The National Bank of Rwanda (BNR) has said that Rwanda has not yet felt the impact of the U.S.-Israel war on Iran even as oil and gas prices have increased at the height of the conflict.

The Central Bank Governor, Soraya Hakuziyaremye, indicated that the impact could be seen when Rwanda Utilities and Regulatory Authority (RURA) revises fuel prices in May.

"The last review of fuel prices was only in March, which reflected trends from the previous two months. We expect prices to be revised again in May, where we may see the impact of the current price shock on gas and oil,” she said while presenting the Monetary Policy Committee (MPC) and Financial Stability Committee (FSC) statement on Thursday, March 19.

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Hakuziyaremye noted that Rwanda has faced sudden spikes in oil prices before, such as in 2022 when the Russian war on Ukraine pushed oil above $100 per barrel.

At that time, government interventions, including subsidies and strategic fuel reserves, helped limit the impact on households and businesses. She said similar measures could be applied if needed now.

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"The government’s priority is to mitigate the impact of energy price increases, especially on vulnerable households, while ensuring that petroleum supply remains stable,” she explained.

Rwanda imports all its petroleum products

Rwanda imports all of its petroleum products, with 57 per cent coming from the Middle East. The Central Bank is therefore closely monitoring the region, as supply disruptions or rising prices there could hurt the economy.

The Middle East is also a major trading partner for exports such as tea and minerals, meaning fluctuations could have broader economic consequences.

Despite global energy risks, Hakuziyaremye emphasised that the economy remains resilient. "Economic growth reached 9.4 per cent in 2025, exceeding the forecast of 7.2 per cent. Financial stability has not been affected, and the liquidity buffers, capital, and profitability of our financial institutions remain strong.”

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Govt interventions

BNR Deputy Governor Nick Barigye said the Central Bank is working closely with other government institutions to ensure energy price stability while safeguarding the broader economy.

He explained that the efforts are being led through the Prime Minister’s Office and involve several ministries, including the ministries of trade and industry, finance, and infrastructure.

"This coordination looks at how we can create buffers to absorb shocks that we see. There are also efforts aimed at creating more energy independence,” he noted.

Barigye added that the government provides an enabling environment, while the private sector brings in capital and execution capacity. "So that coordination is ongoing, and it will continue to be, because these are long-term investments that have to be done.”