Will commercial banks respond to BNR's low Repo signal?

On Wednesday the National Bank of Rwanda (BNR) announced it was maintaining its key Repo rate at 6.5 per cent to encourage commercial banks to lend more to the private sector and promote more investment.
Rwangombwa (2nd L) chats with Bank of Kigali CEO, James Gatera (2nd R). Commercial banks have not been able to significantly reduce lending rates. (Timothy Kisambira)
Rwangombwa (2nd L) chats with Bank of Kigali CEO, James Gatera (2nd R). Commercial banks have not been able to significantly reduce lending rates. (Timothy Kisambira)
Kenneth Agutamba