume in KG
Vehicules
- Value in USD
- Value in RFW
- Volume in KG
Other reexports
- Value in USD
- Value in RFW
- Volume in KG
Sub Total Reexports
- Value in USD
- Value in RFW
- Volume in KG
TOTAL GENERAL
- Value in USD
- Value in RFW
- Volume in KG
TABLE. IV.4 (11): MONTHLY EXPORTS (QIII.2011)

Product/Period
July-11
August-11
September-11
July-Sept 11
Coffee
- Value in USD
- Value in RFW
- Volume in KG
-Price USD/KG
10,125,452
6,078,802,391
1,886,060
5.37
14,954,351
8,968,896,911
2,768,760
5.40
17,222,897
10,330,948,280
3,382,360
5.09
42,302,700
25,378,647,582
8,037,180
5.26
Tea
- Value in USD
- Value in RFW
- Volume in KG
-Price USD/KG
4,547,877
2,730,312,401
1,655,794
2.75
5,057,119
3,033,015,732
1,795,057
2.82
4,403,297
2,641,264,818
1,638,483
2.69
14,008,293
8,404,592,952
5,089,334
2.75
Cassiterite
- Value in USD
- Value in RFW
- Volume in KG
-Price USD/KG
10,253,380
6,155,603,740
714,664.00
14.35
7,973,326
4,782,015,629
586,359.00
13.60
9,692,957
5,814,204,042
687,614.00
14.10
27,919,663
16,751,823,411
1,988,637
14.04
3,132,987
4,064,797
1,880,884,984.51 2,437,868,781.71
72,033
80,848
43
50.28
1,840,151
1,103,792,258.32
28,688
64.14
9,037,935
5,422,546,025
181,569
49.78
Coltan
- Value in USD
- Value in RFW
- Volume in KG
- Price USD/KG
Wolfram
- Value in USD
- Value in RFW
- Volume in KG
- Price USD/KG
770,020.03
462,280,559
48,323
15.93
2,066,219.71
1,239,218,713
115,686
17.86
2,516,082.58
1,509,241,968
152,455
16.50
5,352,322.32
3,210,741,240.05
316,464.00
16.91
Hides and Skin

- Value in USD
- Value in RFW
- Volume in KG
- Price USD/KG
611,108
366,878,137
383,136
1.60
878,099
526,641,576
649,303
1.35
712,151
427,175,209
525,652
1.35
2,201,359
1,320,694,922
1,558,091
1.41
Pyrethrum
- Value in USD
- Value in RFW
- Volume in KG
-Price USD/KG
360,035
216,146,412
1,340
268.68
180,121
108,027,720
679
265.27
61,177
36,696,438
241
253.85
601,333
360,870,570
2,260
266.08
29,800,860
17,890,908,623
4,761,350
35,174,033
21,095,685,064
5,996,692
36,448,712
21,863,323,014
6,415,493
101,423,605
60,849,916,701
17,173,535

- Value in USD
- Value in RFW
- Volume in KG

Product/Period
July-11
August-11
September-11
July-Sept 11
887,778.24
532,976,553
49,676
553,076.56
331,708,586
24,495
6,298.03
3,777,800
2,083
1,447,153
868,462,939
76,254
506,607.21
304,141,000.00
381,291
512,927.30
307,629,000.00
390,055
513,620.33
308,089,000.00
404,280
1,533,155
919,859,000
1,175,626
277,410.57
166,543,084
760,420
34,466.94
20,671,603
354,108
44,059.54
26,428,585
260,775
355,937
213,643,272
1,375,303
1,251.05
751,066
2,500
190.00
113,951
200
1,574.94
944,710
1,262
3,016
1,809,726
3,962
69,584.69
41,775,081
797,590
13,129.41
7,874,385
78,660
17,183.68
10,307,423
112,030
99,898
59,956,889
988,280
585,491.08
351,498,832.85
1,478,513
809,823.87
485,693,215.03
1,753,560
1,087,208.65
652,149,075.44
2,445,070
2,482,524
1,489,341,123
5,677,143
49,018.26
29,428,051
69,859
12,993.63
7,792,953
12,550
52,602.87
31,553,203
42,911
114,615
68,774,207
125,320
547,896.24
328,928,819
942,218
633,670.87
380,045,162
978,564
556,027.41
333,526,374
864,353
1,737,595
1,042,500,354
2,785,135
Salt, sulphur; earth and stone; plastering materials, lime and cement
- Value in USD
- Value in RFW
- Volume in KG
145,759.42
87,506,483
909,324
93,734.46
56,217,399
1,094,346
129,091.48
77,433,976
1,128,475
368,585
221,157,859
3,132,145

- Value in USD
- Value in RFW
- Volume in KG
87,703.57
52,652,726
26,593
162,703.06
97,581,433
48,408
112,611.50
67,548,659
29,628
363,018
217,782,818
104,629
1,735.86
1,042,122
620
21,934.47
13,155,236
11,288
19,580.06
11,744,864
9,949
43,250
25,942,222
21,857
II. Other Exports

Other minerals
- Value in USD
- Value in RFW
- Volume in KG
- Value in USD
- Value in RFW
- Volume in KG
- Value in USD
- Value in RFW
- Volume in KG
- Value in USD
- Value in RFW
- Volume in KG
Cereals
- Value in USD
- Value in RFW
- Volume in KG
- Value in USD
- Value in RFW
- Volume in KG
Animal or Vegetable fats and oils and their cleavage products
- Value in USD
- Value in RFW
- Volume in KG
- Value in USD
- Value in RFW
- Volume in KG
- Value in USD
- Value in RFW
- Volume in KG

- Value in USD
- Value in RFW
- Volume in KG

Product/Period
July-11
August-11
September-11
July-Sept 11

- Value in USD
- Value in RFW
- Volume in KG
106,831.17
64,135,957
46,226
130,404.44
78,210,277
45,359
128,881.66
77,308,116
47,047
366,117
219,654,351
138,632

- Value in USD
- Value in RFW
- Volume in KG
97,581.61
58,582,994
141,048
3,751.80
2,250,150
35,000
75,556.89
45,321,892
120,737
176,890
106,155,037
296,785
982.76
590,000
35,000
2,620.77
1,571,811
3,590
2,538.34
1,522,592
6,208
6,142
3,684,403
44,798
3,090.74
1,855,522
44,068
133,148.14
79,855,816
35,197
54,288.65
32,564,398
10,104
190,528
114,275,736
89,369
Footwear
- Value in USD
- Value in RFW
- Volume in KG
190,895.68
114,603,983
52,619
191,676.92
114,958,552
64,867
115,199.18
69,100,848
27,480
497,772
298,663,383
144,966
Handscrafts
- Value in USD
- Value in RFW
- Volume in KG
36,599.42
21,972,417
1,910
24,811.62
14,880,808
1,583
48,603.73
29,154,367
3,777
110,015
66,007,592
7,270
Scrapts Iron
- Value in USD
- Value in RFW
- Volume in KG
39,970.22
23,996,072
791,000
33,513.69
20,099,892
611,000
37,052.32
22,225,387
713,500
110,536
66,321,351
2,115,500
Iron and steel

- Value in USD
- Value in RFW
- Volume in KG
396,212.85
237,865,887
311,409
91,909.92
55,123,129
106,460
219,148.65
131,453,690
299,853
707,271
424,442,707
717,722
Other
- Value in USD
- Value in RFW
- Volume in KG
410,981.63
246,732,305
354,544
303,300.21
181,904,804
185,732
646,196.62
387,613,293
232,991
1,360,478
816,250,402
773,267
4,443,382
2,667,578,955
7,196,428
3,763,788
2,257,338,161
5,835,022
3,867,325
2,319,768,253
6,762,513
12,074,495
7,244,685,370
19,793,963
Paper and paperboard, articles of paper pulp of paper or of paperboard

- Value in USD
- Value in RFW
- Volume in KG
- Value in USD
- Value in RFW
- Volume in KG

- Value in USD
- Value in RFW
- Volume in KG

Product/Period
July-11
August-11
September-11
July-Sept 11
Petroleum products
- Value in USD
- Value in RFW
- Volume in KG
1,345,799
807,948,652
1,100,424.00
4,262,485
2,556,432,493
3,051,136.00
1,728,894
1,037,056,507
1,422,169.00
7,337,178
4,401,437,652
5,573,729
Machines et engins
- Value in USD
- Value in RFW
- Volume in KG
273,557
164,229,808
64,908.00
8,146
4,885,583
11,478.00
123,391
74,014,892
3,198.00
405,095
243,130,283
79,584
Vehicules
- Value in USD
- Value in RFW
- Volume in KG
990,136
594,427,071
88,819.00
546,033
327,484,345
45,467.00
500,797
300,397,145
41,636.00
2,036,967
1,222,308,561
175,922
117,222
70,373,975
132,434.00
151,464
90,840,867
115,618.00
214,843
128,870,846
109,213.00
483,529
290,085,688
357,265
2,726,714
1,636,979,506
1,386,585
4,968,128
2,979,643,288
3,223,699
2,567,926
1,540,339,390
1,576,216
10,262,768
6,156,962,183
6,186,500
36,970,956
22,195,467,084
13,344,363
43,905,950
26,332,666,512
15,055,413
42,883,962
25,723,430,657
14,754,222
123,760,868
74,251,564,254
43,153,998
III. REEXPORTS
Other reexports
- Value in USD
- Value in RFW
- Volume in KG
Sub Total Reexports
- Value in USD
- Value in RFW
- Volume in KG
TOTAL GENERAL
- Value in USD
- Value in RFW
- Volume in KG
TABLE IV.5
IMPORTS BY ECONOMIC CATEGORIES(2010-2011)

Q = Quantity in Tons
V = CIF Value in Rwf million
CONSUMER GOODS
Q
CAPITAL GOODS
Q
INTERMEDIARY GOODS
Q
ENERGY AND LUBRICANT

Q
TOTAL
2010
January
34,779
15,292
2,790
14,104
32,170
13,055
12,739
7,390
82,478
49,841
February
47,052
23,585
3,451
15,852
28,265
12,935
16,544
10,041
95,312
62,413
March
40,694
22,134
3,902
19,283
37,844
19,573
17,079
10,065
99,518
71,056
April
34,991
20,099
2,936
15,237
37,790
19,687
15,516
9,572
91,233
64,595
May
33,925
17,024
2,866
16,365
32,543
18,015
15,496
9,833
84,831
61,237
June
39,962
18,131
3,236
15,397
31,027
19,376
18,552
11,910
92,777
64,814
July
35,062
16,060
3,030
15,723
33,024
16,036
13,549
8,547
84,665
56,366
August
40,950
20,123
3,616
18,974
38,692
19,761
18,236
11,639
101,493
70,497
September
40,656
26,940
4,697
20,761
57,163
24,724
16,364
10,248
118,879
82,673
October
40,171
25,914
4,311
20,850
54,468
20,813
15,418
9,855
114,368
77,432
November
39,286
25,004
4,313
17,393
49,673
19,867
18,425
12,011
111,697
74,274
December
40,995
25,929
3,934
18,714
48,946
19,125
17,812
468,523
256,234
43,082
208,653
481,605
222,969
195,729
January
32,592
19,411
3,266
15,739
42,112
21,847
15,646
11,182
February
29,136
22,138
3,685
15,742
36,560
17,573
17,373
March
April
May
June
July
August
September
36,053
30,270
33,347
40,283
36,163
59,101
40,519
337,463
26,640
17,695
22,873
24,876
23,779
29,361
23,291
210,064
5,103
3,715
4,141
3,932
4,760
4,455
4,795
37,852
18,796
14,529
20,677
18,764
21,620
25,442
23,977
175,286
47,809
56,027
47,456
55,468
51,827
57,714
59,446
454,420
21,997
23,331
19,552
24,141
25,824
28,536
25,684
208,485
19,625
17,876
18,763
17,708
16,862
20,680
17,464
161,996
TOTAL
2011
TOTAL
12,101
123,211
111,686
1,188,939
75,868
811,067
93,616
68,178
12,072
86,753
67,525
14,777
13,413
14,369
13,822
12,894
15,186
27,981
135,696
108,589
107,888
103,707
117,391
109,613
141,951
122,224
991,731
82,211
68,969
77,470
81,603
84,118
98,524
100,933
729,531
TABLE IV.6
IMPORTS OF THE MAIN OIL PRODUCTS 2010-2011

Q = Quantity in Tons
V = CIF Value in Rwf million
PERIOD
KEROSENE
MOTOR SPIRIT
ILLUMINATING KEROSENE
Q
GAS OIL
FUEL OILS
LUBRICATING OILS PETROLEUM GASES
TOTAL
Q
2010
January
37
February
15
-
3,955
2,516
754
393
5,885
3,343
1,778
846
149
116
37
30
12,595
7,259
4,106
2,706
1,121
613
6,704
3,928
3,567
1,909
301
328
76
60
15,874
9,543
March
28
12
4,551
2,936
1,306
684
6,917
3,971
3,328
1,708
289
250
75
64
16,495
9,624
April
48
23
4,291
2,965
1,243
661
6,380
3,873
3,003
1,446
236
178
36
29
15,237
9,175
May
74
40
4,796
3,410
889
486
6,554
4,214
2,248
1,086
76
38
51
44
14,688
9,319
11,479
June
5,341
3,798
1,048
587
8,579
5,516
2,835
1,393
213
155
36
30
18,052
July
26
15
3,957
2,667
919
514
6,223
3,864
1,918
876
188
155
86
71
13,316
8,163
August
52
29
5,120
3,451
964
532
9,857
6,121
1,562
654
174
152
56
48
17,786
10,988
9,804
September
4,601
3,046
1,247
704
9,020
5,529
760
272
137
187
74
66
15,840
October
4,749
3,144
894
505
8,132
4,985
976
356
161
144
47
38
14,958
9,173
November
155
88
5,117
3,639
1,130
645
9,511
6,229
1,584
590
193
177
65
56
17,756
11,425
December
26
15
5,265
3,838
785
747
9,379
6,275
1,531
783
247
194
92
97
17,325
11,950
446
237
55,851
38,116
12,300
7,072
93,141
57,849
25,090
11,919
2,363
2,074
729
633
TOTAL
189,921
117,899
2011
January
25
13
5,051
3,854
1,205
729
7,839
5,479
431
200
286
262
29
29
14,865
10,567
February
21
11
4,222
3,221
1,092
777
7,111
4,971
4,028
2,335
200
227
81
86
16,755
11,629
March
125
76
4,821
3,968
1,579
1,106
9,522
7,389
2,827
1,596
187
169
86
83
19,147
14,387
April
84
49
4,554
3,380
1,187
854
8,163
5,900
147
149
59
58
14,111
10,342
May
168
114
4,969
3,835
932
728
8,649
6,547
298
331
112
107
14,960
11,549
June
286
2,584
5,069
3,926
997
781
8,429
6,448
214
231
86
81
14,795
11,467
July
57
43
5,326
4,109
935
926
8,075
6,021
173
156
85
78
August
295
216
6,345
4,789
1,006
789
9,792
7,052
325
443
119
166
September
TOTAL
63
38
1,124
3,146
5,421
45,778
4,156
35,239
690
9,621
1,559
8,251
7,158
74,738
5,353
55,160
7,286
4,131
284
659
193
2,161
61
719
66
754
94,634
69,940
TABLE IV.7(1)
IMPORTS BY CHAPTER IN 2011

Net weight in kg
Value cif in Rwf
January
Net weight
01
02
03
04
05
06
07
08
09
10
Live animals
Meat and edible meat offal
Fish and crustaceans, molluscs and other aquatic invertebrates
Dairy produce, birds' eggs, natural honey, edible products of animal origin, not
elsewhere specified or included
Products of animal origin, not elsewhere specified or included
Live trees and other plants, bulbs, roots and the like, cut flowers and ornamental
foliage
Edible vegetables and certain roots and tubers
Edible fruit and nuts, peel of citrus fruit melons
Coffee, tea, malt and spices
Cereals
17
18
Products of the milling industry, malt, starches, inulin, wheat gluten

Oil seeds and oleaginous fruits, miscellaneous grains, seeds and fruit, industrial or
medicinal plants straw and fodder
Lac, gums, resins and other vegetable saps and extracts
Vegetable plaiting materials; vegetable products not elsewhere specified or
included
Animal or vegetable fats and oils and their cleavage products, prepared edible
fats, animal or vegetable waxes
Preparations of meat,of fish or of crustaceans, molluscs or other aquatic
invertebrates
Sugars and sugar confectionery
Cocoa and cocoa preparations
19
20
21
22
11
12
13
14
15
16
February
Value cif
Net weight
March
Value cif
Net weight
Value cif
205,394
395
572,999
244,246,112
248,831
239,994,405
171,599
1,689
763,368
216,074,707
1,778,033
270,253,043
189,368
1,000
815,581
226,986,160
420,812
265,028,603
138,472
92,164,113
169,064
103,342,847
255,585
127,589,955
2,749,056
1,341
2,692,647
849
3,042,080
445
82,915
35,013,701
15,319
18,647,611
9,748
2,042,218
1,180,592
354,999
27,989
11,512,889
74,459,057
49,620,766
10,189,579
1,739,940,891
529,946
463,056
31,660
16,213,187
38,842,077
50,638,996
11,412,913
2,735,062,284
1,124,696
515,569
51,062
12,109,804
451,666,728
54,292,881
19,493,797
2,152,698,832
2,824,687
858,512,159
2,519,080
913,053,782
4,069,991
1,373,519,821
541,020
158,409,294
449,186
88,864,820
1,563,568
430,367,764
15,997
414,481,927
4,000
56,303
20
35,658
36
1,766,356
4,165,326
3,193,674,484
2,956,702
2,380,459,519
3,855,726
2,919,134,352
63,700
23,294,908
27,541
14,081,800
125,660
39,737,317
2,683,611
29,052
1,385,488,629
41,606,399
3,845,712
9,972
2,219,107,514
10,886,094
3,485,927
30,148
2,097,128,261
8,094,937
Preparations of cereals, flour, starch or milk, pastrycook' products
375,758
159,613,393
383,725
199,977,512
664,166
313,001,707
Preparations of vegetables, fruits, nuts or other parts of plants

Miscellaneous edible preparations
Beverages, spirits and vinegar
253,598
231,535
326,590
99,368,787
195,329,733
277,397,613
290,975
351,014
431,390
95,784,482
291,648,350
261,095,540
254,112
342,290
542,734
92,078,872
262,075,943
366,961,978
23
Residues and waste from the food industries, prepared animal fodder
240,026
25,189,958
161,657
12,990,028
182,576
18,413,960
24
Tobacco and manufactured tobacco substitutes
102,778
265,292,263
89,026
230,959,810
83,460
211,314,388
25
26
27
Salt, sulfur, earths and stone, plastering materials, lime and cement
Ores, slag and ash
Mineral fuels, mineral oils and products of their distillation, bituminous, mineral
waxes
Inorganic chemical, organic or inorganic compounds of precious metal, of rareearth metal, of radioactive elements or of isotopes
Organic chemicals
Pharmaceutical products
27,523,399
600
3,705,263,553
70,532
17,008,872
133
2,259,050,427
243,061
25,350,103
24
3,355,105,529
4,747
15,604,583
11,160,803,626
17,682,236
12,540,027,050
20,479,699
15,413,036,291
566,243
259,931,890
606,168
356,382,246
637,736
259,913,642
224,512
203,321
334,073,137
2,499,889,826
93,115
253,224
134,177,191
7,914,978,648
253,373
511,288
404,198,177
6,166,109,339
70,042,324
27,131,836,590
65,519,485
33,372,898,121
77,521,472
37,449,414,348
28
29
30
SUB-TOTAL
TABLE IV.7(2)

Net weight in kg
Value cif in Rwf
January
Net weight
31
32
Fertilisers
Tanning or dyeing extracts, tannins and their derivatives, dyes, pigments and other colouring
matter paints and varnishes, putty and other mastic, inks
33
Essential oils and resinoids, perfumery, cosmetic or toilet preparations

Soap, organic surface-active agents, washing preparations, lubricating preparations, artifical
waxes, prepared waxes
34
35
36
February
Value cif
Net weight
March
Value cif
Net weight
Value cif
3,595
322,336
110,949
61,940,427
4,976,677
261,677
356,393,465
374,523
349,687,370
368,894
2,370,027,606
447,477,495
396,001
1,733,131,676
367,769
461,093,637
320,822
784,538,731
892,767,857
2,031,542
1,088,632,024
1,402,924
815,497,281
1,462,187
Albuminoidal substances, modified starches, glues, enzymes
45,161
40,779,202
42,939
155,763,666
56,030
45,087,994
Explosives, pyrotechnic products, matches, pyrophoric alloys, certain combustible preparations
30,961
28,615,714
89,204
138,554,286
106,147
97,341,432
37
Photographic or cinematographic goods
38
Miscellaneous chemical products
5,520
35,467,803
5,416
36,788,764
21,560
40,372,628
185,699
811,952,431
382,486
952,671,386
414,219
928,475,833
39
Plastics and articles thereof
1,547,788
2,109,304,469
959,463
1,553,101,730
1,536,894
1,936,356,766
40
Rubber and articles thereof
273,091
750,881,903
235,220
794,565,107
455,662
1,407,551,261
41
42
Raw hides and skins (other than furskins) and leather

Articles of leather, saddlery and harness, travel goods, handbags and similar containers
2,700
86,613
339,027
217,489,241
5,500
43,539
626,829
41,155,948
13,130
51,794
5,869,682
48,384,301
92
9,351,246
834,744
336,111,653
795,114
479,432,024
998,399
380,438,977
43
Furskins and artificial fur, manufactures thereof
44
Wood and articles of wood charcoal
45
Cork and articles of cork
46
47
48
49
Manufactures of straw, of esparto or of other plaiting materials, basketware and wickerwork

Pulp of wood or of other fibrous cellulosic material, recovered (waste and scrap) paper or
paperboard
Paper and paperboard, articles of paper pulp, of paper or of paperboard
Printed books, newspapers, pictures and other products of the printing industry, manuscripts,
typescripts and plans
50
Silk
51
Wool, fine or coarse animal hair, horsehair yarn and woven fabric
52
Cotton
53
Other vegetable textile fibres, paper yarn and woven fabrics of paper yarn
54
Man-made filaments
55
56
Man-made staple fibres

Wadding, felt and nonwovens, special yarns, twine, cordage, ropes and cables and articles thereof
57
58
59
Carpets and other textile floor coverings

Special woven fabrics, tufted textile fabrics, lace; tapestries, trimmings, embroidery
Impregnated, coated, covered or laminated textile fabrics, textile articles of a kind suitable for
industrial use
60
Knitted or crocheted fabrics
61
Articles of apparel and clothing accessories, knitted or crocheted
62
Articles of apparel and clothing accessories, not knitted or crocheted
63
Other made up textile articles, sets, worn clothing and worn textile articles, rags
64
Footwear, gaiters and the like, parts of such articles
65
Headgear and parts thereof
SUB-TOTAL
36
324,911
2,442
1,142,400
2,804
4,817,246
17,100
2,073,430
10,982
1,301,778
12,509
2,809,417
508,044
1,716,415
2,102,344,263
1,211,065
114,780
609,073,344
1,402
2,189,660
639
15,154
42,198
1,261,908,185
1,377,197
1,353,619,651
215,190
790,993,220
380,003
2,648,005,213
6,215
11,041,726
811
1,017,635
560,034
133
1,433,976
301
43,509
31,689,829
38,350
92,830,056
55,883
108,136,221
25
51,757
201
510,285
90
113,411
91,204
188,230,106
61,594
93,520,785
10,091
13,722,353
174,323
304,179,545
106,262
201,573,325
107,493
130,310,557
25,585
11,600,913
34,305
20,758,925
25,968
14,242,928
14,319
13,274
14,807,554
11,823,423
16,227
17,520
72,691,801
21,307,282
7,537
16,407
26,684,248
16,840,639
10,311
15,808,826
10,390
4,700,001
11,844
11,790,134
3,491
3,641,860
4,230
25,345,704
4,594
26,950,830
54,064
202,641,023
57,645
431,521,023
56,395
216,958,558
78,486
379,123,889
60,710
189,872,561
68,996
247,610,458
1,948,073
1,767,322,573
1,447,487
919,649,110
1,781,502
1,297,868,686
509,803
626,741,698
420,849
493,725,434
452,495
487,031,753
7,293
26,809,360
2,302
8,882,748
13,912
99,741,621
10,500,873
13,810,966,986
8,539,145
10,485,588,780
15,169,344
16,102,399,075
TABLE IV.7(3)

Net weight in kg
Value cif in Rwf
January
Net weight
66
Umbrellas, sun umbrellas, walking-sticks, seat-sticks, whips, riding-crops and parts thereof
67
Prepared feathers and down and articles made of feathers or of down, artifical flowers, articles of
humain hair
68
Articles of stone, plaster, cement, asbestos, mica or similar materials
69
Ceramic products
70
Glass and glassware

Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious
metal and articles thereof, imitation jewellery, coin
71
February
Value cif
Net weight
March
Value cif
Net weight
Value cif
13,659
11,298,482
36,056
13,370,084
32,537
5,912
8,319,923
12,812
20,160,486
8,780
27,416,120
14,287,077
233,542
70,013,736
720,068
513,458,247
281,222
145,106,568
1,350,377
348,528,483
1,975,859
526,140,146
1,705,754
516,745,136
789,343
377,391,390
254,606
241,038,844
1,449,351
777,346,825
1,566
32,606,784
2,340
2,501,338
1,889
2,548,040
Iron and steel
4,358,203
5,960,597,719
3,403,525
2,220,865,835
5,100,938
3,807,930,547
73
Articles of iron or steel
1,773,200
2,377,155,933
1,242,758
1,472,603,232
1,216,680
1,370,926,804
74
Copper and articles thereof
796
1,030,887
2,755
5,343,254
2,600
11,332,932
75
Nikel and articles thereof
76
Aluminum and articles thereof
72
77
121,715
247,427,320
304,001
533,375,391
2,282
308,622
689,332,751
(Reserved for possible future use in the Harmonized System)
78
Lead and articles thereof
60
27,781
45,213
210
61,465
79
Zinc and articles thereof
2,394
2,083,260
16,784
15,341,832
1,186
1,134,302
3,605
4,890,776
80
Tin and articles thereof
81
82
Other base metals, cermets, articles thereof
83
84
Miscellaneous articles of base metal
85
86
Tools, implements, cutlery, spoons and forks, of base metal, parts thereof of base metal
Nuclear reactors, boilers, machinery and mechanical appliances, parts thereof
Electrical machine and equipement and parts thereof, sound recorders and reproducers, television
image and sound recorders and reproducers, and parts accessorties of such articles
Railway or tramway locomotives, rolling-stock and parts thereof, railway or tramway track fixtures and
fittings and parts thereof, mechanical traffic signalling equipment of all kinds
87
Vehicules other than railway rollings-stock, and parts and accessories thereof
88
Aircraft, spacecraft, and parts thereof
89
90
Ships, boats and floating structures

Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments
91
65
43,325
1,575
2,759,441
59
405,250
24,729
332,141,838
20
308,582
63,188
774,299,108
381,408
326,021,193
248,289
556,537
240,575,268
3,662,648,554
291,501
599,634
332,206,412
4,006,232,474
286,045
872,383
314,688,276
5,114,957,879
1,516,317
6,399,760,972
1,392,167
4,699,046,945
1,968,506
5,988,239,018
18,196
5,969,434
9,080
5,809,387
40,111
12,591,730
1,036,297
3,666,992,222
1,347,423
5,760,076,858
1,387,166
4,779,931,386
750
282,151,322
9,033
267,832,929
1,433
478,844,015
95
120,861
2,522,703
2,448,342,946
5
59,332
8,913
1,365,998,656
42
259,452
136,627
3,262,302,893
Clocks and watches and parts thereof
1,988
5,145,546
1,903
9,682,848
3,217
6,495,197
92
Musical instruments, parts and accessories of such articles
1,865
51,452,388
2,527
10,780,882
1,844
10,728,277
93
Arms and ammunition, parts and accessories thereof

Furniture, bedding, mattress supports, cushions and similar stuffed furnishings, lamps and lighting
fittings, not elsewhere specified or included, illuminated signs, illuminated name-plates and the likee,
prefabricated buildings
94
95
Toys, games and sports requisites, parts and accessories thereof
96
Miscellaneous manufactured articles
97
Works of art, collectors' pieces and antiques,
363,874
527,722,837
411,680
638,142,292
16
358,700
391,818
693,991,777
8,759
19,627,828
28,253
24,090,143
10,937
12,504,110
126,849
142,899,234
147,915
192,059,399
173,241
281,709,477
10,864
11,094,205
9,085
13,018,253
10,496
6,213,428
SUB-TOTAL
13,067,682
27,235,597,049
12,591,287
23,666,352,030
15,901,494
28,658,775,607
TOTAL
93,610,879
68,178,400,625
86,649,917
67,524,838,932
108,592,310
82,210,589,029
TABLE IV.7(4)
01 Live animals
02 Meat and edible meat offal
03 Fish and crustaceans,molluscs and other aquatic invertebrates
Dairy produce; birds' eggs; natural honey; edible products of animal origin,
04 not elsewhere specified or included
05 Products of animal origin, not elsewhere specified or included
Live trees and other plants, bulbs, roots and the like; cut flowers and
06 ornamental foliage
07 Edible vegetables and certain roots and tubers
08 Edible fruit and nuts; peel of citrus fruit melons
09 Coffee, tea, mat and spices
10 Cereals
11 Products of the milling industry; malt; starches; inulin; wheat gluten
Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruit;
12 industrial or medicinal plants straw and fodder
13 Lac; gums, resins and other vegetable saps and extracts
14 included
Animal or vegetable fats and oils and their cleavage products; prepared
15 edible fats; animal or vegetable waxes
16 invertebrates
17 Sugars and sugar confectionery
18 Cocoa and cocoa preparations
19 Preparations of cereals, flour, starch or milk; pastrycook' products
20 Preparations of vegetables, fruits, nuts or other parts of plants
21 Miscellaneous edible preparations
22 Beverages, spirits and vinegar
23 Residues and waste from the food industries; prepared animal fodder
24 Tobacco and manufactured tobacco substitutes
25 Salt; sulfur; earths and stone; plastering materials, lime and cement
26 Ores, slag and ash
Mineral fuels, mineral oils and products of their distillation; bituminous;
27 mineral waxes
Inorganic chemical; organic or inorganic compounds of precious metal, of
28 rare-earth metal, of radioactive elements or of isotopes
29 Organic chemicals
30 Pharmaceutical products
Sub-Total

Net weight in kg
Value cif in Rwf
Net weight
172,087
239
846,533
April
Value cif
214,841,703
280,973
286,300,666
Net weight
156,247
130
1,146,377
255,096
1,054
177,493,732
9,414,406
6,200
696,068
521,157
31,673
26,548,833
876,677
954,881
203
May
June
Value cif
188,989,057
103,808
379,102,226
Net weight
128,366
191
989,041
Value cif
128,793,994
265,434
332,664,159
215,294
1,445
105,221,395
886,786
275,441
1,771
142,207,129
8,679,953
1,873,857
73,931,939
55,019,245
11,090,571
6,919,375,067
295,886,014
8,475
373,188
661,192
48,018
15,756,472
2,138,956
2,673,587
25,839,177
69,826,353
11,092,511
3,558,349,107
914,704,830
3,188
1,280,679
602,893
42,472
15,253,658
5,646,714
2,513,213
608,508,064
88,808,010
14,502,797
3,001,364,645
2,281,038,821
304,235,478
4,535,655
995,998
1
236,576,344
57,356
634,712
355
190,180,596
1,448,939
2,505
78,097
4,211,965
3,384,954,613
4,215,598
3,319,789,847
3,839,350
2,862,406,462
74,262
4,529,997
15,626
423,347
353,489
512,187
245,305
251,419
58,022
20,049,663
27,848,254
2,722,805,457
31,757,741
231,307,449
188,783,640
464,337,319
188,329,597
22,698,631
144,095,847
2,622,336,812
85,462
5,487,079
18,125
671,796
448,645
201,916
338,788
229,189
68,072
23,380,819
28,070,856
3,227,995,715
21,259,015
331,898,389
249,629,641
225,815,427
247,491,044
22,060,852
164,699,133
3,155,758,729
87,702
2,170,353
25,161
778,181
495,566
536,380
546,684
223,932
71,661
29,046,837
30,953,474
1,466,878,368
54,933,747
518,797,824
225,778,896
437,134,355
361,899,256
15,667,646
155,882,464
3,961,422,731
17,817,587
13,321,468,440
18,211,246
13,658,499,092
19,346,872
14,301,681,078
230,704
30,696
488,779
80,203,749
45,579,956
27,152,162
2,540,146,836
34,317,882,059
268,388
213,393
574,116
75,916,930
125,138,700
303,215,441
2,875,008,926
33,449,831,442
476,880
97,415
540,653
83,143,108
364,291,615
178,845,995
2,802,950,173
34,540,499,837
TABLE IV.7(5)
31 Fertilisers
Tanning or dyeing extracts; tannins and their derivatives; dyes, pigments and other colouring matter paints and
32 varnishes; putty and other mastic; inks
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
Soap, organic surface-active agents, washing preparations, lubricating preparations, artifical waxes, prepared waxes
Albuminoidal substances; modified starches; glues; enzymes
Explosives; pyrotechnic products; matches; pyrophoric alloys; certain combustible preparations
Photographic or cinematographic goods
Miscellaneous chemical products
Plastics and articles thereof
Rubber and articles thereof
Raw hides and skins (other than furskins) and leather
Articles of leather; saddlery and harness; travel goods, handbags and similar containers
Furskins and artificial fur; manufactures thereof
Wood and articles of wood charcoal
Cork and articles of cork
Manufactures of straw, of esparto or of other plaiting materials; basketware and wickerwork
Pulp of wood or of other fibrous cellulosic material; recovered (waste and scrap) paper or paperboard
Paper and paperboard; articles of paper pulp, of paper or of paperboard
Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans
Silk
Wool, fine or coarse animal hair; horsehair yarn and woven fabric
Cotton
Other vegetable textile fibres; paper yarn and woven fabrics of paper yarn
Man-made filaments
Man-made staple fibres
Wadding, felt and nonwovens; special yarns; twine, cordage, ropes and cables and articles thereof
Carpets and other textile floor coverings
Special woven fabrics; tufted textile fabrics; lace; tapestries; trimmings; embroidery
Impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use
Knitted or crocheted fabrics
Articles of apparel and clothing accessories, knitted or crocheted
Articles of apparel and clothing accessories, not knitted or crocheted
Other made up textile articles; sets; worn clothing and worn textile articles; rags
Footwear, gaiters and the like; parts of such articles
Headgear and parts thereof
S/Total

Net weight in kg
Value cif in Rwf
Net weight
7,753,626
April
Value cif
3,768,267,726
Net weight
1,174,577
296,796
420,633
309,806,233
1,050,523,259
1,536,671
82,925
83,639
6,174
127,703
1,240,617
133,522
9,859
49,659
May
June
Value cif
537,223,335
Net weight
7,376,405
Value cif
2,963,107,756
457,614
411,566
442,781,053
539,216,009
488,987
495,395
558,182,913
1,472,185,899
917,194,101
57,254,372
154,588,189
17,369,113
826,489,924
1,682,511,896
404,328,909
751,504
43,403,546
2,190,963
43,807
38,713
6,025
168,228
1,204,864
167,720
5,015
88,348
1,266,493,006
56,604,337
117,498,391
39,269,952
500,811,416
1,647,010,064
567,928,222
108,973
130,547,204
2,050,884
46,190
94,185
6,065
405,515
1,527,315
244,650
20,720
54,232
1,225,678,018
71,894,965
200,476,823
42,241,182
1,719,710,352
2,183,520,021
689,024,349
1,804,096
87,528,196
709,847
290
18,065
50
1,066,340
253,467,585
520,149
2,530,231
6,799
1,085,610,441
1,521,929
685,688,851
14,157
10,656
1,154,290
1,681,501
37,624,378
1,144,318,031
2,179,563
9,900
1,832
66
1,635,716
912,068,797
3,970,159
1,191,595
12,628
1,744,250,684
75,792
84
67
52,422
172,140,584
18,621
44,379
107,485,874
472,525
588
2,576,549,071
276,699
13,283
178,200
13,612
9,210
24,303
10,815
1,280
22,605
32,823
1,551,564
279,103
11,713
15,813,292
16,878,851
377,914,989
14,245,196
13,203,150
16,204,089
10,107,578
3,901,264
142,979,924
105,861,571
906,795,707
429,071,049
93,716,840
12,985,193,644
46,215
1,065
31,210
190,683
15,372
10,688
22,685
27,295
4,143
73,621
118,614
1,946,364
577,625
3,180
12,200,345
166,136,863
447,690
55,680,040
311,045,889
12,877,106
9,211,040
47,879,864
12,741,226
19,165,710
229,181,630
314,527,208
1,030,235,803
923,758,523
37,040,950
13,461,560,035
278,573
106
148
47,027
350
48,230
158,509
64,098
36,756
19,444
54,080
3,106
78,909
118,656
2,196,755
484,379
9,606
20,236,352
765,607,642
107,285
46,622
113,483,237
302,156
133,187,341
519,053,342
29,918,363
12,711,182
32,678,642
35,760,330
23,824,820
334,052,094
433,876,980
3,847,646,085
569,042,801
102,638,478
20,830,785,834
TABLE IV.7(6)

Net weight in kg
Value cif in Rwf
Net weight
66
67
68
69
70
Umbrellas, sun umbrellas, walking-sticks, seat-sticks, whips, riding-crops and parts

thereof
Prepared feathers and down and articles made of feathers or of down; artifical
flowers; articles of humain hair
Articles of stone, plaster, cement, asbestos, mica or similar materials
Ceramic products
Glass and glassware
86
87
88
89
Natural or cultured pearls, precious or semi-precious stones, precious metals, metals

clad with precious metal and articles thereof; imitation jewellery; coin
Iron and steel
Articlesz of iron or steel
(Rserved for possible future use in the Harmonized System)
Other base metals; cermets; articles thereof
Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base
metal
Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof
Electrical machine and equipement and parts thereof; sound recorders and
reproducers, television image and sound recorders and reproducers, and parts
accessorties of such articles
Railway or tramway locomotives, rolling-stock and parts thereof; railway or tramway
track fixtures and fittings and parts thereof; mechanical traffic signalling equipment of
all kinds
90
91
92
93
Optical, photographic, cinematographic, measuring, checking, precision, medical or

surgical instruments and apparatus; parts and accessories thereof
Musical instruments; parts and accessories of such articles
Arms and ammunition; parts and accessories thereof
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
Furniture; bedding, mattress supports, cushions and similar stuffed furnishings;

lamps and lighting fittings, not elsewhere specified or included; illuminated signs,
94 illuminated name-plates and the likee; prefabricated buildings
95 Toys, games and sports requisites; parts and accessories thereof
96 Miscellaneous manufactured articles
97 Works of art, collectors' pieces and antiques,
S/Total
TOTAL
April
Value cif
Net weight
May
Value cif
Net weight
June
Value cif
13,323
5,469,669
42,353
24,620,422
42,857
38,250,160
9,061
64,247
695,541
590,651
11,582,955
89,267,929
214,591,332
256,723,881
12,652
438,129
1,398,884
627,982
17,346,047
240,442,277
303,435,975
320,109,409
16,806
254,737
1,048,680
508,597
18,772,639
112,116,345
254,913,261
171,664,290
2,503
5,354,193
1,273,562
9,253
25
138,489
4,977,014
3,830,692,848
1,417,307,522
12,654,131
102,873
180,314,989
4,455
5,409,460
1,940,880
1,999
30
322,162
3,948,559
3,832,722,930
1,904,462,820
3,100,782
38,287
556,912,607
2,868
5,513,731
1,524,443
9,814
2,915,227
3,586,560,790
1,492,952,711
11,019,272
230,833
459,107,936
35
200
1,935
600
394,991
297,000
3,112,653
60,444
10,300
1,217
5,088,255
1,297,723
8
602
1,837
113,993
608,449
2,777,632
80
60,541
158,089
96,817
481,397
292,432,629
95,092,804
2,834,712,514
301,328
372,452
1,080,802
314,952,439
486,280,623
6,389,625,001
419,611
172,978
618,592
466,174,600
252,957,426
5,457,230,271
974,604
5,368,350,402
1,661,497
8,129,262,454
1,467,979
6,557,443,901
620
1,367,036
726
30
1,557,300
4,760,308,201
214,010,039
74,109
8,985
1,223,164
677
12,429,397
4,372,548,479
331,541,849
4,461
1,386,424
1,867
75
2,277,379
4,790,651,123
379,948,199
720,011
59,188
2,949
1,417
212
1,312,781,632
6,109,490
5,187,010
8,027,403
80,338
2,426
2,324
2,066,804,958
5,760,313
6,644,094
83,813
6,425
1,935
15,096
2,180,013,173
12,602,427
14,921,982
17,104,558
337,030
7,011
167,645
5,888
11,814,277
107,831,318
471,091,324
16,406,988
247,930,933
3,935,485
21,665,558,495
68,968,634,198
441,647
10,074
137,501
17,322
15,551,120
103,668,395
1,042,692,353
25,633,833
156,788,999
4,011,816
30,558,563,242
77,469,954,720
480,719
19,172
162,316
5,158
14,002,434
117,381,894
1,206,367,047
11,058,155
178,976,945
4,264,253
27,684,484,155
83,055,769,826
TABLE IV.7(1)
01 Live animals
02 Meat and edible meat offal
03 Fish and crustaceans,molluscs and other aquatic invertebrates
Dairy produce; birds' eggs; natural honey; edible products of animal origin,
04 not elsewhere specified or included
05 Products of animal origin, not elsewhere specified or included
Live trees and other plants, bulbs, roots and the like; cut flowers and
06 ornamental foliage
07 Edible vegetables and certain roots and tubers
08 Edible fruit and nuts; peel of citrus fruit melons
09 Coffee, tea, mat and spices
10 Cereals
11 Products of the milling industry; malt; starches; inulin; wheat gluten
Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruit;
12 industrial or medicinal plants straw and fodder
13 Lac; gums, resins and other vegetable saps and extracts
14 included
Animal or vegetable fats and oils and their cleavage products; prepared edible
15 fats; animal or vegetable waxes
16 invertebrates
17 Sugars and sugar confectionery
18 Cocoa and cocoa preparations
19 Preparations of cereals, flour, starch or milk; pastrycook' products
20 Preparations of vegetables, fruits, nuts or other parts of plants
21 Miscellaneous edible preparations
22 Beverages, spirits and vinegar
23 Residues and waste from the food industries; prepared animal fodder
24 Tobacco and manufactured tobacco substitutes
25 Salt; sulfur; earths and stone; plastering materials, lime and cement
26 Ores, slag and ash
Mineral fuels, mineral oils and products of their distillation; bituminous;
27 mineral waxes
Inorganic chemical; organic or inorganic compounds of precious metal, of rare28 earth metal, of radioactive elements or of isotopes
29 Organic chemicals
30 Pharmaceutical products
Sub-Total

Net weight in kg
Value cif in Rwf
Net weight
119,341
602
1,433,286
July
Value cif
152,132,683
6,787,306
416,204,056
August
Net weight
Value cif
33,057
75,754,153
150
74,882
746,467
284,360,282
September
Net weight
Value cif
136,317
327,518,697
854
677,137
994,940
386,731,177
248,575
14,120
148,916,283
10,086,616
371,259
3,152
315,841,532
6,062,643
237,688
5,025
136,388,815
1,131,206
4,780
2,202,633
512,398
50,604
15,750,243
3,512,172
4,053,141
875,256,903
93,890,050
18,131,297
3,448,407,441
1,471,830,972
27,626
3,775,767
307,416
42,712
16,247,496
3,621,856
53,435,618
1,211,983,339
59,888,409
14,416,508
3,069,538,271
1,294,048,700
2,348
3,580,454
249,608
45,043
17,573,234
2,733,985
1,550,013
167,507,501
51,825,041
13,364,964
3,410,228,061
1,226,465,946
1,129,466
335,689,703
13,942,394
29
624,213,555
22,717
1,368,046
335,327,310
29,844
50,981,046
68
30,120
30
31,965
4,202,206
3,486,104,118
6,072,824
4,797,400,734
4,349,904
3,330,119,901
89,147
2,385,077
15,510
429,669
467,509
237,528
591,459
362,788
61,833
24,578,469
35,753,572
1,541,838,894
10,587,798
358,033,111
181,575,434
217,847,271
377,293,431
69,037,149
157,803,066
3,331,276,922
76,723
5,149,125
16,566
302,918
343,418
426,076
572,263
273,537
118,451
32,455,635
48,780
30,228,014
3,074,069,309
15,169,742
278,002,443
137,945,603
405,229,673
341,722,395
45,605,298
229,540,805
4,411,686,736
417,988
76,722
4,873,707
25,016
352,065
463,775
528,991
562,094
405,745
79,704
32,176,279
25
25,172,294
3,186,211,094
21,053,871
249,737,422
296,871,886
551,650,034
359,047,891
38,891,854
129,531,013
4,379,672,301
13,564
18,551,128
13,927,473,585
22,954,680
16,709,971,035
19,266,124
28,864,540,663
611,215
335,913
234,651
78,162,166
413,432,110
502,292,387
3,657,917,294
35,300,633,641
356,157
289,573
237,376
108,813,551
196,365,868
532,282,944
4,850,119,361
43,065,428,676
1,095,073
359,609
172,836
91,715,241
325,075,797
601,379,216
2,650,723,375
51,068,440,011
TABLE IV.7(2)
31 Fertilisers
Tanning or dyeing extracts; tannins and their derivatives; dyes,
pigments and other colouring matter paints and varnishes; putty and
32 other mastic; inks
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations
Soap, organic surface-active agents, washing preparations, lubricating
34 preparations, artifical waxes, prepared waxes
35 Albuminoidal substances; modified starches; glues; enzymes
Explosives; pyrotechnic products; matches; pyrophoric alloys; certain
36 combustible preparations
37 Photographic or cinematographic goods
38 Miscellaneous chemical products
39 Plastics and articles thereof
40 Rubber and articles thereof
41 Raw hides and skins (other than furskins) and leather
Articles of leather; saddlery and harness; travel goods, handbags and
42 similar containers
43 Furskins and artificial fur; manufactures thereof
44 Wood and articles of wood charcoal
45 Cork and articles of cork
Manufactures of straw, of esparto or of other plaiting materials;
46 basketware and wickerwork
Pulp of wood or of other fibrous cellulosic material; recovered (waste
47 and scrap) paper or paperboard
Paper and paperboard; articles of paper pulp, of paper or of
48 paperboard
Printed books, newspapers, pictures and other products of the printing
49 industry; manuscripts, typescripts and plans
50 Silk
51 Wool, fine or coarse animal hair; horsehair yarn and woven fabric
52 Cotton
Other vegetable textile fibres; paper yarn and woven fabrics of paper
53 yarn
54 Man-made filaments
55 Man-made staple fibres
Wadding, felt and nonwovens; special yarns; twine, cordage, ropes and
56 cables and articles thereof
57 Carpets and other textile floor coverings
Special woven fabrics; tufted textile fabrics; lace; tapestries; trimmings;
58 embroidery
Impregnated, coated, covered or laminated textile fabrics; textile
59 articles of a kind suitable for industrial use
60 Knitted or crocheted fabrics
61 Articles of apparel and clothing accessories, knitted or crocheted
62 Articles of apparel and clothing accessories, not knitted or crocheted
Other made up textile articles; sets; worn clothing and worn textile
63 articles; rags
64 Footwear, gaiters and the like; parts of such articles
65 Headgear and parts thereof
S/Total

Net weight in kg
Value cif in Rwf
Value cif
1,180,112,144
Net weight
382,527
August
Value cif
203,263,335
572,704
677,055,052
444,088
557,826,857
457,135
518,706,685
385,338
862,474,215
440,794
530,037,282
565,390
1,572,854,293
1,833,823
87,316
1,056,811,481
121,233,584
1,667,910
92,005
1,054,256,665
80,486,512
2,225,022
62,263
1,292,456,625
88,949,766
23,596
5,505
210,935
1,200,661
214,012
12,162
34,737,202
42,891,461
949,748,078
1,663,636,292
579,807,568
892,736
156,669
11,710
240,224
1,581,824
319,552
8,100
313,493,571
53,087,315
1,024,255,004
2,039,491,769
878,502,576
2,125,658
178,974
28,542
235,645
1,544,731
348,044
14,744
333,611,229
35,225,001
894,480,263
2,213,704,386
1,014,225,374
1,055,844
71,867
2
1,062,701
200
90,484,538
6,452
373,853,601
672,901
61,558
28
1,097,024
9,900
60,076,150
49,346
511,441,832
2,484,584
37,461
33,842,009
868,443
465,105,304
14,398
4,925,299
35,642
6,915,774
35,303
5,002,601
144
157,880
Net weight
4,304,663
July
September
Value cif
Net weight
1,503,000
706,348,802
1,467,778
1,630,776,764
1,739,567
1,574,325,119
1,470,289
1,413,836,286
94,748
101
950
48,556
383,655,806
430,466
970,392
101,003,271
275,253
1,625
464
73,371
842,440,207
468,125
632,126
209,990,489
212,622
168
68
37,959
853,925,728
163,680
230,667
90,590,318
305
49,540
196,666
379,120
67,563,920
428,188,828
9
25,309
345,205
12,264
37,611,788
697,065,791
3,028
60,747
207,370
3,551,517
69,430,105
413,948,726
43,381
23,550
18,700,285
41,120,407
19,285
40,660
10,171,375
101,239,099
25,461
31,126
48,565,396
47,765,038
28,355
27,541,689
30,020
18,314,731
15,671
23,950,677
13,193
11,578
87,849
24,430,408
27,950,743
263,276,896
7,528
382
84,406
10,483,083
1,541,157
255,222,472
8,226
3,717
83,556
12,489,240
16,876,178
238,227,883
141,349
342,269,069
123,674
299,689,268
117,070
338,429,541
1,984,902
541,228
7,788
14,741,700
1,202,443,834
621,127,601
77,823,277
12,898,995,378
2,068,980
749,441
10,273
12,145,151
2,228,747,466
741,143,388
105,247,604
14,452,297,659
2,149,435
567,829
5,907
13,104,946
1,403,834,745
530,163,863
34,095,345
14,715,643,113
TABLE IV.7(3)

Net weight in kg
Value cif in Rwf
Net weight
Umbrellas, sun umbrellas, walking-sticks, seat-sticks, whips, riding-crops and parts

66 thereof
Prepared feathers and down and articles made of feathers or of down; artifical flowers;
67 articles of humain hair
68 Articles of stone, plaster, cement, asbestos, mica or similar materials
69 Ceramic products
70 Glass and glassware
86
87
88
89
Natural or cultured pearls, precious or semi-precious stones, precious metals, metals

clad with precious metal and articles thereof; imitation jewellery; coin
Iron and steel
Articles of iron or steel
(Rserved for possible future use in the Harmonized System)
Other base metals; cermets; articles thereof
Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal
Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof
Electrical machine and equipement and parts thereof; sound recorders and
reproducers, television image and sound recorders and reproducers, and parts
accessorties of such articles
Railway or tramway locomotives, rolling-stock and parts thereof; railway or tramway
track fixtures and fittings and parts thereof; mechanical traffic signalling equipment of all
kinds
90
91
92
93
Optical, photographic, cinematographic, measuring, checking, precision, medical or

surgical instruments and apparatus; parts and accessories thereof
Musical instruments; parts and accessories of such articles
Arms and ammunition; parts and accessories thereof
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
Furniture; bedding, mattress supports, cushions and similar stuffed furnishings; lamps
and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated
94 name-plates and the likee; prefabricated buildings
95 Toys, games and sports requisites; parts and accessories thereof
96 Miscellaneous manufactured articles
97 Works of art, collectors' pieces and antiques,
S/Total
TOTAL
July
Value cif
Net weight
August
Value cif
Net weight
September
Value cif
56,012
79,667,092
35,279
11,895,792
48,111
36,711,335
13,312
137,564
2,334,439
721,505
18,877,366
78,419,511
631,627,028
1,056,320,800
14,127
302,077
2,401,908
795,558
13,712,180
107,258,573
727,531,170
716,381,149
8,294
337,995
2,088,496
1,247,746
5,019,661
142,804,313
506,447,991
650,598,919
4,474
5,298,638
2,584,213
40,963
6,876,823
3,783,314,102
4,605,947,482
114,548,652
120,220,033
4,219,741,624
1,728,770,770
55,056,276
877,913,500
221,129,332
5,668,239,958
5,141,782,413
83,018,929
94,895
862,345,767
744,678
35,227
5,947,570
1,821,738
56,871
368,858
68,486
8,334,049
2,774,743
65,472
303
450,509
33
332,796
584,127,264
22
12,116
609,744
7,454,850
20
1,837
4,981
143,786
1,934,102
7,516,311
2,205
4,040,806
600
2,186
276,986
304,699
1,086,332
279,482,343
714,863,671
8,856,774,928
487,481
282,812
652,203
533,432,225
282,736,795
4,721,665,214
679,368
383,408
864,810
852,840,369
473,485,839
5,737,494,940
1,334,790
7,233,367,473
1,804,122
12,921,307,350
1,134,178
8,837,586,850
8,983
1,307,583
1,858
970,252
4,358,628,817
528,285,017
12,000
1,339,721
6,503
1,871,845
4,309,929,873
1,460,305,033
4,730
1,527,744
2,269
16,035
16,747,781
5,080,752,192
593,614,942
789,518,989
82,531
3,834
1,924
100
1,182,252,695
6,816,444
31,562,223
862,888
95,841
5,256
3,771
160
1,965,287,183
12,056,248
14,640,341
389,821
236,435
3,786
2,850
14
3,580,824,487
12,158,070
13,386,935
104,415
432,697
23,408
174,868
6,754
16,609,552
109,513,418
733,311,828
22,781,990
196,239,170
14,220,467
35,417,985,481
83,617,614,501
415,150
44,481
142,679
17,838
20,555,348
141,514,050
780,642,896
34,576,417
177,009,498
9,214,579
40,787,264,748
98,304,991,083
355,389
31,779
200,126
28,990
17,403,593
122,223,780
676,364,126
49,712,991
361,765,794
13,468,726
35,148,919,829
100,933,002,953

National Bank of Rwanda Quarterly Bulletin Third Quarter 2011

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NATIONAL BANK OF RWANDA

THIRD QUARTER 2011

National Bank Of Rwanda......... Quarterly Bulletin

Third Quarter 2011

National Bank Of Rwanda......... Quarterly Bulletin

Third Quarter 2011

National Bank Of Rwanda......... Quarterly Bulletin

I. INTERNATIONAL ECONOMIC OUTLOOK

United States (QoQ)

Euro Zone (YoY)

United Kingdom (YoY)

Source: Bloomberg data base

Third Quarter 2011

National Bank Of Rwanda......... Quarterly Bulletin

I.2 INFLATION AND COMMODITY PRICES

Source: EAC, Central Bank Websites

Third Quarter 2011

National Bank Of Rwanda......... Quarterly Bulletin

Source: World Bank Web site

Third Quarter 2011

National Bank Of Rwanda......... Quarterly Bulletin

I.3 FINANCIAL MARKETS

Third Quarter 2011

National Bank Of Rwanda......... Quarterly Bulletin

II. NATIONAL ECONOMIC PERFORMANCE

Third Quarter 2011

National Bank Of Rwanda......... Quarterly Bulletin

Source: BNR, Monetary Policy and Economic Analysis Department

Third Quarter 2011

National Bank Of Rwanda......... Quarterly Bulletin

Third Quarter 2011

National Bank Of Rwanda......... Quarterly Bulletin

Source: BNR, Monetary Policy and Economic Analysis Department

Production in volume for major selected Industries

Third Quarter 2011

National Bank Of Rwanda......... Quarterly Bulletin

Cement production (tons)

Bricks and tiles (tons)

Flour milling (tons)

Tea production (tons)

Animal feeds (tons)

Rice production (tons)

Sugar production (tons)

Other chemical products (tons)

Biscuits production (tons)

UTEXIRWA (in 000's Yards)

Lime production (tons)

Plastic products (tons)

Bakeries production (tons)

Modern beer (HL)

Soft drinks (HL)

Domestic electricity, 000s khW

Water in 1000s cubic metres

Mineral water in 1000s litres

Coffee production (tons)

Casseterite - tin (tons)

Juice production in 1000s litres

Source: BNR, Statistics Department

Food Processing Industries

Source: BNR, Monetary Policy and Economic Analysis Department

Third Quarter 2011

National Bank Of Rwanda......... Quarterly Bulletin

Beverages and Tobacco

Source: BNR, Monetary Policy and Economic Analysis Department